Good Day, Naples Friends,
It has been a hectic October! Here are the 5 things you need to know about Naples real estate!
Uncertainty = Buying Opportunities
Ask any real estate agent around town how the Naples real estate market is doing, and you’ll be sure to hear a message. Ask every Naples real estate agent how the market is doing, and they’ll say everything ranging from, I’m busy, I’m slow, I’m optimistic, I’m worried. The most challenging real estate market is the uncertain one where both buyers and sellers don’t know what to expect.
That sentiment is illustrated with how new and re-listed properties are hitting the market this season. I see several examples of higher, lower and same list prices proving we don’t have a united front across the board. I’ve spoken with many sellers who aren’t united in their forecasts either, but I have my eye on a few highly intelligent sellers who dropped prices when they re-entered this year. Mmmmhmmm. That sentiment continues with listing agents.
I analyzed 3 of the top agents around town who are known to dominate in specific locations.
Here are the 3 things I found.
- They usually focus primarily on one neighborhood, but all have diversified which means it’s getting tough to hit lofty goals in one location.
- All of them have reduced prices on some, raised prices on others, remained the same on the rest.
- There is no rhyme or reason for price reductions in regards to location or price range. My guess is some sellers are taking their advice while others aren’t.
Uncertainty is a super ingredient for early opportunities. Smart buyers are using topics of discussion (if you don’t know what they are, call me) to point fingers at the imminent doom of the strength or our economy and without those answers readily identifiable, it requires sellers to gamble when responding to lower offers. Do we take this deal now or wait to see if we can get more? Smart sellers who know how real estate works widely choose the deal.
Buyers: Some sellers this year are going to tell you to pound sand if you bring them less than they’re expecting. Be prepared to walk from the table if you’re not emotionally attached. If you are, you may end up paying more than you had hoped.
Sellers: This could be the year where one wrong move is going to cost you a pretty penny or could lead to an unsuccessful sale at the end of the season. Higher inventories and higher market times can are evident across Collier County. Make sure you are following closely or you have an agent who knows your 5 point market indicators and can advise you appropriately.
New listings are up 72% this October compared to last.
Buyers: The best deals on the market now are already selling, and some buyers who haven’t been in a hurry to make selections will be taken by surprise when they get here and find their favorite choices are gone. If you’re not here yet, it might be worth getting the negotiation going with some protection if you see it isn’t what you expected when you get here.
Sellers: Inventories are creeping up in most Naples neighborhoods which is going to make it tougher for you to compete. Expect more product to hit the market consistently through January.
Here are the 3 things you want to avoid this year:
- List at the right price or be prepared to make adjustments. Now isn’t the year to list high and hit snooze til May. Make sure you’re choosing an agent who can help you adjust if needed.
- Price increases should be avoided. If you’re making improvements to your property or adding furniture or something of value, then it might be a good idea. Otherwise, raising your price because you can get more after already being on the market for a while is like spraying an industrial sized can of “don’t buy my house” on every potential buyer.
- List with a marketing master! Your property should look the absolute best online. I’m still seeing SO MANY garbage photos on listings. It pains me to see them. You want an agent who’s passionate about marketing your property.
Look at these:
These photos are of the best value priced high rise condo in Pelican Bay. Any monkey can list a vacant property ready for a remodel but even well-priced properties are difficult to sell when they don’t look their best. Staging is just one of the services we offer to our listing clients, and now there are different ways to do it that can save the seller enormous money. Through insightful tips on how to help sellers sell, we can keep market time WAY down and accomplish our seller’s objective. Our average market time this year is 29 days. That counts the listing we sold in Collier’s Reserve in 43 days when average market time there was over 500 days when we took the listing.
Do photos or real virtual tours sell houses?
Buyers love virtual tours, and it weirds me out a little how few listings I see with tours! #TrueStory I had a client this summer who had been trying to sell his house in Texas for months. He asked me to take a look at his online presentation. His home was terrific, but his photos were HORRIFYING. He asked for advice so I told him he needed to get better photos and get a virtual tour. Fortunately for him, his agent got on it. Guess who sold his house to the first people who viewed the tour hours after posting! Yes, marketing is that important. Here are some virtual tours we’ve done for our clients:
I’d tell you more about this one, but I put it under contract this weekend.
We had 13 couples through this home this weekend. It’s one of the most active listings we have with fellow agents sending over 300 client emails in just 24 days!
Here’s an example of how one of our listings is performing on Zillow. We are consistently crushing our competition!
Everybody already knows over 95% of the universe starts their real estate search online. If you want excellent online marketing that produces results, call me!
An influx of re-listed investments hitting the market
Every year we get a group of people who buy old properties with the intention of remodeling or rebuilding who say, “whoa, this is way more than we want to take on.” Take that Olde Naples beach home that sold last year for $10,000,000. It re-entered the market last month at a hair over original list, and now this week it’s down 1 million or nearly 8% to attract a new buyer.
Then there’s the builder’s market. At one time not too terribly long ago there was only one lot for sale between Olde Naples and Port Royal. This waterfront lot in Olde Naples was on the market for over $7,000,000. Did it sell? Sure! It closed a couple of months ago for $4,450,000.
24 lots are available today starting at $1,200,000. Other people’s OMG can be incredible buying opportunities for you.
Check out the only Pelican Bay high-rise unit listed under $300/sq.ft.! Besides the price at more than $40/ft UNDER the next least expensive option, this one offers a view of the Gulf of Mexico and is located in a building that didn’t lose part of its exterior during Hurricane Irma. If you’re in the market for a real 3 bedroom unit with lots of space and you don’t mind putting a couple of bucks into a renovation, Grosvenor at Pelican Bay #406 is worth seeing. By the way, you will be wildly surprised at how much our camera didn’t capture the Gulf of Mexico. The view is WAY better in person!
Ok, I hope you enjoyed my latest Naples real estate post! If you are planning a visit, don’t forget to get on my calendar and if you’re planning to sell, call me today!
Shannon Lefevre, PA