According to The Bonita Springs-Estero REALTORS Media Committee, homes that have been updated within the last three years are commanding higher prices and are competing against new construction homes. Reduced inventory in the $1 million plus price segment is also seeing less activity due to outdated finishes in and out of the home.
One member stated in the luxury market, only those homes with updated bathrooms and kitchens are seeing activity. Those properties are seeing more showings , better offers and quicker closings.
Another committee member stated the challenges being faced by buyers now are properties that still resemble the Mediterranean style that was popular some years ago. Even in this fair market, properties that are outdated in look and feel will struggle with offers unless sellers compensate for that with price he added.
Additionally, appraisers are also face with considering outdated exterior and interior features. The appraiser member on the committee stated that kitchen and bathrooms are the most critical of updates. Additionally those homeowners who are considering selling are advise to make updates if needed or be ready to compensate in pricing.
Overall , the Bonita Springs and Estero markets are seeing fair market value year over year, with a 3 percent increase in the median price. Single family homes for February 2018 saw a 14 percent increase in pending sales versus February 2017, while overall closings saw a 4 percent decrease year over year. The average days on market increased by 6 percent from February 2017 to 2018 as well.
Area brokers are seeing steady activity for homes priced fairly so if you would like to live in this area contact a Downing Frye Realty Associate today.
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