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So... how are YOUR Resolutions going so far?
I vowed to get in more exercise (not original but still important) and to eat less Cookie Dough (my stress go-to) but between the coldest Florida weather I've ever experienced in my 23 years here, and yet another difficult Real Estate year, neither one of my Resolutions are going particularly well. 😬 Well, baby steps. I did get in 10 push-ups off my kitchen Island yesterday morning... Today I am digging for my CBD pain cream. 😂
So, what do I mean by "another difficult Real Estate year"? In it's simplest form, it looks like this:
SELLERS: "What is wrong with you, Realtor? Why can't you sell my property?
BUYERS: "Thank you for the lovely showing but we found something else."
Do you know that out of the 2577 Actively listed North Naples properties (as of today), of all types and price points, only 244 are currently
under contract?
So less than 10% of our FOR SALE market is under contract and at the end of our first month of High Season. So... 867 price drops, just in North Naples, in the last 30 days.
There are many reasons for this growing Buyer's Market - namely a Tumultuous 2024 for Florida and for the country, resulting in a Buyer Hold. "But wait, I thought you said it was a BUYER's Market." Well, yes but that just means that IF they were here buying, the conditions would be in their favor. In reality though the only condition that's in their favor is the amount of properties on the market, back to "normal" times, pre-pandemic. They are still concerned about 7% interest rates if they are Borrowers, the probability of continued increases in Insurance and Condo fees.
The truth is that there is also a declining population of Buyers in Florida. Original Naples "settlers" have or are moving on to their next plan, young families are leaving because they are priced out of the market or they have decided to rent in these times that don't guarantee them a return for their money on their purchase.
So this is not good news for:
SELLERS: If you are actively selling your property or considering it, you will have to price the property to compete for that 10% Buyer pool or you will be left standing. I know that it's hard to let go of the idea that you HAVE to get a certain number because the market SHOULD be something other than what it is but there is no magic in real estate. It is cyclical and right now you need to be realistic if you want it sold at all.
When talking price with your Realtor, keep in mind that when competing with other Sellers, the reality is that Buyers will choose an updated home over not-updated, the interior property over the one with street noise, the community with more amenities, when they are priced the same.
If you have a unique community or property, you just might get it Sold this year. If not, you may want to consider renting it out until Buyer demand catches up with Seller activity but the economists are saying that could be YEARS away.
BUYERS: Well, it's finally your time! You have more choices than in a decade! BUT, there are many other things to consider when buying now in Florida and I have the knowledge and experience to help you navigate those waters. We can examine elevation levels, insurance rates, expected assessments, & structural considerations to start with!
By the way, another interesting change to note: Over half of the North Naples "Pendings" are priced over $1M. A good portion of those are over $3M and slide all the way up to $19.5M.
But the good news for the average buyer is that the $300-500k condo market is back after Pandemic over-pricing so if you're looking for that first home or changing neighborhoods, they are out here and by the hundreds.
Whether Seller or Buyer, one of the many ways I can help you is by working with you to understand your priorities, needs vs wants, and concerns. Don't think you are "wasting my time" by contacting me to discuss your thoughts. I hope it's the beginning of a beautiful relationship!
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