The "Snowbirds" are headed home, so what does this mean fro the local housing market?

For the first time in two years the ‘snowbirds’ have flown the coop. Seasonal residents are leaving southwest Florida, headed north for the summer. With the mass exodus of seasonal residents, many wonder if this means the scorching hot housing market is going to cool down with inflation now at an all-time high?

That answer is both a yes and a no. In a typical market we expect to see a summer lull, but trends don’t expect the current market to cool off any time soon. What we have started to see is a drop in the number of offers sellers are receiving. Where we were seeing 10-15 offers, now we are seeing two or three. But all it takes is one.

Average days on the MLS have increased slightly, due to price overreach by sellers' agents. Buyers are tired and are less willing to pay over the actual value of a home and it is important for sellers to be aware of and be sensitive to buyers' frustrations. We see that houses that are priced right and fair are still under contract soon after hitting the market.

One trend that has remained steady is the high amount of cash offers sellers receive. Cash offers are still at 50% in Fort Myers and 70% in Naples.

It is still a seller's market but that has started to even out. We aren’t seeing the large offers over asking price or bidding wars as much as we were a few months ago. With rate increases and mortgage requirements for appraisal sellers need to be aware of what the buyers purchase abilities are.

Main takeaway: The Snowbirds may be heading north but families and full-time residents are moving in, and inflation isn’t stopping them.