In a word, “No.” Don’t stop reading this article. If you are a buyer, you might be thinking that home prices will go down because of economic conditions including virus-driven unemployment. If you are a seller, you should know there are fewer homes on the market and the law of supply and demand is working in your favor.
Naples real estate has been incredibly resilient over the years and economic cycles. When we have experienced recessions, our area is the first to lead the way back. Naples has unique characteristics that make real estate a good investment and also benefits from having many different types of buyers.
Unlike real estate markets in northern states, people who purchase in Naples come from many different categories – investors interested in seasonal or annual rental properties, vacation home buyers, retirees, second-home buyers who might rent to vacationers periodically to cover their carrying cots, first-time buyers, move-up buyers, people leaving high real estate tax states to establish residency in lower tax/no state income tax Florida, international buyers, people relocating for employment and full-time residents who want to make “Paradise” their forever home. The Florida lifestyle has many benefits and appeals to many groups of people.
If you are a home buyer, don’t wait to purchase.
If you see something you like, take action. You will be disappointed and possibly regretful if you wait to make your purchase because you believe prices are going to go down. This is especially true if you are thinking about a single family home. We have never had enough homes compared to the number of condominiums. Currently, there is a strong demand for single family homes, especially located west of Route 41 (closer to beaches and water), and this is not going to let up anytime soon. The inventory is frightfully low in the current real estate market and this will only result in prices going higher. (Note – if you are an investor, you should know that rents are rising, too.)
If you are a home seller, take advantage of a time when the demand is high and the supply is low.
In certain neighborhoods of single family homes, we cannot find a period of time when there were this few homes on the market for sale. If you were thinking of selling, this is the time. Forget about “season,” historical trends, and any notion about the right time to sell in Naples. These are different times and buyers have different motivations for buying in Naples now. CALL US.
You may or may not like to hear that home prices are not going down in Naples but, don’t ignore the facts. We work on both sides on any given transaction and we can testify that very recently we have had several multiple offer situations as buyers compete for well-priced, good value properties. There are opportunities for both buyers and sellers. Be ready and call us for advice and counsel on how to make it happen for yourself.
Serious buyer? We listen well and will find your own “Piece of Paradise” at the best negotiated price and terms. We are full-time professional Realtors who depend on your referrals.
Serious seller? We will give you honest advice about current market conditions and pricing. We will market your home to local, national and international buyers for the best results.
Tim Cranch at 239-272-4848 or Ellie Penaranda at 239-776-5077
TimCranch@StepsToTheBeach.com Ellie@StepsToTheBeach.com
On the left side of the map but on the right side of Florida.
