The State of Naples Real Estate

Good news! The Naples real estate market is healthy, according to recently released statistics. This is great news for Naples homeowners who’ve been sitting on the sideline waiting for the market to correct before putting their homes on the market. Not only is this great news for sellers, but with the latest report released from the Naples Area Board of REALTORS, shows that there is good news for buyers as well!

Here are some of the highlights from the latest Naples Area Board of REALTORS (NABOR) report

Without getting too technical, here’s some of what I gleaned from the numbers:
 

• Pending home sales are up 22 percent over this time last year.

• The hottest selling price point is among single-family homes, priced between $500,000 and $1 million.

• The inventory of available homes has decreased below 3,000 -- this represents a 12 percent drop compared to this time last year. 

• The median sales price of a Naples home has increased 10 percent, from $175,000 to $192,000. 

• The number of homes sold in September has almost doubled over the number sold in September of last year.

I was asked the other day, “Is it a Buyer’s Market or a Seller’s Market in Naples?”
My response was, sure, it looks like more of a seller’s market but the current Naples real estate market also presents some amazing opportunities for buyers. Here’swhy I say this: interest rates are incredibly low and if you buy now, you’ll be getting in on the ground floor of rising home values. After the last few years of declining home equity; it’s great to see home buyers finally have the opportunity to quickly build equity. 

I must warn you that being a home buyer in the current market won’t be easy. Homes that are in good condition and priced appropriately are selling a lot quicker than they did last year at this time. Buyers no longer have the luxury of taking their time to make a decision or submitting less-than-optimal offers.

To increase your chances of getting the home of your dreams you’ll need the ability to act quickly. If you’ll need financing, get that in order before looking at homes. Home buyers that are pre-approved for a mortgage are in a better position to not only act quickly, but to be more attractive to sellers as well.
 
In case you’ve missed it, new construction is booming here in Naples. If you have your heart set on a new home, there are a few things to keep in mind:

• The real estate agent on site at the housing development works for the builder and has a duty to protect the builder’s interests. While it might be tempting – especially if you’ve fallen in love with one of the model homes – to allow the agent to represent you as well, it isn’t wise. It costs you nothing to have your own real estate agent that is duty-bound to protect your interests in the transaction.

• Even though the home is new, and it may come with a builder’s warranty, it’s still a good idea to have it professionally inspected before closing escrow.

• You’ll need to place a deposit (typically 10 to 20 percent of the purchase price) down on the new home, with the balance due at closing.

Time to Sell Your Naples Home
If you’ve been sitting out the market, waiting for values to increase before selling, it’s time to get into the game. Give me a call and I’ll help you price the home and show you how I competitively market Naples real estate to sell quickly and for the highest price.
 
Thanks for stopping by!