Somebody said, “It’s not over until the fat lady sings” but we don’t know who said it. We do know that Yogi Berra said, “The game is not over until it’s over” in a 1963 press conference. We also know that “season” and, in particular, the real estate activity in Naples is not really over. Historically, we experience an exodus of visitors after Easter but, several factors are influencing things nowadays. Many just were not ready to head back north to weather conditions that were still questionable. Secondly, there has most definitely been a trend over the past few years of people arriving in town earlier and leaving later – so it’s not your imagination. In the world of Naples real estate, the limited supply of properties on the market for sale has an effect of extending activity throughout the calendar year.
If you are a buyer, perhaps you were serious and active during the busy season but you just didn’t find the home or condo that prompted a written offer. Maybe you did find the right home but you had to compete with other buyers and things did not work out in your favor. With prices trending upwards, some buyers needed to re-calibrate for our current marketplace. For others new to our real estate market, the learning curve was too steep. Certainly, had there been more choices it would have increased the opportunities to find your own piece of “Paradise”. The serious buyer who wants to make it happen still has an extended season to make a deal. In fact, the late Spring and Summer months present some of the best opportunities. Here is why:
- Some sellers that were overly optimistic and over priced in January, February and March have now been forced to face the reality of the market. This creates an opportunity for a buyer to make a reasonable offer and have a better chance of it being accepted, or some serious sellers will adjust their asking price to match market value.
- In general, sellers that come on the market for sale after “season” are motivated. The timing can be for a whole host of reasons but, the bottom line is that they would really like to sell. A serious seller is a good match with a serious buyer.
- You can schedule a trip to the area well in advance. This means that your agent has plenty of advance warning to set aside the entire weekend to devote to you. It also allows time for you to review MLS property listings at home, ask questions and compare notes with your buyer agent. Good planning will get good results.
- You know more now. Hopefully, you are more “educated” to our real estate market and better prepared to pull the trigger when you see something that you like.
- Here is some additional advice: Associate yourself with an experienced agent that you trust and enter into an exclusive buyer agreement. The commitment is a two way street – if you want to know about new listings before anybody else, then you need to have that exclusive agreement with your Realtor. Ask yourself who do you think an agent is going to call first – a buyer who is in an exclusive relationship with the agent or a potential buyer who says, “Let me know if you see something that you think I would like”?
If you are a seller, the Spring and Summer months present opportunities to you, too. If you were on the market for sale during the most populated months of January, February and March and did not wrap up a deal, there are some good reasons. Most probably, you were over priced and need to consider a price adjustment. You might have received offers but aggressively negotiated that you scared the buyer away. Here are some other points to consider this summer:
- Typically, the buyers that come into town during the off-season are serious. In fact, most of them are on a mission to make it happen. This works in your favor as demand is outweighing the supply.
- It might be time for a fresh approach in your marketing efforts. It is not enough in any market conditions to just be listed in the MLS system. If you are not satisfied with the work of your listing agent, now is the time to make a switch. Or if your home was not shown to its full potential this would be a good time to work on the curb appeal or attend to some minor maintenance.
- You might have seen a lot of foot traffic, busy Sunday Open House sessions and had showing appointments during season but, nothing resulted in a written offer. We all experience “looky loos” during the busy months and you might have mistaken the activity for some forthcoming offers. The summertime buyers aren’t here to just look around – they are here to buy.
- Price accurately from Day One. Buyers are savvy and have access to tremendous information courtesy of the internet. They know if a home is overpriced and will wait you out for a price reduction. Don’t miss the “honeymoon” period of when your listing is new on the market and should be getting the most and best showings.
We are looking forward to our best summer ever. Like you, we hope that we have more listings come on the market for sale to provide a few more options. However, with Supply and Demand in full effect the smart buyers will be pulling the trigger on a their own ‘Piece of Paradise’. Prices continue to trend upwards so sooner is better than later.
As full time real estate professionals, we represent both buyers and sellers in the Naples. If you are a seller, we market your home to local, national and international buyers for the best results. If you are a buyer, we listen well and will find your own “Piece of Paradise” .
Tim Cranch at 239-272-4848 or Ellie Penaranda at 239-776-4848