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A Record Breaking Month and a Shocking Statistic…

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– A record breaking month and a shocking statistic It's been over three months since the lockdown started

And with May now closed out and with Florida leading the way in reopening for business, we are getting a better idea of the true impact of the pandemic on our local housing market Plus, at the end of this video I'll share a shocking and encouraging statistic with you Hi it's Marcus Larrea with Palm Paradise Real Estate And in April we saw the housing market stumble a bit But last month, we saw the full impact that came by way of a ten year record low sales month for May in Southwest Florida

Across Lee and Collier counties there were 50% less homes sold in May 2020 than in May 2019 But this is actually something that we expected Keep in mind that it takes about 30 to 45 days from the time an offer is accepted to the time the sale is completed If you think back now about 60 to 75 days ago, you'll remember that uncertainty was extremely high What's interesting to note is that while it was a record low sales month for the Southwest Florida market as a whole, here at Palm Paradise Real Estate, we had a very active May

This is all thanks to the uncommonly effective marketing and negotiation strategies that we use to get our customers home purchased or sold for their best price in any market, including this unprecedented one we see ourselves in today Now here's the shocking statistic Across Lee and Collier counties there are approximately 36% more homes going under contract than new homes being listed on the market This is fantastic news because it shows huge surge in buyer confidence and activity If you're watching this and thinking of selling your home, the law of supply and demand is in full effect and it's tilting in favor of the sellers

One thing that I know is what's happening today and what our team's experiencing We are seeing many more multiple offer scenarios play out and average days to contract has taken an 18% dip from May of last year Homes are selling faster I'm not in the business of predicting the future, but there is something to consider as Ft Myers, Cape Coral, Naples and the rest of the country opens up

As people gain greater confidence, we're likely to see a lot more homes coming on the market The scenario where supply and demand isn't as favorable for sellers as it is right now Am I saying that it would be a bad time to sell a home? By no means All of the data is showing positive trends towards a market that is bouncing back The reality is if you're thinking of selling right now, we are finding ourselves in a very great time

Naturally that's what you would expect a real estate agent to say, right? Well, fortunately our team's strong results and track record of success are built on bringing real time news from the trenches So you can have peace of mind and make informed decisions I know if I were a home seller and I look at unemployment rates right now, I look at all that's going on in the world, and I would definitely be questioning if this is a good time to sell over all Here's what we're seeing Pending home sales have increased drastically month over month

The financial markets are opening up and home loans are becoming much more available Interest rates continue to reach historic lows and back when the pandemic hit lenders were afraid to issue loans But now, they're feeling much more comfortable Something I'm sure you've heard many times is this, follow the money

And here's what's happening More money's available to buyers and right now, there are not as many homes on the market So to reiterate one more time, it is a great time to sell If you would like to learn more about what is happening in the local market, feel free to check out a more detailed look at the Southwest Florida market stats in the link in the video description below Please feel free to reach out to one of our team members at Palm Paradise Real Estate to see how we're safely and effectively helping our clients with their home sale or purchase

You can call, text or email any of our agents or visit us online at wwwpalmparadiserealestatecom Stay safe and stay healthy

Source: Youtube

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