Some days it feels like the islands exist in their own world, set apart from the rest country. Still, it’s always a good idea to check national trends every once in a while for a clue as to how the climate of the Captiva and Sanibel real estate market might be shifting.
Less than a week ago, Coldwell Banker released the results of a survey they have been conducting over the past ten years to gauge seller attitudes. The report states, “The recession not only changed the housing market, but it also changed the way home sellers approach the sale of their home.”
For instance, one of the most dramatic and continuous shifts in seller sentiment is the responses to this survey statement: “The offer I accepted was based on more on emotion than just money alone.” Since 2005, well before the most recent housing recession, the affirmative response to this statement has increased from 21% to 36%. More than a third of all home sellers surveyed stated that emotional connection to the house and the future buyer factored, in some way, higher than the price of the house alone.
Another important trend is that homes in the United States are more frequently selling within two weeks of going on the market. To this survey statement, 28% of all surveyed agreed, up from just 15% in 2005. Sellers need to be aware of this especially if they are still finalizing their next place of residence and hoping for a little time in between.
Other aspects of the home selling experience surveyed included whether the seller received multiple offers (slightly higher than 2005), whether the seller received an offer above asking price (slightly lower than 2005) and whether the seller accepted the first offer (slightly lower than 2005 levels).
Considering over 1,500 American home sellers were surveyed to achieve these insights into the market, the results are at least a clue for us to better understand the current market climate and what to expect in the next year of selling.