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Naples 3Q Housing Market Remains Strong

Naples, Fla. (October 19, 2018) - One year after Hurricane Irma, overall closed sales in Naples increased 62 percent to 644 homes in September of 2018 compared to 398 closed sales of homes in September of 2017. According to broker analysts, this impressive increase in month over month sales is a result of the effect of the hurricane when homes sales halted following the massive storm.
"The September Market Report shows how resilient and desirable our market is," said Lauren U. Melo, PA, Licensed Real Estate Broker with Florida's Realty Specialists. "A three percent increase in pending and closed sales, year over year, is strong considering the reduced sales activity during the troubled period following the hurricane. This was when many sellers were making repairs caused by the hurricane. The September statistics show that our market is in a good position to see positive activity for the fourth quarter." 

Overall pending sales in the third quarter are up 20 percent, closed sales are up 13 percent, the median closed price is up 3 percent, inventory is up 4 percent, and the days on market decreased 1 percent; all indicators that the third quarter real estate market in Naples remains strong.
"Luxury properties are driving the market in the third quarter," remarked Coco Amar, Managing Broker of John R. Wood Properties. "Third quarter pending sales in the $1 million to $2 million price category are up 18 percent and in the $2 million+ category they are up 50 percent compared to the pending sales in the third quarter of 2017."
According to the 3Q 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), closed sales of homes between $300,000 and $500,000 increased at a higher rate (24 percent) than other price categories during the third quarter. Sales of homes between $1 million and $2 million increased 18 percent to 122 homes for the third quarter of 2018 from 103 homes for the third quarter of 2017. Overall closed sales in the $2 million price category increased 20 percent in the third quarter of 2018 to 79 properties from 66 properties sold in the third quarter of 2017.

What Home Buyers and Sellers Need to Know About Today's Crazy Housing Market

Nevermind the heartfelt personal letters. For aspiring home buyers in today's cutthroat housing market, the secret to success is no secret at all: money, and lots of it.

Buyers who successfully close on a home are making more than they ever have before, with a median $91,600 household income, according to the National Association of Realtors® 2018  Profile of Home Buyers and Sellers . That's up from $88,800 last year and $88,500 the previous one. And they need every cent to close on a home at a time when a lack of inventory and rising mortgage interest rates are pushing the cost of homeownership up to new heights.

NAR surveyed nearly 7,200 buyers who purchased homes between July 2017 and June 2018 to come up with its findings.

"Affordability has been such a problem, but the buyers entering today do have higher incomes," says Jessica Lautz, managing director of survey research and communication at NAR. They're the ones "who are able to compete in a multiple-bid situation. [And] for them to be able to qualify for a mortgage today, they have to have a higher income."

Mortgage Rates Fast Approaching 5%
a Fresh Blow to Housing Market

Mortgage rates hit their highest level in more than seven years this week at nearly 5%, a level that could deter many home buyers and represents another setback for the slumping housing market.
The average rate for a 30-year fixed-rate mortgage rose to 4.9%—the largest weekly jump in about two years—according to data released Thursday by mortgage-finance giant  Freddie Mac. 

Lenders and real-estate agents say that, even now, all but the most qualified buyers making large down payments face borrowing rates of 5%.

Rates have been edging higher in recent months, but during “the last week we’ve seen an explosion higher in mortgage rates,” said Rodney Anderson, a mortgage lender in the Dallas area.

U.S. New Home Sales Fell in September

WASHINGTON—Sales of new homes in the U.S. fell for the fourth month in a row in September.

Purchases of newly built single—family homes-a relatively narrow slice of all U.S. home sales—fell 5.5% to a seasonally adjusted annual rate of 553,000 in September, the Commerce Department  said Wednesday .

Economists surveyed by The Wall Street Journal had expected a smaller 0.6% drop.

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650 W. Coshocton St.
Johnstown OH 43031


Price reduced on ''former daycare center'' - located directly across from McDonalds on the primary commercial corridor (Rt 62) - less than 1 mile SW of ''downtown'' Johnstown. This building (with ample parking) is located on a deep lot on over 1 acre of property. Building has over 1,700 SF on the main floor ...and 1,200 SF on the lower level (with a walkout in back). This listing has: a kitchen; 2 restrooms on each floor; is already outfitted with fire & security systems; magnetic lock entry door; internal commercial code doors, etc. (as it was a daycare). Zoning would allow various commercial uses.
Ohio Inventory breaks 91-month streak

(October 19, 2018 – Columbus, OH) – The number of homes and condominiums for sale in central Ohio increased to 5,589 in September which is up 2.6 percent from one year ago. This breaks a 91-month streak of year-over-year declines in inventory according to the Columbus REALTORS® Multiple Listing Service.
"The slight increase in inventory is a healthy correction for the Central Ohio market," said 2018 Columbus REALTOR President Sara Walsh. "For ninety-one straight months inventory was declining and favored the sellers while discouraging buyers in some price points. This slight supply shift may encourage buyers to get back in the home search arena while interest rates are still very good.
There were 2,593 homes and condos sold in September, which is down 11.4 percent from the same month a year ago leaving 2018 central Ohio home sales 2.3 percent behind the first three quarters of 2017.
The average sales price of a home during the month of September in central Ohio was $232,228, which is 9.8 percent more than a year ago and a 6.7 percent increase year-to-date. The median sales price was $195,000 which is an increase of 7.7 percent year-to-date.
There were 3,039 homes and condos added to the market in September, which is just 1.0 percent below September 2017 and down 20.5 percent from August.
“It’s not uncommon to see new listings begin to taper off as the temperature drops,” Walsh said. “Although it’s getting cooler, real estate remains a hot commodity. Homeownership provides not only an investment vehicle and shelter but also the stability of being part of a community and is not typically as volatile as stock."
According to the latest Housing Market Confidence Index by the Ohio REALTORS®, 95 percent of central Ohio REALTORS® would describe the current housing market as moderate to strong.

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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.
Fannin Florida Services, LLC

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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.

Ohio Brokerage Poised To Grow, with Enhanced Virtual Platform
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William Fannin Realty has been in Central Ohio Since 1969!

William Fannin Realty, Inc. is projected to double its agent count in 2018.

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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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