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Florida Average Mortgage Rates Falling 2.93%
Inflation hasn’t pushed mortgage rates higher because the market believes it’s only temporary, says Freddie Mac chief economist.
This week’s average mortgage rates fell a bit more, to 2.93% from last week’s 2.96% for a 30-year, fixed-rate loan, according to Freddie Mac’s weekly update. In times of rising inflation, mortgage rates begin to rise. However, that hasn’t happened this time, at least so far.
Mortgage rates for the week of June 17, 2021
- The 30-year fixed-rate mortgage averaged 2.93% with an average 0.7 point for the week, down from last week’s 2.96%. A year ago, the 30-year FRM averaged 3.13%.
- The 15-year fixed-rate mortgage averaged 2.24% with an average 0.6 point, up slightly from last week’s 2.23%. A year ago, the 15-year FRM averaged 2.58%.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.52% with an average 0.3 point, down from last week’s 2.55%. A year ago, it averaged 3.09%
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The 2021 hurricane season is here. Readiness implies something beyond making a fiasco pack and evaluating your family’s disater plan, albeit these are basic initial steps.
There’s significantly more you can do to secure your home and family before a hurricane hits. You can limit expected damage from flooding and high breezes by being ready.
Plan in advance
- Document items and contents in your home in photos.
- Put together your disaster kit. This includes, but is not limited to: shelf stable foods, water, flashlights, battery-powered radios, batteries, medical, accessibility and pet supplies, cash, and first-aid supplies. If you wait until the last minute, you may encounter diminished or depleted supplies, crowds, and increased traffic on our roads.
- Buy a National Flood Insurance Policy from your insurance company. Standard homeowner’s insurance policies do not cover flood damage. See msc.fema.gov/portal to know the flood risk in your area and see floodsmart.gov for information about risk and rates.
- Download the FEMA app at fema.gov/mobile-app. The app provides disaster resources, safety tips, maps of open shelters, and weather alerts from the National Weather Service. Go to Ready.gov for more details.
Trees with trunks larger than six inches in diameter should be far enough away from your house that they cannot fall on it. Remove branches that loom over utility wires. Professional regular pruning done can create a sturdy, well-spaced framework of tree branches with an open canopy that allows wind to flow freely through.
During a hurricane watch
Obtain severe weather information from NOAA website www.noaa.gov it provides real time data.
- Keep an eye on phone alerts, stay tuned to TV or radio weather reports
- Activate your disaster plan, go through your disaster kit. Make sure you have enough stock of essential items such as food/water, flashlights, battery-powered radios, batteries, medical, accessibility and pet supplies, cash and first-aid supplies.
- Place your important documents such as as driver’s licenses, social security cards, passports, birth certificates, vehicle registration cards and insurance policies in a waterproof, portable container.
- Know what you and your family will do if there is an evacuation order.
During a hurricane warning
- Keep an eye on phone alerts and regular weather reports
- Fill vehicle with gas
- Keep your mobile devises fully charged
- Disconnect electrical appliances
- Bring your pets inside
- Bring any loose items such as trash cans, yard furniture, bbq grills, items on your docks etc inside.
- If you evacuate, turn off gas and electricity at the main switch or valve.
For additional information on hurricanes, visit ready.gov/hurricanes; for details on floods, visit ready.gov/floods. For more information on recovery, visit FEMA.gov, or follow @FEMARegion4 on Twitter and FEMA’s Facebook page.
HomeLook Magazine June 2021 Edition
Browse through our collection of feature Sanibe, Captiva, & SWFL properties for sale. Featured Residential, Condo and Vacant lot listed for sale. Homelook Magazine demonstrate our portfolio of active MLS listing.
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April posted 4,837 closed sales, over double that for April of last year when an abnormally low 2,234 sales were posted due to the initial impacts of the pandemic. Comparing April 2021 sales with the average for April 2017, 2018, and 2019, sales were up 74% from 2,774 to 4,837. On a 12-month rolling basis, sales through April 30 were up 40.8% from 27,658 to 38,942.
Listing Inventory / New Listings
As of April 30, 2021, there were 2,390 properties on the market, down 79.8% from the same date last year when 11,801 properties were available. Months of supply as of April 30 was under one month, at .74, down 85.6% from last year when 5.12 months was posted. New listings for April were up 95.4% from last year, mainly due to last April’s sharp but temporary drop in new listings due to uncertainty about the pandemic at that time. However, at 3,587, new listings for April 2021 were consistent with the 3,670 average for April 2017, 2018, and 2019. On a 12-month rolling basis, new listings were up 1.7% from 38,149 to 38,800.
Average Selling price
For the 12-month period through April 30, the average selling price was $557,227, up 23.15% from the preceding 12-month period when a $452,496 average was posted.
We’ve experienced a steady decline in standing inventory over the past year; however, the rate of that decline has started to decrease in recent weeks. This is due in part to a modest increase in new inventory entering the market over the past few weeks when compared to typical patterns for this time of year. With standing inventory still in short supply, it is this increase of new inventory that is helping satisfy continued strong buyer demand
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The January 27, 2021 edition of the Ft Myers Florida Weekly reports that “Lee County’s housing market again saw a double-digit increase in closings in the single-family category in December compared to the same period a year ago. Lee County closings in the single-family category were up sharply in December (1,648) compared December 2019 (1,221).
This is the highest number of closed sales for December going back to 2016. Year-over-year, sales were up by 35% for single-family and by 34.8% for townhouses and condominiums, according to figures just released by Florida Realtors, an umbrella organization for Realtor groups throughout the state.
December showed a median sale price increase of 41.9% for single-family and 11.8% in the townhouse/condominium category. Median price in the single-family category shows a steady and consistent rise in pricing, indicating a rise in the pricing segments. Inventory is still significantly down for both.
Year-over-year, local inventory of single family dwellings is down again this month at 53.2% as shown in active listings on the Multiple Listing Service. A 1.9- month supply of inventory shows we are in a sellers’ market as more listings are seeing multiple offers. Properties are going under contract in 26 days compared to 57 days in December 2019.
In the townhouse/condominium category, listings were down 36.8% versus December 2019. That translates to a three-month supply and shows the condo market is also now in a sellers’ market.
Properties last month went under contract in 46 days compared to 69 days in December 2019. Broken down by city, all cities saw an increase in the number of closed sales over December 2019. Fort Myers Beach sales surged 100%, and Sanibel Captiva registered a 95% increase in properties sold.
When looking at closed sales by price point, all single-family homes over $200,000 saw a significant increase over December 2019. Homes over $600,00 saw triple digit increases compared to December 2019.
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The city of Sanibel provided the following status update date June 3rd