One of the buyer misconceptions about our current Fort Myers area real estate market is that banks will approve ultra-aggressive, low-ball offers on short sales and foreclosures. Approving low-ball offers in Lee County has absolutely not been the operating model for lending institutions during 2009. Particularly for foreclosures, much of the discount on these properties is reflected in the aggressive selling price.
The numbers speak for themselves regarding the ratio of selling price to listing price. In 2009, 20,480 residential properties were sold in Lee County for a total of $2.7B. The average listing price was $140,706 and the average selling price was $132,068. This represents an average selling price to listing price ratio of 94%. Anyone who tells you that banks are accepting offers at 50% of asking price is just not dealing with reality.