Hello Naples Friends!
I’m SO glad you made it over to my new Naples real estate website! I hope you love it and if you don’t, I hope you tell me why! Whether you’ve been wildly patient or just popping in for the first time, you’re in for a real treat! Here is where you can find all of the latest Naples real estate information and what’s going on with the current market. In fact, let me tell you what’s been happening over the course of the last month or so!
The Naples Buyer Behavior: I’m seeing some serious calculation right now. Naples real estate sales are up and we are expecting a strong finish this season. I have buyers who are attempting to hold out for after season deals but that might not be the best idea depending on what you’re trying to accomplish. Inventories (especially on the beach) are really low. Low priced stuff is moving quickly but really high priced stuff is kind of sitting in some areas. Most of the buyers I’m working with are more motivated than they were last year but aren’t eyes blind and wallets wide open.
They’re watching values and not always hopping on stuff they’re hovering over even if a token price reduction is made. Some buyers should do pretty well if they wait until after the season but if we have a huge sales streak, that will push pricing up in some areas. I’m seeing it in locations like Pelican Bay. The absolute best deal in Bay Colony went under contract this week and there probably won’t be one like the win that buyer got in Bay Colony anytime soon! If you’re buying in Naples, call me. I can’t cover it all in a blog post but I can tell you what’s going on in your part of the market.
Many buyers are interested in two or more locations. When the market is stronger or more reasonable, my Naples buyers tend to be one location based. This is largely due to buyers perceiving the values too high in their favorite location so they’ll jump to another because they perceive it to be a better value.
Lots of buyers are getting close to writing a deal and backing off. Buyers this year are thinking more with their heads and less with their hearts. They’re playing it safer this year. This is causing some sellers to grow anxious or even hostile. They’re squirrely. I can’t blame them.
Buyers want you to fix your problems. Hahaha doesn’t everybody? Seriously, they’ll buy your place but if you have broken things in your house, they want you to fix and in some cases replace it. They aren’t afraid to walk away with their earnest money if you don’t. They also aren’t too excited about buying your old roofs, air conditioners, appliances and other big-ticket items nearing the end of their life expectancy. Now might be a good time to make some improvements.
Buyers are uncovering stones to get all the information. They will talk to your neighbors and reach out to those around them and ask all of the questions nobody bothered to ask a few years ago. Be ready to make some calls especially to condominium associations still battling insurance companies. They want to know if there’s going to be a special assessment or if dues are going up and they want to know by how much. They’d also like you to pay it. In fact, associations who have a firm grip on that information especially those who can deliver good news like “no special assessments” and “no association fee hike” are winning brilliantly right now.
The Naples Seller behavior: It’s such a mix right now! Some are super confident and some aren’t. I’ve seen a TON of price reductions this year. 4,171 since January 1st but that’s actually less than last year by 14%. There’s only been a 5% increase in closed sales compared to last year and pending sales are up only 2% compared to last year. That tells you it doesn’t take much for Sellers to regain confidence. Granted some new listings are coming on at lower prices so that helps too. Price increases are down 3% this year. Some sellers are checking their values and deciding now isn’t the time to sell because they can’t get what they want and/or because they can’t find what they want to buy.
Some Sellers are toughing it out on tough negotiations. When I see sales prices like $202,005, $662,222, $2,073,757 (yes those are actual sales prices of 3 properties this year) that tells me there was probably a battle. That first one…hahahaha! I’ll give you five more bucks and that’s it. DEAL! I had one of those earlier this year. Most Buyers who go in usually deal with one round of negotiations. Sometimes there’s two and then there are those guys that really like to play the long game for the win….it doesn’t happen during times when it’s hot. It happens now when Buyers have a little muscle. Play with me now because you don’t know for sure when the next offer is coming. Some Sellers won’t put up with it. I personally don’t think now is not the time to reject offers. It pisses Buyers off and they’ll go buy something else even if they like your place. If you can’t get to the number you want, that may be a different story.
Some Sellers are dropping prices stupidly. I’ve seen a ton of token price reductions.
Sometimes its because gimmicky agents are trying to game the system and sometimes it’s because Sellers are cheap and grasping at ineffective ways to sell their property. A solid price reduction is an excellent way to bring the paper to the table but a $10,000 price reduction on a property listed for north of one million dollars is a colossal waste of everybody’s time. In fact, when I see a price reduction like that it makes me think the Seller won’t negotiate well if I bring them a buyer. You can actually lose interest by doing this. This thing on the left makes people look inept. Dear heavens.
Some Sellers confuse staging with ugly old furniture dumping. Staging a property is a really great way to move property. If your home is vacant and there are other great looking properties on the market in your price range, you’re killing your deal. The stager I use is magical. You should call me. If you’re also putting really old furniture in your house to furnish it or make it show better….just don’t. I saw a house hit the market this week that was on the market last year. The owner actually made their home look worse with old furniture they had moved from another house. OH Noooo that’s a recipe for DISASTER.
Ok, that’s all I have for you today. Be ready for some Naples real estate inventory reports soon. If you have specific questions you can always call, text or shoot me an email.
If you’re planning a visit, get on my calendar. I don’t want to miss you!
Shannon Lefevre, PA