
A Different Kind of New Years Resolution

Your Punta Gorda Waterfront Specialists


Of course no interview with young children could end without asking if they had an opportunity to meet Santa. I had remarked a couple of times to Gail how sad I felt seeing Santa sitting by himself at a mall without the excitement of children all around. Olivia replied by saying she and Avra did get to meet Santa but unlike past years where they were able to sit on his lap, this year they were sitting behind plexiglass, but she added, “We still did get to tell him what we wanted.” Hailey, whose personality is bigger than her, said she and Lily haven’t had an opportunity to meet Santa yet, but I’m sure when she gets finished with him, he’ll be ready for a long winter’s nap!
The lessons I learned from these girls was that they seemed to take their challenges more in stride but had a greater compassion for others who weren’t coping quite as well. While they enjoyed getting out and seeing their classmates they were apart from for so long, they savored their life at home, and the loving environment their parents created. It was their hope for the New Year that others could enjoy the same where everyone could be happy and healthy. And that is our wish for you.During this time many discovered they could work remotely and with management seeing no drop off in productivity, employees as well as entrepreneurs started to relocate south to areas such as Florida and Texas. New contracts for single-family homes in Charlotte County were up 41% in August compared to this time last year. Single family homes are the “crème de la crème” vs condos and townhomes because most feel it is not only easier to social distance in a house, but weren’t quite ready to give up homeownership and downsize into a condominium.
Also, a booming housing market means more new homeowners – and a higher demand for new appliances such as refrigerators, dishwashers, washers and dryers. With more people staying at home and cooking, appliances are getting much more use requiring replacement, thus adding to manufacturers being backlogged to the end of the year. This pandemic has created a perfect storm for those looking to escape the high cost of urban living and unwittingly finding there are tax advantages and low mortgage rates to be enjoyed in areas with more desirable climates. According to the latest trends, many of Florida’s gulf coast towns and cities top the list as the choice of many seeking a better quality of life.With inventory levels so low, if there was ever a time in which to sell your home, this would be it! As of July, the median is 49 days on the market, a trend that is 9 days less from last year, and I see it moving lower in the next few months. Looking at sales of homes over the last year, the market in our area is highly active. In July of 2019, there were 345 homes sold in our area where for July 2020 we had 488 sales. Recently Punta Gorda was in the top 3 cities for people who are relocating to Florida. A lot of interest in our housing market is coming from people relocating from the north looking to escape the harsh winter weather and high taxes, but with concerns from this pandemic are looking to move to areas with less congestion where they can work remotely and avoid mass transit. With the influx of those moving to the area competition is fierce which has resulted in the median price of homes rising to $237,450. So not only are our sales looking good, but the price of our homes are attractive as well. Homes valued in the $250,000-$350,000 range are the most popular among buyers right now.
With mortgage rates at record lows, some buyers who are self -employed are having a harder time qualifying due additional qualifying guidelines stemming from the impact of the pandemic. Others are challenged in trying to get pre-qualified fast enough in order to submit offers quickly on what has become a very limited supply of inventory. Buyers shopping for a home in our area should first get pre-approved so they know what they CAN buy. Second, you need that pre-approval or proof of funds letter as sellers don’t want to tie up their properties for those who can’t qualify. In short, get pre-qualified and if you see a house you better act on it. If you are someone who has a hard time making up your mind now is not the time to just be looking. Homes have hit the market and are immediately going under contract when priced well and buyers are trying to make their offers very attractive in order to outbid their competition.
An article I read recently, “More Buyers Nix Inspections as Bidding Wars Heat Up”, a Redfin agent study found that almost one in five offers (19.9%) waived the inspection contingency to make their offers more attractive. This study was done with agents in select major US markets. The previous year it was 13.2%. Although, I understand why some are doing this I do feel this is a major part of home buying not to skimp on.
We have a good education system, good government and we offer a vibrant waterfront town with many medical options nearby and our crime is low. It is just a great place to live and why we love to call it home!
While most people would like to talk about themselves, Gary and Gail have always put their clients first, and their diverse backgrounds have provided their clients an unparalleled level of service and knowledge throughout the past years.