Here are the five things you need to know about Naples real estate today. These are points based on observations, conversations and what I’m seeing in the data today. Here we go.
The Price Reduction Game Has Begun!
There were 639 price reductions in the Naples area during the past week. This is firm indication sellers are vying for attention and this is going to be a big deal for buyers especially those who have been sitting on the sidelines waiting for this to happen. There has been lots of hovering this season which means once those price reductions start to hit you can expect lots of buying traffic to result. Some buyers who are not watching will miss. If you have located a particular property and are waiting for the best time to approach the seller this, here are some ways to solidify your deal:
1. Stay diligent. Sign up for property notification on my website or contact me to get ready to pounce.
2. Extremely active properties are easy to research. If you are not working with a buyer’s agent, contact me to find out if the property you’re interested in is at risk.
3. It is not always wise to wait for a property to be reduced. The buyer who wins is the one who approaches the seller with a well-documented offer first. Five of the 19 properties priced over $1000000 sold during the past week sold for less than 90% of list. That’s under average list price to sales price ratios. Many buyers have commented if I would have known they would have taken that number I would have made an offer. Some sellers have come to the realization that a bird in the hand is better than two in the bush. Call me to see if this approach is worth considering.
The Wintertime Blues Are In Effect.
Buyers interested in Naples real estate are growing weary of the inclement weather. This is going to spur more emotional buying as the season wears on. Unsuspecting buyers already in Naples and those living in warmer climates are usually taken by surprise by the increase in contract activity during this time of year. Reports of increased showing traffic and busier open houses across town are already occurring but few people take into consideration the amount of increase we see on our websites. Not everybody has to be present to win.
New Listings Are Hitting The Market Now.
Many of you are waiting for new listings to hit the market in specific areas especially if inventory is tired or overpriced. Expect the number of new listings to be lower this year. It is customary for some new inventory to hit the market between now and the end of the season. If you’re interested in a particular location, it is worth your time to sign up for new property notifications. There are already people watching. New properties priced well are likely to sell quickly. While you’re here check out our new Pelican Bay villa listing that just hit the market. be
Be Cognizant Of Construction Work Restrictions.
Many people do not realize the Collier County permitting process is on delay. If you are planning on purchasing a beachfront high-rise with construction restrictions, you need to make sure you have your plans in place approximately 6 weeks before it is time to do work. Choose your properties, choose your contractors and get started now. If you do not have a reputable contractor in mind, call me. If you fail to have a plan in place, you may not complete your remodel within building construction periods causing a two-year construction timeline. The size of your remodel has everything to do with your success.
Poor Property Condition Is A Thing.
32 properties in Naples went back on the market as the result of a failed contract this week. A large percentage of these likely failed due to property condition negotiations that could not be agreed upon. This often occurs when sellers feel abused during initial negotiations and refuse to accommodate inspection request items. This can be great for buyers in three ways.
1. Sometimes inspection items are disclosed to the next buyer giving the new buyer a better idea of what is wrong with the property.
2. Sometimes sellers decide to fix property issues after the contract dies.
3. In some cases, sellers will be more accommodating after they lose that initial deal.
There are times when the inspection is never shared with the seller which will prevent anybody from gaining access to potential property condition issues already discovered. It can still be good for the next buyer because sellers can be more accommodating and more willing to recognize the property isn’t sold until it closes. This is a good year to not totally discount pending properties and unlike several years before when pending usually meant sold.
That concludes the five things you need to know about Naples real estate today. If you’re coming to town and want to see some Naples real estate, give me a jingle.
Shannon Lefevre, PA
Your Naples Smart Girl!