Good Morning Naples Friends,
Everybody is asking how the Naples real estate market is shaping up. Here’s your latest Naples real estate update.
So far it’s abundantly different than last year. Let’s take a peek at the results so far:
|Naples Properties Priced 1M and over||2017||2018|
|Back On Market||8||14|
1. There are still a ton of people looking and debating on whether or not they should write that offer. I expect a good deal of heartache this year as great properties and well-documented deals are suddenly no longer available especially in areas where what’s behind door number two pales dramatically in comparison.
Naples Real Estate Hack 1-2018: BUY THE PROPERTY NOW. If you found something you like, do it. If it’s priced well or is noticeably more fabulous than anything else out there and priced somewhere in the realm of realism, it will sell sooner than later and will likely be gone before the end of the season discounts begin.
2. This is going to be a year of more buying competition. Don’t be surprised when you find out that property you want has attracted another buyer and if you want any chance of getting it, you’re going to need to compete or come to the realization you lost it.
Naples Real Estate Hack 2-2018: If you’re competing, your price is going to have to be compelling. Cash is always king but sometimes closing date comes in to play as well. Due diligence periods can also come in to play. Ask me for details.
3. Agents and sellers are already becoming more confident as showing traffic picks up dramatically. This will put a damper on negotiations.
Naples Real Estate Hack 3-2018: BUY THE PROPERTY NOW. If you’re first to the table, you still have a chance to negotiate. Many successful listing agents understand the value of a real buyer and respond favorably to the “bird in a hand.” Some agents will reach out to others who have expressed interest. It takes a certain amount of energy and favorable response from the other buyers to get their act together in short turn around times. Not all buyers can (or choose to) act that quickly but some can. It helps to work that deal with a negotiating boss such as myself to protect you from other jumping in.
4. Some buyers are going to get incredibly documented deals. In some cases, there may be only one or two people in a location who will be so lucky. Don’t expect other sellers to follow suit either. That seldom is the case when we see such a huge uptick in activity. Great listing agents and sellers have zero trouble telling you that you should’ve bought that well-documented deal that went under contract yesterday instead of making similar concessions. This can piss buyers off. While they’re sulking they’ll lose the other best opportunities too.
Naples Real Estate Hack 4-2018: If you buy the well-documented deal, you won’t be pissed off. Haha
5. Investor-driven buyers are buying. Several investor type buyers are on the ground striking deals. I’ve heard one case where one guy is snatching up several low-priced properties around Olde Naples. This is the same guy who within the last several months said, “Naples is too high.” I had a guy last Fall punt out of the market for the same reason who has already booked his flight and is coming to buy next week. We clearly have old buyers re-entering the market with a whole slew of new buyers who have been eyeballing Naples for years who are coming to get something done this season.
3 THINGS FUELING BUYERS TO BUY NAPLES REAL ESTATE
- STOCKS- The stock market is on fire and buyers are feeling really good about their portfolios. While they don’t want to buy something completely out of line with the market, they are happier to be buying this year. That is going to push prices up.
- TAXES- Buyers in tax-heavy States have already figured out what they need to do to ease their tax burden. They’re buying Naples real estate because of it. Contact your accountant to find out why business savvy buyers and investors are already here inking deals.
- IT’S COLD– Silly but true, most people don’t like to be miserably cold. The colder it gets, the faster they come, the happier they are to be here, the wider their wallet gets to stay.
I’ve had conversations with about 30 of the top agents in town over the course of the last couple of weeks. Every agent has the same experience. They’re noticeably busier than last year doing real things that make deals happen. Negotiation talks are happening at all price points with teaser conversations about really big properties attracting deal-making conversations. Last January we were absolutely dead *note how many pending properties and sales we had this time last year.
There’s still time to strike intelligent deals. I’m starting to see a slight change in seller behavior too. They’re more optimistic but most still have their feet on the ground. *See the number of price decreases this year. I’ve noticed some sellers have made sizeable reductions because they have decided this is the year they are going to sell.
Checking web results compared to last year at this time I’ve noticed page views are up, time on the site is up and bounce rate is lower. All are sure signs that buyers are more serious and there is good inventory producing interest!
Ok, I hope I’ve given you a detailed Naples real estate update. I’m here to help you accomplish your real estate objective just like I was here to help my newest client this weekend. Out of over 6,000 agents on Zillow, he chose me for my Smart Girl tagline and accomplished everything he came here to do.
Don’t forget to sign up for the next Naples real estate update!
Shannon Lefevre, PA
Your Naples Smart Girl!