It’s another happy sunny Sanibel Friday.
The 85th Annual Shell Festival at The Community House was busy again today.
It is open again tomorrow (Sat) from 9 a.m. to 4 p.m. It features more than 60 exhibitors with specimen shells plus shell art, sculpture, mixed media, jewelry, and creative crafts.
SanibelSusan Realty Scoop
Here in the office, the team and I have tied up loose ends for upcoming closings, arranged for weekend showings, and again commiserated that we need more listings.
At the Thursday morning local Association of Realtors® Caravan meeting yesterday, there were no new listings announced, no price reductions, and no properties open for viewing. Under the category of “Buyer Wants”, which is when attendees may ask the audience for a property with specific criteria, the resounding answer again was “we need everything.” Buyers continue to be plentiful. Sellers are hard to find.
Next week, the team looks forward to another successful closing and we have our fingers crossed that we make more sales over the weekend. It’s not like buyers have many choices. As of this afternoon, on Sanibel our Multiple Listing Service (MLS) shows 15 condos, 12 homes, and 15 lots for sale. On Captiva, just four condos and seven homes.
Combating the Naysayers
With the world seemingly relying so much on the internet these days, I found the below excerpts from an article published in the Winter 2022 “Realtor” magazine, to be right on. The author is Realtor® Brian Copeland, founder and broker-owner of Doorbell Real Estate in Nashville, TN.
“A 2017 book by Tom Nichols, “The Death of Expertise”, explains how the digital revolution has helped foster a culture of skepticism. Today, everyone has their own truths, and thanks to the internet, we can find sources to back up those “truths,” no matter what they are.
“I’ve been thinking about our culture’s hostility to established knowledge as I fight to defend my own career and the careers of my colleagues, the nation’s 1.5 million Realtors®. I spent months studying to become a real estate agent. In the years since I’ve been able to apply that knowledge and the extensive real-life experience gained along the way to help people navigate a significant variety of complex and technical aspects associated with selling or buying a home.
“And yet frivolous lawsuits and ludicrous accusations swirl around the media from people trying to make a buck off blatantly misleading claims that real estate agents are no longer valuable in the internet-age. Of course, most people who have bought or sold a house remember having a real estate agent by their side every step of the process. Most likely, they had a Realtor® – a member of the National Association of Realtors® – guiding them through everything from price negotiations and lender applications to open houses and final inspection walkthroughs. Most people would prefer to not figure all of that out on their own in the midst of the most complex and consequential financial transaction of their lives.
“Of course, it’s undeniable that the volumes of information made available by the internet have changed the homebuying and home-selling process. What’s also undeniable although less intuitive, is that these transformations have made real estate professionals even more critical. Research shows 88% of those who start their homebuying search online ultimately use a real estate agent as the process moves forward. Just because I have a wealth of medical knowledge at my fingertips doesn’t mean I can diagnose and treat my medical condition. Just because I can buy and sell GameStop stock commission-free on Robinhood doesn’t mean it’s a good idea to lay down my retirement fund without any expert advice.
“The same holds true in the purchase or sale of real estate. Anyone can stake a “for sale by owner” sign in their yard, but it takes more than a quick online search to determine a competitive asking price for your home. And if you don’t want it to sit idly on the market for months, how will you advertise it to buyers?
“Or, if you’re a buyer in today’s hot market with houses selling in a matter of days, do you really expect your offer to stand out compared with those prepared by professionals with local market knowledge? Would you know how to write an offer or ensure that all state and local property transfer laws are being followed? By buying a home, you’re essentially entering a contract on one of the most complicated purchases you’ll ever make. Compare that to what is likely your second most expensive purchase, a car, and you’ll recognize that there’s a lot more to it than kicking the tires, a bit of haggling, and a simple loan application….”
Adding SanibelSusan’s 2-cents: I did not acquire my skills and expertise from watching HGTV. I earned my knowledge over 33 years as a Realtor®, by helping hundreds of friends, neighbors, community members, and island-lovers buy and sell property. My team and I are experts, just as a teacher is to students or a doctor is to patients.
My teammate son David has been a Realtor® for ten years, his wife Lisa for 15 years, and our assistant Elise has been licensed for 19 years. We have worked together on every SanibelSusan transaction since long-before we opened our own office in 2004. On the islands, we have successfully closed 559 sales.
Why a Mortgage Rate Drop? Probably Due to Russia
Posted online yesterday at FloridaRealtors® and sourced to “How Russia Invading Ukraine Could Impact U.S. Interest Rates”, The Mortgage Reports (Mar 1, 2022):
“Analysts still expect mortgage rate increases this year due to Fed actions, but investors flock to bonds when they get jittery – and that often lowers mortgage rates.
“NEW YORK – U.S. mortgage rates have risen this year and are expected to continue doing so, but the conflict between Russia and Ukraine could throw a wild card into those projections.
“The 30-year fixed-rate mortgage climbed by 37 basis points over the first two full weeks of February, according to Freddie Mac. But last week, as Russia invaded Ukraine, rates dropped to 3.89% for the 30-year fixed-rate mortgage, and down to 3.76% this week.
““When global investors sense increased uncertainty, there is a ‘flight to safety’ in the U.S. Treasury bonds, which causes their prices to go up, and their yield to go down,” says Odeta Kushi, deputy chief economist at First American. “Consequently, amidst heightened uncertainty due to the worsening events in Ukraine, there is a possibility that investors flocked to U.S. Treasury bonds, which may result in a temporary, short-term decline in mortgage rates.”
“The Federal Reserve announced it would be raising its funds rate multiple times this year and says it will address this more at its next meeting, March 15 and 16.
“However, the Fed also didn’t consider the Russia-Ukraine conflict before announcing moves planned for this year. As a result, the Fed could change how aggressive it is with rates, according to The Mortgage Reports.
The Fed’s key rate does not directly affect mortgage rates, but it can influence them.”
Sanibel & Captiva Islands Multiple Listing Service Activity February 25-March 4, 2022
2 new listings: Mariner Pointe #323 2/2.5 $649K, Kings Crown #117 2/2 $1.65M.
1 price change: Junonia #301 4/2 now $2.65M.
2 new sales: Mariner Pointe #733 2/2 listed at $699,999; Pelicans Roost #202 2/2 listed at $1.295M.
4 closed sales: Sundial #G104 2/2 $845K, Sand Pointe #222 2/2 $1.125M, Pelicans Roost #104 2/2 $1.299M, Compass Point #141 3/2 $1.407M.
8 new listings: 1072 Blue Heron Dr 3/2 $949K, 5307 Ladyfinger Lake Rd 3/2 $968.5K, 917 Pepper Tree Pl 4/3 $1.399M, 1194 Sand Castle Rd 3/2.5 $1.425M, 1174 Harbor Cottage Ct 3/3 half-duplex $1.45M, 1243 Sand Castle Rd 4/4 $1.895M, 5817 Sanibel-Captiva Rd 4/3 $1.993M, 488 Lighthouse Way 4/4 $5.995M.
1 price change: 3324 Saint Kilda Rd 4/4 now $3.5M.
10 new sales: 1196 Sand Castle Rd 2/2 listed at $899K, 3015 Singing Wind Dr 2/2 listed at $959K, 430 Lake Murex Cir 2/2 listed at $1.149M, 824 Birdie View Pt 3/3 listed at $1.725M, 911 S. Yachtsman Dr 3/3 listed at $2.485M, 885 Limpet Dr 4/3 listed at $3.25M, 4322 West Gulf Dr 4/3.5 listed at $3.295M, 543 East Gulf Dr 2/2 listed at $3.5M, 444 Lighthouse Way 5/4.5 listed at $3.595M, 1349 Bay Dr 4/4 listed at $6.395M.
7 closed sales: 567 Rabbit Rd 2/2 $795K, 4239 Gulf Pines Dr 3/2 $939K, 1133 Sand Castle Rd 3/2 $1M, 697 Birdie View Pt 3/2 $1.495M, 4737 Rue Belle Mer 3/2 $1.62M, 857 Birdie View Pt 3/2.5 $1.745M, 1360 Eagle Run Dr 5/3.5 $2.325M.
2 new listings: 5085 Joewood Dr $4.25M; West Gulf Dr $5.995M.
No price changes.
1 new sale: 1836 Ardsley Way listed at $625,555.
1 closed sale: 1332 Eagle Run Dr $488K.
2 new listings: Bayside Villas #4122 1/2 $595K, Beach Villas #2633 2/2 $1.399M.
No price changes or new sales.
2 closed sales: Sunset Beach Villas #2236 2/2 $1.325M, Beach Homes #20 3/3 $4.25M.
1 new listing: 16221-16217 Captiva Dr 5/5.5 $7.25M.
No price changes or new sales.
3 closed sales: 14865 Mango Ct 2/2 $1.25M, 16813 Captiva Dr 3/3 $3.5M, 11548 Wightman Ln 4/4.5 $7.3M.
Nothing to report.
This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or its MLS may not reflect all real estate activity in the market. The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.
It’s expected to be a sunny and in the low-80’s for at least the next week here. Gotta love winters in paradise.
With it being so dry, gulf and bay waters are settling into the bright teal color that so many of us love.
Enjoy your weekend!
Susan Andrews, aka SanibelSusan