Naples Area Real Estate News & Market Trends BLOG

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. I’d love to talk with you!

Oct. 7, 2019

What Does “Move-in Ready” Really Mean?

What Does “Move-in Ready” Really Mean?

If you’ve been searching for a new home no doubt you’ve seen the term, “move- in ready.” This description sounds very appealing, but understanding what it actually meanis important so you have the right expectations when arranging your home listing tour.

First it’s important to remember that the descriptions in real estate listings arewritten by the listing agent or broker. There is no set industry standard for what agents can say in their listings. While there are guidelines and rules which prevent blatant lying, most home buyers have become aware of the fluffy language used to market a home for sale.

The meaning of “move-in ready” is fairly straightforward; it means that the home is in a condition which is acceptable for immediate occupancy. The home meets the standards of living and assures the buyer that the essential elements needed to occupy the home are present and in running condition. For example, the home should have working plumbing, appliances, sound roof, electricity, gas and locking doors and windows.

What “move-in ready” does not necessarily mean is that the home is in pristine condition. A home that is “move-in ready” might still need significant updating and while systems are assumed to be operational, they might still be old or outdated.

“Move-in ready” is a common phrase in real estate listings. Understanding thatthe home might still need quite a bit of work to suit your taste and lifestyle, you can approach the listing with realistic expectations and determine if the property is the right fit for your needs.

Posted in Hom Buying, Remodeling
Sept. 24, 2019

Naples Area Real Estate Activity Report for Aug 2019

August Home Sales Strong as Prices Hold Steady

Naples, Fla. (September 20, 2019) – Closed sales of homes in Collier County increased 7.4 percent in August, but overall inventory fell 17.8 percent to 4,917 properties compared to 5,980 in August 2018, according to the August 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). This reduction in inventory – which included 616 homes that were either terminated, expired or withdrawn from the Southwest Florida MLS in August – resulted in a six-month supply of inventory for Collier County at the end of August.

“We know that traditionally, inventory will begin to creep up in September, October and November as many sellers try to get a jump on the competition that might list their properties closer to our winter season,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “But the pre-season months (September through November) can be a great time for buyers as well. Buyers will find less competition [from other buyers] in the pre-season months. They will also get an early peek at properties that will probably sell during season.”

The August ShowingTime report indicated that local REALTORS® scheduled 16,878 appointments during August. This is an increase of 16 percent compared to showings in August 2018. On average, a home in the Naples area is shown 16 times before it secures a contract.

Broker analysts reviewing the August Report are leery of sales activity next year as sellers will face market uncertainty brought on by a presidential election. In the third quarter of 2016 – right before the last presidential election – overall closed sales in Collier County decreased 14 percent compared to closed sales during the third quarter of 2015.

Budge Huskey, President of Premier Sotheby’s International Realty added, “The overall market is very healthy today based on the average person’s financial position continuing to improve in tandem with the economy. Yet in the luxury and upscale second homes markets, which are often elective, buyers tend to have a longer-term horizon and base investment decisions on where they believe the economy and markets will be a year or more out in the future. Accordingly, there are mixed signals and sentiment.”

Incidentally, the $300,000 to $500,000 price category led closed sales in August with a 10.1 percent increase followed by closed sales of properties under $300,000, which increased 6.5 percent. Closed sales of homes between $1,000,000 and $2,000,000 decreased 5.7 percent.

“Sales of single-family homes were up almost 10 percent this August,” said Huskey. “Despite the reduced inventory overall, new listings coming on the market were up 4 percent in August and builder inventory is up as well.”

The median closed price in August decreased just 0.2 percent to $317,918, which is only $582 lower than the median closed price in August 2018 ($318,500). In fact, price increases have only been reported in two of the last 12 months (October 2018, 3.7%; and April 2019, 3.4%).

“We don’t know how changes in the political climate will affect the housing market in 2020,” said Wes Kunkle, President and Managing Broker at Kunkle International Realty. The August Report showed median closed prices for homes below $300,000 and homes between $1 million and $2 million decreased 4 percent in August, while homes between $300,000 and $1 million showed no change in median closed prices.

The NABOR® August 2019 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings:

CATEGORIES

page2image519733184

Aug 2018

page2image519371696 page2image519372432

Aug 2019

page2image518246224

CHANGE (percentage)

Total closed sales (month/month)

page2image545875456

741

page2image545987424 page2image545873376

796

page2image545951072

+7.4

Median closed price (month/month)

page2image545899120

$318,500

page2image545900704 page2image545902176

$317,918

page2image545864048

-0.2

Total active listings (inventory)

page2image474390864

5,980

page2image474383232 page2image474488784

4,917

page2image474314128

-17.8

Average days on market

page2image474329104

99

page2image474435840
page2image474399440 page2image474398752

103

page2image474357728 page2image474400128
page2image474400736

+4.0

page2image474402432

Single-family closed sales (month/month)

356

417

+17.1

Single-family median closed price (month/month)

page2image545906128

$405,000

page2image545956704
page2image545882688 page2image545930496

$399,000

page2image545931344 page2image545931792
page2image545957696

-1.5

page2image545959328

Single-family inventory

3,147

2,523

-19.8

Condominium closed sales (month/month)

page2image545964320

385

page2image545914224
page2image545963232 page2image545963808

379

page2image545938496 page2image545939008
page2image518346592

-1.6

page2image518348288

Condominium median closed price (month/month)

$250,000

page2image545890576

$245,000

page2image545965824 page2image545966400

-2.0

page2image474446672

Condominium inventory

2,833

page2image545940704

2,394

page2image545892592 page2image545893168

-15.5

Kunkle added, “We have an entire generation of first-time homebuyers who have never seen interest rates over 6 percent. With the recent quarter percentage point cut in interest rates, there isn’t been a better time to lock in and buy than now!”

Geographically, closed sales of single-family homes in the East Naples are (34114, 34117, 34120, 34137) increased the most in August by 35.6 percent followed by closed sales of single-family homes in North Naples (34109, 34110, 34119), which increased 15.6 percent.

Jeff Jones, NABOR® President and Broker at Keller Williams Naples, added, “There were 1,443 price reductions made during August [29 percent of the total homes listed], which is important for buyers as this is an indication that many sellers are eager to sell!”

If you are looking to buy or sell a home in Naples, contact a Naples REALTOR® who has the experience and knowledge to provide an accurate market comparison or negotiate a sale. A REALTOR® can ensure your next purchase or sale in the Naples area is a success. Search for your dream home and find a Naples REALTOR® on Naplesarea.com.

Posted in Market Report
Aug. 1, 2019

Home Improvements with High ROI

Is your house a little dated? Do you want to make some improvements or upgrades but also want to make sure that you get the best bang for your buck if you decide to sell? Not all home improvements bring a good return on investment when selling, so unless the improvement is simply for your own style and enjoyment, choosing projects with higher ROI just makes sense.

Home Improvements with High ROI

  •   Add square footage – The best return on investment is adding space. Converting an attic or basement into a family room, adding a room or bathroom or even installing a garden room or outside kitchen will bring solid returns when selling.

  •   Bathroom and Kitchens – Remodeling a bathroom or kitchen will always bring more than their cost when selling. Create simple and soothing environments where a future owner can imagine themselves using and avoid heavy period-style cabinetry and surfaces.

  •   Doors and Windows – Upgraded doors and windows can really add impact to a room. Not only do current options save energy, they come in a wide variety of styles and finishes to accentuate the space.

  •   Garage Doors – If you have an old or weathered garage door, this is a relatively inexpensive way to dress up your home.

  •   Paint – Fresh paint is inexpensive and makes the home appear new and modern. Choose calm tones which compliment any décor.

    Regardless of whether you’re considering a weekend project or a major remodel,understanding the return on your investment can help you make the best choice for your project. Home improvements can be costly and if you’re considering listing your home for salein the future, make sure you can recapture your cost.

Posted in Remodeling
July 31, 2017

Curious About Local Real Estate?

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates