Are you thinking of selling your Cape Coral home, just waiting for the “right time”? Now may be your perfect time.
We are all seeing a trend in the current Cape Coral housing market; prices up, inventory down. That includes foreclosed properties. We continue to receive many calls a day from consumers looking to “steal” their next home or investment property for pennies on the dollar. Just like all other types of sales; regular or short, the inventory of foreclosures is down significantly. We currently have in Cape Coral FL only 92 foreclosure listings that are active in the multiple listing service (MLS); a considerable difference from what we experienced in 2008-2009.
What about that “shadow inventory” that we are all hearing about? First, shadow inventory refers to properties that are either in foreclosure that have not “hit” the market or sellers that are delaying putting their property on the market; waiting for the market to recover.
We have been told that many banks are holding properties. They are waiting for the right time to start slowly releasing them; as to not negatively affect the current state. We have been hearing this rumor for quite some time, all waiting patiently. Is this fact or fiction? No one knows for sure, but what we do know is that we have many more buyers than sellers. We need something to sell, so would a shadow inventory released properly and strategically be such a bad thing?
The average buyer is really getting a bum deal, they now have to compete with big time investors; we recently had a listing receive 6 offers in the first 4 hours. So do we think this shadow inventory will negatively affect the current state of the market? We feel like our area is in a great position to absorb these properties and hold steady with the current prices. We may not continue to climb as quickly as we have been, but that just fine. We need to give the regular buyers time to find that perfect property all the while taking advantage of the super low interest rates.
Sellers, if you are trying to wait it out, think about this. Less homes on the market equal more buyers competing. If you home is priced correctly, multiple offers can be a reality. If we can help you sell your home, please don’t hesitate to call. We look forward to hearing from you.
For a no obligation market analysis, fill out this short seller form and we’ll send over the data to help you make an informed decision. You can also call us anytime at 239-542-8521 to connect with an agent directly.