Bonita Bay Real Estate News | November 2017

If you are considering selling your Bonita Bay home, here are some statistics that may help you decide to place your home on the market:

• Within the last 12 months, there were 76 sales with an average sales price of $373,751; these condos were on the market an average of 78 days; combined days on the market is 140.
  
• During the 12 months previous, there were 77 sales with an average sales price of condominiums was $408,948; these homes were on the market for 60 days; combined days on the market is 130.

• During the last 12 months, there were 75 sales with an average sales price of $1,178,205; these homes were on the market an average of 106 days; combined days on the market is 205.
  
• During the 12 months previous, there were 71 sales with an average sales price of $1,077,892; these homes were on the market for an average of 97 days; combined days on the market is 196.

“Our closed sales volume was $1,234,000,000 through September 30, 2017,” said Mike Hughes, General Manager for Downing-Frye Realty, Inc. “I am pleased to report that the Downing-Frye numbers look pretty good for October. Keep in mind that many of the September closings were delayed due to the hurricane, so they closed in October. We have also seen a number of new listings, which can be typical for this time of year. Our strong inventory going into the winter season should accommodate the expected buyer demand. Our part-time residents are already returning en masse, an indication that the busy season is upon us.”

FLORIDA: SEPTEMBER ACTIVITY DOWN
Hurricane Irma, which made landfall in the Keys on Sept. 10 and continued up the state’s west coast, affected Florida’s housing market data in September. Fewer sales, pending sales and new listings were reported, though median prices rose as a still-tight inventory of for-sale homes remained the norm in many areas. Sales of single-family homes statewide totaled 18,030 last month, down 20.4 percent compared to September 2016. Florida’s median sales price for single-family existing homes in September was $239,900, up 7.6 percent from the previous year, and for townhouse-condo properties was $173,000, up 8.1 percent over the year-ago figure. Inventory remained constrained in September with a 3.8-months’ supply for single-family homes and a 5.5-months’ supply for townhouse-condo properties.

USA: ON-GOING SUPPLY SHORTAGES
After three straight monthly declines, existing home sales slightly reversed course in September, but ongoing supply shortages and recent hurricanes muted overall activity and caused sales to fall back. “Sales activity likely would have been somewhat stronger if not for the fact that parts of Texas and South Florida – hit by Hurricanes Harvey and Irma – saw temporary, but notable declines,” said Lawrence Yun, NAR chief economist. “Realtors® this fall continue to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings – especially at the lower end of the market – and fast-rising prices that are straining the budgets of prospective buyers.” Total housing inventory at the end of September rose 1.6 percent to 1.90 million existing homes available for sale, but remains 6.4 percent lower than a year ago (2.03 million). Unsold inventory is at a 4.2-month supply, down from 4.5 months a year ago.

The booklet that provides formal notice of the Annual General Meeting is expected to be mailed to all members on or about October 10, 2017. This booklet also contains voting instructions, a brief biographical description of each of the eight candidates for election to the Board, the audited financial statements for fiscal year 2017, and the operating and capital budgets for fiscal year 2018.The Club will be holding “Candidates Forums” at 2:00 p.m. on October 26 and October 30, 2017 that will give the members the opportunity to hear from and ask questions of the candidates for the Board. Additionally, all eight candidates will have the opportunity to state their positions in two emails to be distributed to all members, one before and one after the two scheduled candidate forums. Voting for the candidates will commence electronically on or about October 16, 2017 and conclude at the Annual Meeting on November 15, 2017.

These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, you may be ready to move.
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Have you built substantial equity in your current home?
Check your annual mortgage statement or call your lender to find out how much you’ve paid down. Usually you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest. But if you’ve owned your home for five or more years, you may have significant, unrealized gains.

Has your income or financial situation changed?
If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving. If your income has decreased, you may want to consider downsizing.

Have you outgrown your neighborhood?
The neighborhood you pick for your first home might not be the same one in which you want to settle down for good. You may have realized that you’d like to be closer to your job or live in a better school district.

Are there reasons why you can’t remodel or add on?
Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.

Are you comfortable moving in the current housing market?
If your market is hot, your home may sell quickly and for top dollar, but the home you buy will also be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home. Ask your real estate professional what they see happening locally.

Are interest rates attractive?
Low rates help you buy “more” home, and also make it easier to find a buyer for your current place.

Is the effort and cost of maintaining your current home
becoming difficult to manage?
A REALTOR ® can help you decide whether a smaller house, condo, or rental would be appropriate.