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You are here: Home / Archives for market update

Q: What is happening in the real estate market and do you think it is going to crash?

November 1, 2022 by Gary Cardillo

A: I don’t think there is anyone who wasn’t aware how hot the real estate market was since the beginning of Covid, and the frenzied buying characteristic of that time. I’ve often wondered, “Why do humans panic so much, and who started the fear and supplied the response to that fear?” I’m sure many a forest was cleared to produce the paper needed for the consumption of toilet paper that was purchased. And what about hand sanitizer? With hurricanes we see water flying off the shelves and gas being purchased in amounts that could sustain a small town, let alone a single family. This is what happened with the housing market. Someone “Started the fire” as singer Bill Joel wrote in his song, and before you know it the real estate market took off to heights seldom seen before. Now that we’ve all taken a breath and realized Florida isn’t closing its borders to people looking to relocate from the north to purchase a home, we are all settling back to the normal real estate trends. We typically see fewer buyers this time of year as people are just starting to return from their summer getaways, and children are engrossed in school activities. The start of the typical “hot seasonal market” starts in January and runs throughout the late spring and early summer. The slowdown you are currently seeing with fewer buyers in the market is a stark contrast to what we’ve seen with the panic buying the past couple of years, but the sky isn’t falling.

 

Yes, interest rates will play a role for some, but keep in mind those that purchased homes the past few years paid cash or borrowed around 50%. Those that purchased did so as a permanent move, and not so much as an investment. We don’t see short sales and defaults due to sub prime mortgage lending. In short we don’t see a market crash. In fact we see well priced properties continue to be in hot demand as this part of Florida offers a more affordable way of life than many other areas around the state or country.

 

What I am hearing is some people who are “hurricane weary” saying they are considering a move, as they don’t want to go through another storm and the cleanup aftermath. If you are one of them, before you do anything please give us a call. This is not a solicitation to list your home and to wish you much success on your move, but to help you decide if making a move is really going to give you the peace of mind and enjoyment you are seeking. People buy and sell real estate on emotion, and that emotional desire is different for everyone. There isn’t an area in the country that isn’t impacted by one form of catastrophic weather or another, but there is a reason you came to Florida. The two pieces of advice we would give anyone giving serious thought to a move would be 1. Research the area you are considering and determine if it really provides you all the things that meet your interests, and not just an emotional escape. 2. Know the value of your home. When Hurricane Charley impacted us there were countless stories of people coming in and preying on the emotions of those most severely impacted, especially the elderly. They agreed to accepting extremely low offers and in some cases even signed over their insurance benefits. Our goal is, and always has been, to give honest advice and insight to the market. If a move is a serious consideration, make sure it is for all the right reasons. Who knows, you may find in a short time your current home and community in which you live offers you the best quality of life you’ve been seeking.

Filed Under: Buying Real Estate, Selling Real Estate Tagged With: charlotte county, for sale, gary cardillo, hurricane ian, market update, real estate, sold

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

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