What’s happening out there? Buying and selling in the Land of Sun.
Our country is experiencing about as much disruption as it ever has, and cities across our great land are seeing quite a bit of change when it comes to their residential markets. So what can you do right now to make sure your property is in the optimal condition to sell – and what should you do if you’re looking to buy in this ever-changing, totally confusing market?
We’re sitting down with a successful Realtor – Tessa Perry (Sanchez), of Local Realty in Southwest Florida – to gather some expertise that you can put to good use in your buying, selling, or home renovation journey.
But before we begin, why Southwest Florida?
It’s a hot market, to say the least, and there’s a ton of action from all around the country. While many states are seeing an exodus of residents, this area is on an upward trajectory – providing refuge for those looking for a friendly place to live, work, start a business, and raise a family.
Southwest Florida is comprised of Fort Myers, Naples, Bonita Springs, Estero, and Marco Island – beautiful and sprawling vacation towns that millions of people visit every year and are now looking to call home.
Demand is higher than inventory
According to Perry, “Inventory challenges continue as buyer demand increases in our market. While the number of new listings has increased over this time last year, there’s still not enough inventory to satisfy the current demand.”
She notes that there’s been a recent surge in buyers from the Northeast and Midwest – both those who are looking to make Southwest Florida their permanent home, and those who are looking to make it a part time home.
In other words, if you see a property that you love, consider making an offer right away – or you’ll risk having it snatched up by another eager buyer.
Trends worth noting
We asked Tessa if there are any new trends emerging amid the current political, social, and health climates. She noted that there’s quite a change in what homeowners are looking for – and it has a lot to do with our quarantine way of life. Homeowners have a need to make sure they’re in spaces that can also function as an office or classroom.
“Homeowners want to make sure that if they have to potentially be indoors again due to the Coronavirus, they will have adequate room to co-exist,” says Perry. “Not surprisingly, they also see a greater need for home offices due to working from home – and are seeking separate spaces such as a den.”
“Additionally, current homeowners who had previous plans to downsize to a condominium or smaller property are now choosing to update their currently-owned, larger homes instead.”
Budget doesn’t matter in this market
According to Perry, whether you’re looking to sell your single family home under $500,00, or your luxury home over $2 million, the market is hot. Properties in all price points are in demand, with luxury home sales up 47% over 2019.
Some advice for buyers and sellers
If you’re selling, understand your pricing: “Despite the increase in buyer demand, sellers are advised by area brokers to remain diligent about pricing to market value. Buyers have been watching our market for months and they know an overpriced property when they see one.”
If you’re buying, it’s a great time to finance: “Take advantage of the low interest rates, which equals more buying power. This is a perfect time for move-up properties.”
What if you’re not currently in the market? Consider those all-important home renovation projects!
As with all things, some projects are more important – and will create more perceived value – than others. Perry says to paint! “Seriously, it is the most impactful thing a seller can do. It can transform any space instantly – but a word of caution would be to keep the palate as neutral and as light as possible.”
And while many renovation projects consist of updating bathrooms, and countertops in kitchens, Perry notes another high-traffic item that is worth updating: “What is most often ignored are floors. Buyers are too savvy now and see partial updates as band-aids to a whole renovation. Buyers are comparing resale properties to new construction all over Southwest Florida, and in order for a home to appear truly renovated, sellers have to address the floors throughout the home.”
To Contact Tessa Perry (Sanchez):
Local Real Estate, LLC
24821 S. Tamiami Trail, Suite 2
Bonita Springs, Florida 34134
Tessa Perry (Sanchez)
Realtor, Local Real Estate LLC
Tessa Perry quickly made a name for herself in the luxury real estate market of South West Florida. A native New Yorker, she began her career in 2009 and has sold an impressive collection of million-dollar homes and condos in some of the most elite communities in the area. Along with her husband and one additional business partner, they opened Local Real Estate in 2018 servicing all of South West Florida.