Friday, February 8, 2013
What's Going On In The Naples Real Estate Market?
Everyday people ask, "What's going on in the Naples Real Estate market"? This isn't a 'one size fits all' question. As always, each market segment, both geographically as well as price-point has its own set of rules and trends.
Earlier today I was showing condos along the beach. When they didn't like anything I had selected for them, they let me know they'd be patient and would wait for a short sale or a foreclosure. I think she had a hard time believing me when I told her that not only are there none now, there were very few along the beach even when the market was down. "Oh, I'll wait!" Wait? Educating buyers is part of the buying process. What she wants is nearly impossible: "We want to be on the beach with a great view, it must have 3 bathrooms, I want a doorman, pets must be allowed, in a newer building, I don't mind changing minor things like paint and flooring as long as the building is perfect and the view is spectacular...oh yes, and it must allow rentals....and I want all this for under $1 million dollars, but less would be better....yes, and I will wait for a desperate seller." ~We had a great rapport, and I know she is going to trust me to find her the perfect Naples Condo, but my first job is to gently guide her through the process and educate her about the Naples Real Estate market. I asked her if she'd let me find her exactly what she is looking for and show it to her without telling her the price...That usually is an eye-opener. Typically that motivates the buyer to reprioritize and/or compromise...and in some cases, they decide to go up in price.
Today's buyers don't understand the market...many are still making low offers, putting the seller in a hostile position. It really is our job, more than ever, to educate both parties to a transaction. We have a lot of factors weighing in against our professional opinion. The internet for one, and specifically sites like zillow, often give buyers a false evaluation of a property's true value.
Seller's on the other hand, with all the talk about low inventories and prices going up, also need to be guided and educated. If a home or condo is not getting showings, it is probably price. If a home or condo IS getting showings but no offers, it is almost always price! Any good agent is simply trying to help a customer meet their housing objectives.
Buyers AND sellers need to find a real estate professional that they like and trust. If you are interested in learning more about what is going on in a particular segment of the Naples Florida Real Estate market, I hope you will call The Harris Peppe Team today. 239.370.0574 Collectively we have served the greater Naples area for over 50 years. We are here to help you with all your real estate needs!
Thank you, and make it a great day!
The Naples Real Estate Blogger