Back in August of 2011 we were the first to report on price increases – instead of listing reductions some sellers were actually increasing their asking price. Was it too early in the game? It has become a seller’s market in some areas of Naples.
Sometimes we will see sellers increase their list price at the beginning of our busy season when an increase in sales activity is expected. In the past, we saw some sellers increase their list price to combat lowball offers (or that was the theory, anyway). Nowadays, we are witness to the powerful law of supply and demand. Sellers in desirable locations have seen the inventory of homes shrink dramatically over the last few months and they are poised to be in a stronger position. Some sellers have recognized that they have an excellent chance of getting more money today because there is more demand than supply.
Are there still good buying opportunities? Absolutely. Both buyers and sellers should remind themselves daily of the law of supply and demand. Both buyers and sellers should track the available inventory and monitor the pending contracts, the most recent closed sales and new listings.
Naples Sellers: Be keenly aware of who else is on the market for sale in your neighborhood. If you’ve been thinking of selling and you have the opportunity to be the only kid on the block for sale, then go for it and figure out the rest of it later. Don’t exaggerate the asking price – be accurate to the current market – but, you can be stronger in the negotiation than the market would previously have allowed.
Naples Buyers: The bottom of our Naples real estate market has come and gone – waiting will gain you nothing. There have been many, many buyers that have come before you, pulled the trigger and absorbed lots of inventory. Align yourself with a professional Realtor®, become educated and be an experts in the neighborhood that interests you and when you see something you like, then write an offer.
Here are some examples of upward price adjustments in the last couple of days:
From $2,670,000 price increase to $2,850,000 – New construction in Coquina Sands
From $2,570,000 price increase to $2,745,000 – New construction in Coquina Sands
From $2,495,000 price increase to $2,595,000 – New construction in Coquina Sands
From $1,775,000 price increase to $1,850,000 – Beachfront single family in Bonita Beach
From $380,000 price increase to $649,000 – Single family in the Oakes Estates area
From $419,000 price increase to $434,000 – Single family in Fiddler’s Creek
From $389,000 price increase to $429,000 – 2 bedroom condo in Marco Beach
From $349,000 price increase to $359,900 – Vanderbilt Beach area
From $260,000 price increase to $269,500 – Condo in the Vanderbilt Beach area
From $184,900 price increase to $249,900 – Coach home in Fort Myers
From $174,900 price increase to $199,000 – Condo in Naples
From $159,000 price increase to $162,000 – Golf course view condo in Naples
If you are a serious buyer for a Naples home, more than ever you need to keep an eye on the market – trust your real estate professional for the market information needed to help you make the right decisions.
Call Ellie today @ 239-776-5077 for any of your real estate questions or to schedule a showing.