Naples Area Real Estate Activity in October

TIGHT INVENTORY, HIGH DEMAND CONTINUES IN NAPLES
Home sales were bridled by low inventory during October.  Still, new listings are on the rise, according to the October 2021 Market Report released by the Naples Area Board of Realtors (NABOR), which tracks home listings and sales within Collier County, excluding Marco Island. Overall closed sales for October decreased 32.1% to 858 closed sales from 1,263 closed sales in October 2020.  But irrespective of the home buying frenzy during the second half of 2020, including October 2020, closed sales in October were historically higher than average for a typical October in Naples, even with the lowest inventory level on record. Broker analysts who reviewed the October Market Report anticipate more sellers…

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Home Sales About To Surge? We May See a Winter Like Never Before.

HOME SALES ABOUT TO SURGE? WE MAY SEE A WINTER LIKE NEVER BEFORE.

Like most industries, residential real estate has a seasonality to it.  For example, toy stores sell more toys in October, November, and December than they do in any other three-month span throughout the year.  More cars are sold in the U.S. during the second quarter (April, May, and June) than in any other quarter of the year.

Real estate is very similar.  The number of homes sold in the spring is almost always much greater than at any other time of the year.  It’s even labeled as the spring buying season.  Historically, the number of buyers and listings for sale significantly increase in the spring and remains strong throughout the summer.  Once fall sets…

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What Do Supply and Demand Tell Us About Today’s Housing Market?

What Do Supply and Demand Tell Us About Today’s Housing Market?

There’s a well-known economic theory – the law of supply and demand – that explains what’s happening with prices in the current real estate market.  Put simply, when demand for an item is high, prices rise.  When the supply of the item increases, prices fall.  Of course, when demand is very high and supply is very low, prices can rise significantly.

Understanding the impact both supply and demand have can provide the answers to a few popular questions about today’s housing market:

• Why are prices rising?
• Where are prices headed?
• What does this mean for homebuyers?

Why Are Prices Rising?

According to the latest Home Price Insights report from CoreLogic, home…

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Looking To Move? It Could Be Time To Build Your Dream Home

LOOKING TO MOVE? IT COULD BE TIME TO BUILD YOUR DREAM HOME.

While today’s supply of homes for sale is still low, the number of newly built homes is increasing.  If you’re ready to sell but have held off because you weren’t sure you’d be able to find a home to move into, newly built homes and those under construction can provide the options you’ve been waiting for.

The latest Census data shows the inventory of new homes is increasing this year (see graph below):

With more new homes coming to the market, this means you’ll have more options to choose from if you’re ready to buy.  Of course, if you do consider a newly built home, you’ll want to keep timing in mind.  The supply shown in the graph above includes homes at…

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The Big Question: Should You Renovate or Move?

THE BIG QUESTION: SHOULD YOU RENOVATE OR MOVE?

The last 18 months changed what many buyers are looking for in a home.  Recently, the American Institute of Architects released their AIA Home Design Trends Survey results for Q3 2021. The survey reveals the following:

• 70% of respondents want more outdoor living space
• 69% of respondents want a home office (48% wanted multiple offices)
• 46% of respondents want a multi-function room/flexible space
• 42% of respondents want an au pair/in-law suite
• 39% of respondents want an exercise room/yoga space

If you’re a homeowner who wants to add any of the above, you have two options: renovate your current house or buy a home that already has the spaces you desire.  The…

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What Do Past Years Tell Us About Today’s Real Estate Market?

WHAT DO PAST YEARS TELL US ABOUT TODAY’S REAL ESTATE MARKET?

As you follow the news, you’re likely seeing headlines discussing what’s going on in today’s housing market.  Chances are high that some of the more recent storylines you’ve come across mention terms like cooling or slowing when talking about where the market is headed.

But what do these terms mean? The housing market today is anything but normal, and it’s still an incredibly strong seller's market, especially when compared to the few years leading up to the pandemic.  With that in mind, what can previous years tell us about today’s real estate market and if it’s truly slowing?

We’re Still Seeing an Above Average Number of Sales

You may see headlines about a drop in…

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Don’t Wait for a Lower Mortgage Rate – It Could Cost You

DON’T WAIT FOR A LOWER MORTGAGE RATE – IT COULD COST YOU

Today’s housing market is truly one for the record books.  Over the past year, we’ve seen the lowest mortgage rates in history.  And while those rates seemed to bottom out in January of this year, the golden window of opportunity for buyers isn’t over just yet.  If you’re one of the buyers who worry they’ve missed out, rest assured today’s mortgage rates are still worth taking advantage of.

Even today, our mortgage rates are below what they’ve been in recent decades.  So, while you may not be able to lock in the rate your friend got recently, you’re still in a great position to secure a rate well below what your parents and even grandparents got in years past. The key will be acting…

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A Millennial’s Guide to Homeownership

A Millennial’s Guide to Homeownership

The millennial generation is the largest generation in United States history. According to the US Census Bureau: “[Millennials] born between 1982-2000, now number 83.1 million and represent more than one quarter of the nation’s population.  Their size exceeds that of the 75.4 million baby boomers.”  If you are one of the millions of millennials who has seen their peers begin to buy homes recently and are wondering what it would take for you to do the same you found the right eGuide!  There are many stereotypes and myths about the millennial generation as a whole, AND about what it takes to buy a home in today’s market.  These myths have prevented many millennials from even considering homeownership as an option…

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