Bill's Bulletin 
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August Housing Market in Naples Continues to Show Strength

Naples, Fla. (September 14, 2018) – Closed sales of properties during August increased 5 percent to 719 homes from 685 homes in August 2017 according to the August 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Inventory during August also rose by 2 percent and was driven by a surge of 218 more properties added to the market in the two lowest price categories reported, compared to August 2017.

“I’m really encouraged by activity in the lower end of the market during August,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., who, along with several broker analysts reviewing the August Market Report think we’ll continue to see an uptick in inventory through the end of the year. “Historically, August is where we begin to see an increase in inventory as sellers get ready for our busy winter season.”

Hughes went on to point out that the majority of the new inventory in August appeared in the single-family home market for properties below $500,000. Yet interestingly, closed sales during August were driven by activity in the condominium market, which experienced a 21 percent increase.

According to Jeff Jones, Managing Broker for Engel & Völkers Naples and Bonita Springs offices, “If you look at year over year numbers, the upper end continues to drive our market.” As such, pending and closed sales of properties above $1 million increased by double digits, year over year ending August 2018. 

U.S. home prices rise at slowest pace in nearly a year

WASHINGTON (AP) – Sept. 25, 2018 – U.S. home prices rose in July at the slowest pace in 10 months as climbing mortgage rates become a more significant factor for a growing number of prospective buyers.

The S&P CoreLogic Case-Shiller 20-city home price index increased 5.9 percent in July compared with a year earlier, down from a 6.4 percent annual gain the previous month.

Home prices are rising at twice the rate of wages, which has likely contributed to a cooling in the market this year. Sales of existing homes have dropped 1.5 percent in the past 12 months. Mortgage rates last week reached their highest level since May.

"Coupled with mortgage rate increases, higher prices are stifling home sales as more buyers are priced out of the market," Danielle Hale, chief economist at Realtor.com, said Tuesday after the report was released.

Las Vegas, Seattle and San Francisco reported the biggest annual gains, with all three cities seeing double-digit increases. Yet in 15 of 20 cities, price gains were smaller in July than in the same month a year earlier.

The combination of rising home prices and higher mortgage rates has made homes less affordable, even as a strong job market and some signs of higher pay have lifted demand.

Housing Slowdown? Softening?
Whatever You Call It, It's Real and It's Here

Ever since the whiplash-inducing, bust-and-boom cycle of the U.S. housing market kicked into high gear with last decade's devastating crash and this decade's ever-escalating home prices, bidding wars, and inventory shortages, one question has been top of mind for buyers and sellers alike: Is this "party" ending anytime soon? Lately, those who read economic tea leaves have been hinting that we may be heading toward a significant correction in the go-go-go American housing market. Surely national home price increases have to slow down eventually, right?

It turns out they may be on to something.

It Pays to Be a Homeowner:
Here's How Much Home Equity Shot Up in Just One Year

It pays to be a homeowner—quite a bit, actually. In certain parts of the country, it's even wildly profitable. Cha-ching!

Nationally, the average homeowner with a mortgage saw their equity shoot up by nearly $16,200 in the past year alone, according to a  recent report  by CoreLogic. (The real estate data firm compared the second quarter of this year to the second quarter of the previous year.) That's a 12.3% annual increase, thanks to fast-rising home prices across the country.

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It's a great time to buy!

Did you know 1,000 people a day move to Florida?
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It's Official, we are now Pulling Permits in Lee, Collier, Pinellas and Manatee counties and the Cities of Bonita Springs, Cape Coral, Naples, Fort Myers and Sanibel!
We file Notice of Commencements and handle all Building and Permitting Matters so you don't have to!
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Bill Fannin, Jr.
Owner
Fannin Florida Services, LLC
CBC1260844

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With so many beautiful communities and outstanding golf courses to choose from it's not an easy decision!

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We are industry experts with over 25 years of experience in the real estate field with a solid foundation as a second generation Builder/Developer.

We are Florida Real Estate Agents and Fort Myers Beach residents serving Lee and Collier Counties.  
MVP Realty Associates, LLC
4851 Tamiami Trail N.
Naples, FL 34103
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We are also Ohio Brokers with a full team based in Ohio.

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William Fannin Realty has been in Central Ohio Since 1969!

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Missing Home?

Did you know that Naples has one of the largest Buckeyes fan clubs?
They offer three different types of membership. Only $25 per year for a single membership or $40 per year for a couple. Free to the under 35's!

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Looking for a great place to dine in Naples? The owners of Naples beloved restaurant The Pewter Mug now bring us their new venture. Bernie's City diner is well worth a visit! Now serving breakfast and lunch. Open 7 days a week from 7am to 2:30pm!

Join me for breakfast to discuss your real estate needs, for a free home appraisal or just to say hello! Monday's at 8am at Bernie's City Diner located at 14700 Tamiami Trail N. #22, Naples, FL 34110. RSVP Now!   (239) 745 5492.
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