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You are here: Home / Archives for Buying Real Estate

Real Estate Update: April 2022

April 20, 2022 by Gary Cardillo

Many people have asked me with the war going on in Ukraine, inflation and interest rates on the rise when do I see the market crashing or at the very least bursting.
While no one has a crystal ball, we have several things going for us that I feel will enable Florida and our area specifically to do better than most. Yes, the higher cost of living does affect the discretionary income for many, while higher interest rates will impact those when it comes to financing a home. However, Florida remains very attractive for its climate, its cost of living when compared to many northern states, and for the tax benefits to be enjoyed. In other words “weather, water, way of life!”
As I’ve mentioned many times before, ever since the onset of Covid, those moving from the north found they could work remotely and sold their homes at a much higher price than the homes they were purchasing in Florida. Most paid cash, while others only borrowed 50-60%. There were no sub-prime mortgages and over leveraging granted to buyers who, under normal circumstances, wouldn’t qualify for the loans they were seeking. From a lending point of view the banks were in much better position to sustain a real estate slow down knowing those that were approved for loans were well qualified and weren’t a great risk.
Port Charlotte and Punta Gorda specifically were considered the fastest growing areas in the country and compared to our surrounding counties, we were the “bargain” that attracted the growth. However, with that growth and low inventory levels sellers started taking full advantage of the “captive market” and property prices started to soar. Unfortunately, when prices start to take meteoric rises on properties that shouldn’t be rising to that level, that is when you can start to see some pull back. I base this more on buyer feedback than any prediction of a crash.
While Covid may still be a presence, I think more people feel they can cope with it better now than at the panic levels we have experienced the past few years. While the real estate market has become a 365 day a year business, we are starting to see some of our winter visitors heading back home to be with family for Easter. These may ease the “frenzy” a bit when it comes to bidding wars, but keep in mind a well-priced property doesn’t require a buyer to be present to submit an offer on a home, so I would still expect to see multiple offers on those properties.
So what do I see? I feel prices will remain high, but for those properties that are perceived as excessively priced, there will be price reductions as buyers are keeping an eye on those market rates and inflation. The result is they will hedge themselves a bit from going out on a limb and submitting an offer for a property that is perceived to be well over market value. Coupled with material costs to build or remodel, I feel the market will remain strong, but buyers will exhibit a bit more caution and make offers more in line for what they feel their total investment will be in a home, and not be as influenced by emotion as what we may have been experiencing.
Very few can argue that Florida affords one an incredible lifestyle, and that bodes well for our community. By comparison we are better poised for continued growth and with developers and national home builders still attracted to our area I think pricing, especially in the $250,000-600,000 will remain very competitive.

Filed Under: Buying Real Estate Tagged With: charlotte county housing, florida waterfront, for sale, gary cardillo, local real estate, punta gorda, punta gorda real estate, real estate news, realtor

Real Estate Update-“Nearly half of home buyers pay cash”

March 24, 2022 by Gary Cardillo

By NANCY J. SEMON STAFF WRITER “Charlotte Sun Newspaper”

Homes sales strong despite holidays
January traditionally is a slower month for real estate sales, and although closed sales were down from December, the market shows no sign of slowing.
“There is a 30-day lag and due to the holidays in December, Realtors were not writing as many contracts; January is even lower than the summer months,” said Sharon Neuhofer, president of Realtors of Punta Gorda-Port Charlotte-North Port-DeSoto, Inc.
She said in some parts of the nation, rising interest rates might be attributed to slowing home sales, but not in our area.
Many buyers in Southwest Florida are paying cash, so the mortgage interest rates do not affect them, she pointed out.
In January, when there were 323 closed sales of single-family homes in Charlotte County, 46.4%, or 150 buyers, paid cash.
Neuhofer said beside January’s traditional slowdown in sales, Realtors “have buyers we don’t have houses for.”
She said current low inventory levels means would-be buyers do not have a lot to choose from, and when they do find a house, often there are multiple parties interested.
“You can’t sell what we don’t have,” she said.
The same scenario held true for townhomes and condominiums. Of the 66 closed sales, 47 buyers paid cash, or 71.2% in January.
But while the median and average sale prices of single- family homes in January was lower than in December, the median and average price of townhomes and condos was higher.
SINGLE-FAMILY HOMES
The median sale price in January was $346,500, compared to $350,000 in December. The average sale price of $407,678 was also lower than December’s $450,671.
For 11 consecutive months, sellers were getting 100% of the original listed price.
The median time to sale was 57 days, and time to contract was 12 days. There were 370 homes in inventory in January, which represented a 0.9 month supply.
The inventory level from a year ago was down 30.8%.
TOWNHOMES AND CONDOS
The median sale price in January stood at $287,000, up from $269,950 in December.
The average sale price was $312,069 versus $296,717 in December.
The median percentage of the original listed price was 100% in January, continuing a nine-month trend.
Inventory stood at a 0.6 month supply, the same as it was in December. The inventory level was down 77.8% from a year ago.
Those wanting to sell should “know what you’re going to buy, or you could wind up homeless,” Neuhofer said.
QUICK SALES
She said with cash buyers coming to buy in Southwest Florida, homes are being bought up quickly.
The median time to contract for single family homes in Charlotte County was 12 days, and the median time to sale was 57 days — under two months.
But in some cases buyers will offer incentives — such as a higher price — if sellers agree to move in 30 days.
The median time to contract for townhomes and condos was similar — 10 days, and 53 days for the median time to sale.
January saw 671 single family homes about to come onto the market in February, and 119 townhomes and condos.

Filed Under: Buying Real Estate, Selling Real Estate Tagged With: charlotte county, florida waterfront, for sale, gary cardillo, punta gorda real estate, real estate, remax harbor

February 2022 Real Estate Update

February 14, 2022 by Gary Cardillo

Taking a quick peak at the real estate market, it is no secret the market remains very strong with buyers competing for limited inventory. Well priced properties continue to garner multiple offers however, there is a little bit of a change in the buyer’s thought process where they are now not making offers on properties well in excess of their perception of market value. In short, the days of paying whatever a seller wants I personally feel is winding down.
New construction has been an option for many willing to wait 18-24 months for a new home to be built however, builders are including escalation clauses in those contracts should there be a rise in material costs from when the contract was originally signed. Typically many builders will order materials after the permitting process which can take 3-4 months to approve. Once permitting has been approved, the builder will then order the materials. This is when the increase in price usually surfaces from the original estimate to build. Many builders will charge a fee or the buyer may lose their deposit should they cancel the purchase agreement at this time.
When it comes to new construction in many of the new communities being developed, the developer will release a small percentage of lots for bid. Sometimes there are upwards of over 100 people bidding for the lot which drives the lot up significantly. Then you have to go through the building process where there can be additional costs as material costs rise. All this being said, I am finding many people not wanting to go through the feeding frenzy created in this format and start reconsidering the purchase of an existing home knowing that it may not be ideal, and remodeling will have to be performed to get something closer to what they like.
The thing to keep in mind is you are coming to a beautiful state, and even a home that needs a little TLC will make you feel much better than sitting up north, cooped up for a significant period of time wishing the winter away.

Filed Under: Buying Real Estate, Selling Real Estate Tagged With: 2022 february real estate, florida, market update, punta gorda

Do you think the market is going to crash and should I wait before buying something now?

December 22, 2021 by Gary Cardillo

I get this question a lot. Unlike the real estate crash that occurred from 2007-2009, where the thriving market was built on speculation and buyers getting sub-prime mortgages, this market is much more sound from the perspective that it hasn’t been investor driven, and most buyers have either paid cash or taken out a smaller percentage of financing. As I’ve mentioned in previous newsletters, people found they could work remotely, and having sold homes up north at significantly higher prices, decided there was no reason to wait until their retirement years to move to Florida. However, with prices having risen due to high demand and low inventory levels it would appear more likely that the meteoric rise may become more gradual and that buyers will become more patient, waiting for there to become more of a balance in the market than the buying frenzy that has occurred the past two years. Where I do see signs that inventory levels could remain low stem from sellers who would like to take advantage of the market, but don’t want to jump into the pond of other buyers desperately looking for a home. The feeling the profits attained could be offset by the increased price they would be paying for their next home, may not be worth putting their home on the market for sale. Could that limit new listings coming on the market, resulting in fewer homes available for sale? Possibly, but natural disasters, epidemics and the loss of loved ones can put what is important in life in a different perspective. The desire to downsize, travel more, or moving back closer to family will continue to bring new inventory on the market and the willingness we are seeing from buyers looking for a better quality of life I feel bodes well for the market to remain strong this new year.

Filed Under: Buying Real Estate, Selling Real Estate Tagged With: buy real estate, buyers agent, charlotte county realtor, current market, gary cardillo, hot market, listing agent, market, real estate market, trends 2022

NEW Flood Insurance Info

November 30, 2021 by Gary Cardillo

The new FEMA flood changes are on everyone’s mind these day, as the increases went into effect on October 1, 2021. Instead of relying on “flood zones” as a determination of your flood exposure, the new system is referred to as “Rating 2.0,” which is a single risk modeling system that takes into consideration area and proximity to harbor, replacement coverage, frame vs. block construction along with slab vs. pilings. Also considered is prior flood loss. Banks may use flood zones, but insurance companies are going by the new rating system. So what does all of this mean you ask? Well, if you have an existing flood policy your flood insurance will increase approximately 18% per year until you reach the figure FEMA has established as the target figure for your property. If you don’t have flood insurance then you will be subject to the new valuations FEMA has established. When buying a home it is important to find out in the beginning of your negotiations if the current seller is carrying flood insurance, as this will impact your investment in the home significantly. To give you a better understanding of the difference in buying a home where the seller is carrying flood insurance verses one where they aren’t, recently we had a buyer purchasing a home on a gulf access canal. They were quoted $6,700.00 to obtain flood insurance for the home. Thankfully, the seller’s insurance carrier said their policy could be assumed, which saved our buyer a significant amount of money as the seller was paying $1,080.00 for flood insurance. It is important to find out up front when negotiating the purchase of a home if the current homeowner is carrying flood insurance and if the policy can be assumed.
Unfortunately, FEMA appears to be taking it out on Florida as Floridians have paid in 4 times the amount of claims that have been made. Where most of the country will see decreases in flood insurance rates, Florida will continue to see increases. Hopefully our state legislators will come up with a solution that will provide a more fair and balanced metric for calculating flood insurance rates.
The second major consideration for buyer and seller is the age of the roof. Many insurance brokers will share with you that in the years after Hurricane Irma struck Florida, there have been a bevy of insurance adjusters advertising and knocking on doors claiming they can get you a new roof. One such insurance broker shared with us that a home qualified for a new roof due to excessive hail damage. Not sure where in our area we had that kind of hail, but this is just one of the many questionable reasons how new roofs have been obtained. In order to protect themselves insurance companies are now putting limits on how long they will cover the roof before requiring a new one to be installed. Shingle roofs will have to be 15 years or newer as there are only 3 companies that will insure up to 20 years. Tile roofs, which most inspectors will tell you can last for 30 years or more, are now going to be required to be replaced after 20 years or perhaps slightly longer. Metal roofs will only be covered for 25-30 years and for older homes with more gradual pitch roofs that require a membrane type covering will now only be covered 10 years or less.
Whether you are the seller or buyer, flood insurance coverage and the age of roof are two major factors that you’ll have to consider when selling or buying a home.
Also, here is a link to find what Flood zone you lay in for Charlotte County: Find My Flood Zone

Filed Under: Buying Real Estate, Selling Real Estate Tagged With: charlotte county, flood zone, gary cardillo, real estate, risk 2.0, updated flood insurance

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