Naples, Florida residents have been enjoying several years of appreciating values and low inventories. While markets have remained strong, signs around town are showing more slowing. Record breaking values are also still being recorded. Sign up for my Naples real estate blog
for continued updates. Here's a snapshot of what I see so far for the upcoming Naples, Florida real estate season 2016-2017.
During the 2015-2016 selling season enthusiasm to purchase high priced product was considerably low compared to the past several years. While I expected it to occur, I was surprised at the consistency of this behavior. Tolerable weather across our feeder markets attributed but by and large, many buyers were unhappy with inventory options, pricing or both. What I find interesting is that nearing the end of our busy season, many buyers who were on the fence and presumably gone for the year came back and struck a deal with some weird new sense of urgency. All of a sudden the disgruntled/dissatisfied tone seemed to have softened for no real apparent reason. Don't get me wrong, many weren't ecstatic about pricing but some were still signing up for, in my opinion, values that were higher than market.
While I expect a very small percentage of values to continue to rise and record breaking activity to continue, evidence of buyer push back on prices is increasing. Contact me direct on how I measure this.
Investor driven traffic is considerably higher this year. Talk about being late for the party smh. Buyers, this is the time to work with a Naples real estate expert not a time to throw a bone to that sweet little kid who just got their real estate license. It's markets like this one where the biggest losses take place due to lack of information an inexperienced agent simply cannot offer.
Cash is still king and even more so this year than last. Several lending requirements and regulation just went into place in October making purchasing with a loan even more of a fiasco. Seller's will value cash more so this year than in years past and many of our clients are preparing to purchase with cash anyway. If at all possible, I would encourage you to do the same because chances are you will still be competing with other who will be.
Some inventories on the rise! While inventories have been a colossal problem during the last couple of years, some markets are starting to show stability here and in a fraction of the markets, we're even beginning to see a considerable oversupply. This is great news for buyers. Areas where you may have more negotiating power might be Port Royal, Aqualane Shores and new construction in locations like Park Shore, Moorings, Coquina Sands, and Olde Naples. Not all new construction offers the same quality and can be readily identified by an untrained eye but location and price should not be the only factors you consider to equate quality.
Ridiculous pricing in some locations. There are some crazy prices out there offered by unmotivated sellers and desperate listing agents. This is when the numbers count so if you are a seller and want to sell, now is not the time to pick a number out of the sky. Likewise, buyers, if you are seriously interested in purchasing this season, a more strategic buying strategy could save you considerable dollars. Contact me direct about this.
I am seeing lots of new agents entering the market who are not properly prepared to orchestrate a transaction successfully and are not pricing properties as well as they should be. Those mistakes are costing sellers thousands of dollars and market time. I'm also seeing several new agents showing property. Not all of them know the neighborhood or understand negotiating procedures. This costs buyers an enormous amount of time and money. It could actually prevent them from being able to make a property purchase because they did not use their time wisely during the time they were in town. I have had several calls during the past 6 months from buyers who were back in their hometowns who had recently been down to purchase but didn't because they did not see what they wanted to see or their negotiations went south. These calls are for the sole purpose of connecting with an agent who can help them meet their objective and many have moved forward on purchasing because they got the expertise they needed to get their objective accomplished.
I'm monitoring the traffic through the summer. I personally have buyers who are still waiting for product to hit the market and I expect them to purchase provided the numbers make some sort of sense. I'm also seeing the typical inventory drop off normal for this time of the year. Yes, some sellers still think they can't sell their properties in Naples during the off season. I'm also finding it tougher to negotiate and handle contract details due to client and agent traveling schedules so don't be surprised if you enter into a deal and have some set-backs. We can be a little uncustomary when it comes to factors like this.
If you're thinking about selling, I know the market, the people who sell it and buyers who are attracted to properties like yours. Contact me direct and let's get started today!