Area Real Estate News & Market Trends

You’ll find our blog Southwest Florida Homes for Sale 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. We’d love to talk with you!

Dec. 19, 2023

Christmas in Naples

Posted in Blog Posts
Nov. 30, 2023

Florida Homestead Exemption for New Full Time Residents

 

 

 

 

 

 

One of the best-known benefits for permanent property owners is the Florida Homestead Exemption.  This is a huge advantage to permanent homeowners in Florida.  There are only 6 States in the United States that offer their citizens a way to reduce their tax liability.  

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The Homestead Exemption and Save Our Homes save money on their property taxes every year.  Further benefits are available to Property Owners with disabilities, senior citizens, Veterans, Active duty service members, disabled First Responders, and Property with Special Uses.

 

The Homestead Act in America was enacted during the Civil War in 1962, provided that any adult citizen, or intended citizen who had never borne arms against the U.S. government could claim 160 acres of survey government land.  Claimants were required to live on the land and improve their plots by cultivating the land.  Florida voters overwhelmingly approved the Homestead Exemption Amendment in 1934 (Article X, Section 7, as it was numbered before the 1968 Florida Constitution rewrite) The original Exemption sought to erase the burden on homeowners by exempting property taxes on the first $5,000 of a homeowner residence.  

 

Single-family homes, Condos, Co-ops, Manufactured homes, and Mobile homes (if the land is owned) can claim Homestead Exemption.  Within an incorporated town or city up to 1/2 acre of the land on which the home sits is protected.  Outside an incorporated municipality land acreage that can be included with a Homestead residence is 160 acres.  Today, raw land by itself cannot be identified as an owner's Homestead.  A habitable structure (improvement) must be on it.   

The Florida Homestead Exemption is NOT automatic.  Property owners must qualify and apply to the Property Appraiser's Office in the County where the property is located.  Before Applying to the County Appraiser Office for Homestead status and the Exemption a Property Owner Must

1.  Had lived in the Property since January 1st of the year in which you applied for the Exemption.  Florida law does allow new Homestead applications to be filed before January 1st of the year, the exemption is to be effective.  However, pre-filed applications will only be accepted after March 1st of each year for the succeeding year.  

2.  Have legal title or beneficial title in equity to real property in this state.  

3.  Be in good faith, establishing the property has been his/her permanent residence, or the permanent residence of another or others legally or naturally dependent upon him/her, is entitled to an exemption.  Florida allows only one Homestead Exemption per "family unit."  This means that anyone applying for the Homestead Exemption in Collier County would not be legally entitled to receive the Exemption if they or their spouse are receiving residency in another state.  This included Veterans and Senior Citizens.  

 

Required documentation of permanent residency usually includes:

 

Proof of ownership (recorded Deed, property tax receipt)

Florida drivers license

Social Security numbers for owner and spouse

Vehicle registration and license plate number

Voter's registration card

 

(All documents must show the same address that is on the Homestead application)

 

Additional supporting documents may also be requested:

 

Bank statements and tax returns showing the Florida address

Utility payments

Proof that former Permanent Residency (and Homestead status) in another State has ended

Employer name and address

 

Important - Filing for the Exemption can be made until March 1 of the application year, though proof of ownership and residency must be dated before the beginning of that year. The property must have been legally owned for some part of the previous calendar year.

 

This means that Homestead status and tax benefits can never be received for the same calendar year in which a property is purchased. For new owners/applicants, the most recent year's adjusted/updated Assessed Value is applied before applying for the Homestead exemption.

 

Annual verification is sent to property owners by County Appraiser Offices and includes a statement confirming that the property is still being occupied as the owner's Permanent Residence.

 

Let's look at some general provisions of Florida's Homestead Exemption -

 

 Property Taxes :

 

Tax Bill

 

$25,000 exemption from Assessed Value for all property taxes

Another $25,000 exemption is applied to the Assessed Value over $50,000 - only applies to non-school district taxes

Additional exemptions are available to owners 65 and older, widow(er)s, disabled military veterans, and non-veteran owners who have specific disabilities

Contact your local County Property Appraiser's Office with any questions about property taxes. Links to Florida Department of Revenue taxpayer information resources are further down in this article, along with the first-time application for Homestead status by new homeowners.

 

 Forced Sale from Civil Lawsuit and Judgement :

 

Lawsuit papers

 

Attorneys tell us that an owner cannot be forced to sell a Homestead property to satisfy a legal judgment in a suit brought by a creditor or civil plaintiff.

The entire value of a legitimate Homestead property is protected by the Florida Statute. As long as a property and its owner legally qualify for and continue the Homestead Exemption, the property is protected from most forced sales, no matter how much it is worth.

Contact a Florida-licensed attorney with all questions about legal protection related to a Homestead property.

 

Real estate attorneys emphasize that Florida's Homestead Exemption does NOT protect a property owner from lawsuits and judgments related to :

 

Federal income tax liens

County property tax liens

Mortgage foreclosure

Condo Association and HOA foreclosures for not paying scheduled or Special Assessments

Contractor liens for work performed on the property

 

Spouse and Minor Child Rights :

 

For Sale sign

 

According to family law attorneys, the owner of a Homestead-protected property may not sell or otherwise convey the property without her/his spouse's approval. This applies even if the property is in only one of their names or if it was purchased with only one spouse's money.

In most cases, Homestead property may not be willed to another person upon the owner's death as long as there is a surviving spouse and/or minor children.  Attorneys go on to say that a spouse may waive these rights, though without a waiver a spouse's Homestead rights are held in place over the will.

Speak with a Florida-licensed attorney about spouse/minor child occupancy rights and inheritance considerations regarding Homestead properties.

 

 

 

Calculator

 

There is one more VERY attractive benefit attached to establishing Homestead status for Florida property. It's called the Save Our Homes (SOH) Assessment Limitation, which caps the annual increase to the property's Assessed Value. This begins with the Assessed Value at the time Homestead status was granted and continues each year thereafter. Any annual increase in a Homestead property's Assessed Value is capped at 3% or the published Consumer Price Index (CPI) whichever is less.

 

This is NOT a limit on the tax amount increase, it is a cap on the increase of each year's Assessed Value, meaning the property's Assessed Value can only go up by a maximum of 3% each calendar year of ownership.

 

 

 

The SOH Limitation alone saves property owners a considerable amount of money each year after they establish Homestead status!

 

For background and explanation on Florida property taxes, check out my article from earlier this month:  Florida Property Taxes - a quick introduction for new owners.

 

There we are, a brief introduction to Florida's VERY generous Homestead benefits for owners who choose to make a Florida property their Permanent Residence. Because the benefits afford such desirable protections and tax savings, the qualifying standards are justifiably strict.

 

There are serious penalties for owners who commit fraud when applying or who violate the requirements after being granted Homestead status. For example, owners who rent out Homestead property to others for too long or too frequently can be considered to have "abandoned" their Homestead protection.

 

Florida Department Revenue

 

On top of losing all the benefits, owners fraudulently claiming Homestead status can be charged back taxes (going back 10 years), penalties (50%), and interest (15% annually). Check with your County Appraiser's Office for details.

 

Here are some links to Florida Department of Revenue Homestead information resources. Click on the title for a direct link:

 

Oversight of Property Tax Exemption

Property Tax Information for First-Time Florida Homebuyers

Save Our Homes Assessment Limitation

Property Tax Oversight Infographic

Original Application for Homestead

 

I know this may be a little overwhelming, but just remember to file your Homestead Exemption Application with the County Appraiser's office after January 1st, having lived in the property before January 1st.  I am not an attorney, so if you need more specific answers you can seek one out.  

 

Until the next time---

 

Greg 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Posted in Blog Posts
Aug. 14, 2023

Florida Leading the Way in Second-Home and Luxury-Home Sales

 Eric C. Peck On In Daily Dose an online Magazine

 

Pacaso has released data on the hottest second-home markets in the United States [1] year-to-date. In assembling the list, the company utilized Optimal Blue data to identify the top 15 U.S. markets based on counties with the highest number of second home and luxury home transactions from January 1 to May 3, 2023.

Among the top counties with the most second-home transactions in 2023, were warm-weather destinations and coastal towns, particularly in Florida which proved to be the most popular among buyers. Florida dominated the top spots for second home transactions, with eight of the 15 counties with the highest number of transactions located in the Sunshine State.

"With the spring homebuying season well underway and nearing the mid-way point of the year, the housing market continues to face challenges with inventory hitting a pre-pandemic low, leading to rising home prices. However, despite the recent uptick in mortgage rates, potential homebuyers remain optimistic and are returning to the market, as seen in the increasing number of mortgage applications," said Pacaso CEO and Co-Founder Austin Allison [2]. "We took a look at second home transactions thus far in 2023, and it is no surprise that Florida dominates the list, with eight out of the 15 counties with the most second home transactions in 2023. The Sunshine State's beautiful beaches and laid-back lifestyle continue to be major draws for buyers."

Maricopa County, Arizona, takes the top spot on the list with the largest number of second-home transactions in the country for 2023. The county's vibrant desert cities of Phoenix and Scottsdale offer world-class golf, chef-driven restaurants, countless hiking trails, and exciting entertainment options, making it a popular vacation destination.

Horry County, South Carolina, is the second most popular location for second homes in 2023, boasting the most affordable second-home real estate on the list, with an average value of $375,000. Myrtle Beach's 60 miles of sandy beaches, exciting attractions, and celebrity-designed golf courses make it a beloved vacation destination.

Lee County, Florida, rounds out the top three markets with the most second-home transactions in 2023. The county seat of Fort Myers, located on the Gulf of Mexico, is consistently ranked as one of the nation's top destinations for beachcombing, shelling, kayaking, and bird-watching.

According to the data, Manatee County, Florida, Broward County, Florida, and Sarasota County, Florida, have seen the greatest year-over-year price appreciation for second-home real estate and luxury homes.

Cape May County, New Jersey, tops the list for the highest price of second home real estate of the counties with the most second home transactions in 2023, with an average value of $989,000. Located on the Jersey Shore, Cape May County has been a summer destination for East Coast residents for years and continues to be a top spot for second homes in 2023. Avalon, one of the country's most popular towns, is a favorite among second-home buyers seeking a coastal retreat.

 

For the study, Pacaso identified the top U.S. second-home markets by selecting the 15 counties with the highest second-home transactions between January 1 and May 3, 2023. Counties without at least 50 second home transactions during this period were excluded from the analysis. Transaction and second home value data was provided by real estate analytics firm Optimal Blue and include a sizable share of the market that is taken to be representative of the whole. Second-home transactions and average second-home purchase price data were sourced at the county level.

 

July 17, 2023

A Guide to Buying a Home to Age-in-Place

This article written by an online Caregiving Resource Center, addresses many of the situations seniors find themselves in as they begin considering where they want to live in their senior years.  Naples is a welcoming haven for many seniors.  Please read this article and if you have any questions or concerns, please don't hesitate to let us know.  We are here to help you buy, sell or be a resource.  

Greg 

https://www.caring.com/caregivers/buying-a-home-to-age-in-place/

Posted in Blog Posts
Nov. 18, 2022

10 WAYS TO MAKE THANKSGIVING DINNER HEALTHIER

 

 

These 10 swaps make for a decadent meal that won't leave you feeling like an over-stuffed turkey.

The Holidays have a way of throwing even the most dedicated health enthusiast off their game.  Food and family are two of life's greatest pleasures.  But for some of us, Thanksgiving can be too much of a good thing.  I thought this was so good, I stole it from Silver Sneakers Blog, I also added my own recipes and comments along the way.  You don't have to be a senior to want to stay healthy and stress-free.  

So here we go.....

1.  Make Sweet Potatoe Casserole a little less sweet!

Try one or two sweet mix-ins instead of all three, pineapple, marshmallows, and sugar.  Another trick is to do away with all three and use brown sugar (monk sugar or another sugar substitute), pecans, and oats strudel on top of your yams.  Oh, and always use FRESH sweet potatoes or yams, never canned.  Add a little cinnamon and use Ghee instead of butter. 

 

2.  Use whole milk, low-fat milk instead of cream.  Dishes like mashed potatoes, casseroles, and pie fillings are already flavorful.  

3.  Skip the flour in the gravy.  I use Arrowroot, a natural thickener, it works just as well, but does not add calories.

 

4.  Use Greek Yogurt to increase the Protein in mashed potatoes.  Substitute Yogurt for butter and milk in mashed potatoes.  As far as measurements are concerned, 1/2 cup of yogurt for 1 cup of butter is required.   

 

5.  Halve the butter in every recipe, if you insist on using butter.  Taste as you go.  You can also put butter on the table if anyone wants more.  Another way to trim the fat is to coat your dishes with cooking spray, not butter.  Every little bit helps.  

 

6.  Try Applesauce instead of Cranberry Sauce.  One dietician uses Applesauce instead of Cranberry Sauce to top her turkey.  But if you have got to use Cranberries make it from scratch and use orange juice, orange zest for flavor, plus honey for sweetness.  

7.  Skip Sausage in the Stuffing, flavor with fresh herbs instead.  The combination of cornbread and rich stock tastes amazing without adding Sausage.  Try dried or fresh sage, thyme, and rosemary.  Use wheat bread instead of white bread.  I can taste it already,  

8.  Season without Salt or as sparingly as possible, instead use dried or fresh herbs.  Always taste before adding and add just a little at a time.  Keep plenty of water on the table, since that can help lessen the effects of sodium.  

9.  Make a Simple Salad that people actually want to eat.  Most of the dishes will be savory and filling, so why not add greens to the table?

10.  Dessert!  What can I say about desserts, there are plenty of recipes that are fabulous without all the calories.   I am going to leave the desserts up to you.  Just remember, most people are so full after dinner, that a light dessert may be all you need to enjoy your meal and not feel, bloated and stuffed, and miserable. 

Have fun and Happy Thanksgiving!   

Greg and his staff     

 

 

 

Posted in Blog Posts
July 1, 2022

Is The Market Going To Crash?

IS THE MARKET GOING TO CRASH?

 

There were Sixty-two million homes sold last year, and we are on pace through the first quarter of this year to sell as many or more.

Even though we have enjoyed unprecedented growth in real estate with sales and appreciation values. Many buyers keep thinking we just cannot sustain this growth, the market must crash I do not want to be on the downside of the market, where I buy high, and when the market crashes, I will have lost all my investment and will not be able to recoup my loss. 

Why is the buyer thinking about that, now? Could it be the lingering thoughts of 2008, where home values plummeted and both buyers and sellers suffered a tremendous loss? Is this thinking wrong? Are the buyers only using one data point of thinking that blocks logic? Shouldn’t they be thinking long-term instead of short-term?

This fear of market correction

Are we seeing the signs of appreciation starting to abate with the inventory decreasing and buyers bailing out because of rising prices?  No, throughout this year we continue to see signs of continued appreciation despite lower inventory and buyers fearing the rising prices. 

Have we hit the peak or are we at our peak?

In most parts of the country, summer and spring are the highest peaks.  In Naples it is just the opposite, the buying and selling peaks occur from January through April.  Even if we were at our peak, and we dropped to ½ of the appreciation value, we are still above what we did the prior year. 

Now let us address the fear of the seller, not being able to find replacement home.  There are so many options now available to the seller to aid them in their next purchase.  Some of the options are delayed closings, subject to listings, and rent back.  The lender is creating new programs to help the seller; credit lines, HELOCS, and bridge loans.  Companies like Ribbon and Homeward will buy the home and resell it to you when you have sold your home.  With interest beginning to climb, this may help the buyer have a better selection of homes to choose from. 

The fear of the market overheating is not likely due to supply being low and demand high which drives the prices higher. 

We need to also look at the fear of volatility in the marketplace due to inflation.  War, Pandemic, inflation, worldwide economy, immigration, volatile market, and interest rates rising will affect the cost of housing in the next few years.  You will pay more for the home.

 

 

The fear of interest rates rising. 

Interest rates are rising, this will cause the sellers to be more emboldened and to push the envelope.  They are more confident than they were last year entering the Spring market.   Interest rates are up and closing in on 5%.  The reality of payments is up and buying power is down.  We are going to reach the point where some buyers will not be able to conduct what they want to do.  Their monthly payments will increase and the span between the worth of the home and what they are willing to pay will be too great. 

 

Let’s talk about new home construction for just a few moments.  The builders usually have a strong impulse on the market.  Even though the builders have a limited number of homes being built at one time, mainly because of the shortage of supplies, they continue to build by being creative in their distribution of homes.  Their prices rise every week and there is a waiting list of buyers for these homes.  Lennar one of the largest builders in the US is now building homes for the rental market only, where they will manage these homes themselves.   

Buyers who decided to sit it out two years ago are now regretting this because they would have been able to resell their homes and make a profit.  The percentage of homes being sold cash are at 27% a historic high.  The equity position is at an all-time high.  There were 9 million homes in forbearance in 2020 and today less than 2 million.  The banks created the foreclosure crisis by flooding the market, thus producing short sales, and depressing the market.  We are 5 million housing units short.  The rental market continues to increase.  The Millennials are coming of age, and now entering the buying market.  The appraisal gap is a game-changer.  The value of the market is usually delayed by 4 to 6 months.  When that shifts the market will be even better. 

Just a side note:  CBS “60 minutes” did an enlightened segment on Real Estate, on March 20, 2022.  You can watch it on YouTube. 

 

 

 

Posted in Blog Posts
July 1, 2022

Housing Bubble or No Housing Bubble

 

Buyers are not buying because of the buying frenzy and now with the rising mortgage rates, they are waiting to see what will happen.  Sellers are holding out because, where are they going to go, if they sell?  They all want to know when is the market going to crash?  It’s a Bubble? Right?  If so, when is it going to pop?  To answer that question, we must look at our history, trends, and patterns to understand where we are at the present and where are we going?

Let’s begin by defining a “Housing Bubble”, as a sustainable period of house price growth generated by artificial demand, such as loose underwriting or speculative buying.  Based on the evidence, there is no expectation that fallout from a housing correction would be comparable to the 2007-2009 global financial crisis in terms of magnitude or macro-economic gravity.  Among other things, household balance sheets appear in better shape, and excessive borrowing doesn’t appear to be fueling the housing market boom.  It does not imply “Bust”.  The house price appreciation does need to slow down, as the double-digit price we’ve been experiencing is clearly not sustainable in the long run.  But the high price appreciation is NOT the same as a “Bubble”.  And it is in fact supported by fundamentals. 

What does that mean?  Let's look at the difference between today’s housing market and the housing market boom in the mid-2000s.  First and foremost, what is driving the price growth now compared to what was driving the price growth in the mid-2000s?  The primary reason in the mid-2000s was the access to a wider range of mortgage finances.  You had things like No-doc loans (No documents were needed to finance a loan).  Typically, all you needed was proof of income, your W-2s, and pay stubs.  It was common to not have verification of income.  They had teaser rates, and fixed arm structures based on the market index, when the market went up so did the rate of the loan.  Today’s lending practices are much stricter.   It’s harder to get a loan today than in pre-pandemic and the median credit score of borrowers approved for mortgages reached 778 in the 4 quarter of 2021, which is significantly higher than during the previous housing boom.  The price appreciation we see today is not a result of financial innovation. 

So, what is the result?  The driving force is supply vs. demand.  The supply of homes on the market today remains extremely low. And the homes that hit the market, sell quickly.  This is an indication there is clearly more demand than supply.  Low inventory combined with lower mortgage rates, the Millennials are moving into their prime buying years, and tighter mortgage underwriting standards are fueling price appreciation.  This is very different from the price appreciation during the housing boom that peaked in 2006. 

The housing market has been underbuilt since 2009 and we currently are in the midst of a demographic boom.  High demand against limited supply is Economy 101 for price growth.   The pandemic accelerated the demand as the Feds began a quantitative easing to help the economy, which put downward pressure on the mortgage rates.  Not to mention everyone was spending more time at home which prompted a need for more space and allowed for some geographic flexibility.  So, the housing market started the pandemic with a supply vs. demand imbalance and over the course of the pandemic, the lack of inventory got worse, while demand get stronger.  It is really no surprise that the price growth exploded, nationwide. 

But does the strong price growth bode well for the housing market?  How does that make this time different from the last time?

The housing crisis in the Great Recession was fueled heavily by the fact that job losses due to the recession were paired with a significant share of homeowners who didn’t have any equity in their homes.  It was a dual trigger; you need both the inability to pay and the lack of equity to cause a foreclosure.  But homeowners today have very high levels of home equity, which provides a cushion to withstand potential price declines but also prevents housing distress from turning into foreclosure in the first place.  In fact, distressed homeowners are required to resolve the delinquency given that they have home equity.  By selling the home, the homeowners can pay the mortgage companies what is due to them at closing.   Remember the supply shortage issue?  It won’t be hard to sell your home, pay off the mortgage and take the equity with you.

 Today’s homeowners are not as highly leveraged as they were during the previous housing boom.   The mortgage debt to income ratio is near a 4-decade low, with equity at a historic high in the 4 quarter of 2021.  Our latest available loan to value, LTV ratio was about 31%, which is the lowest in over 3 decades.  And in inflation-adjusted terms, homeowners in the same quarter had an average of $300,000 equity in their homes, a historic high.  This makes the homeowner awash with equity today and their balance sheets are much stronger than they were in the 2000s.  There is another difference we need to address and that is the lack of speculative buying.  Speculation can be measured by the number of speculators or investor sales that are being flipped.  It’s true, there are more now, but not at the same levels as before in the mid-2000s.  People were buying homes not bothering to make improvements, just hoping to flip and sell them for a higher price.  Speculative buying, excessive use of leverage, and poor loan quality, all these things contributed to the last “Housing Bubble.” That is not the case today.

This time housing is not overvalued.  We discussed this previously, the measure being, that if the house is appropriately valued, house-buying power should equal or outpace the median sale price of a home.  The only period when the median sale price was higher than house-buying power was from 2005 -2007, indicating an overvaluation of housing or a “Housing Bubble.”  Today house-buying power is significantly higher than the median sales price of a home, signifying that housing is NOT overvalued.  So, no Bubble this time around because Bubble implies Bust. 

What is likely to happen?  Were in a housing market with double-digit nominal house price growth and now rising mortgage rates.  So, if the comparison shouldn’t be made to the housing boom and bust, then what would be a good comparison?  Bill McBride, a great housing analyst, says, “Don’t compare the current housing boom to the Bubble and Bust.”  He makes a parallel to the 1970s and says a decline in the real house prices and real meaning inflation-adjusted, seems likely.  That does not mean a decline in nominal prices.  Also, expect a decline in new home starts and new home sales.  With solid lending practices, nominal prices there should be a sticky downwards.  He does not expect a national decline in nominal pricing.  New home sales are more sensitive to rising rates so we may see those decline.  Rising prices and mortgage rates will undermine affordability.  It will be natural to see some moderation in price appreciation.  That’s okay given where we are now.  The market will cause the sellers to adjust their price expectations and the house prices will adjust accordingly.  But the shortage of supply relative to demand will remain and continue to keep house price appreciation positive.  The underlying fundamentals that we’ve been talking about will reflect a moderate decline in prices rather than a sharp decline.

There you have it, we know the real estate market tends to move in cycles, but not every housing boom ends in a bust. 

{REconomy from First American Financial Corporation with Odety Kushi, Deputy Chief Economist, and Mark Fleming, Chief Economist}


Aug. 1, 2021

Greg's August SWFL Marketing Report

 

Good afternoon everyone!  I hope you are all staying healthy and safe.  As many of you know it is still a seller's market with the buyers not having as many options as they would like.  The information below is from NABOR August Report.  


Demand for homes in Collier County kept REALTORS® busy in August, even as inventory dropped 77.3 percent to 1,249 homes from 5,503 homes in August 2020. According to the August 2021 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), REALTOR®s escorted buyers on over 30,000 home showings in August! The month’s strong showing activity – coupled with a 76.8 percent decrease in days on market to 22 days – means most homes were listed, shown, and sold in less than 30 days.

Historically, median closed prices of homes sold during summer months tend to be lower than median closed prices of homes sold during high-season months (January through April), but that trend did not occur this year. According to the report, the median closed price reported in August was $75,000 higher than the median closed price reported in January 2021. The median closed price of homes sold increased 11.7 percent in August to $441,300 from $395,000 in August 2020 (median price is the price at which 50 percent of the homes sold were above that price, and 50 percent were below).

With the help of a REALTOR®, homeowners who sold a home in August most likely enjoyed a nice profit. That’s because local REALTORS® understands the market and can help price a home correctly, screen out unqualified buyers, assist in negotiating repairs and contingent offers, evaluate the offers presented and negotiate the best possible terms for the homeowner.

The August Market Report reported days on market in August decreased 76.8 percent to 22 days from 95 days in August 2020. As such, many of the 1,101 pending sales reported in August were also included in the report’s 1,033 closed sales figure. Pending and closed sales, incidentally, decreased by 25.6 and 7.9 percent in August, respectively. Broker analysts predict pending and closed sales will continue to decrease in comparison to past years because of limited inventory. 

This is an unprecedented time for the sellers.  To my buyers, there are still some wonderful homes for you.  If you or if you know of anyone who is thinking of selling, would you please give me a call?  I will be happy to do a free Market Analysis.  We always like to hear from you.   

"Helping you make the Right Move" 

Good afternoon everyone!  I hope you are all staying healthy and safe.  As many of you know it is still a seller's market with the buyers not having as many options as they would like.  The information below is from NABOR August Report.  


Demand for homes in Collier County kept REALTORS® busy in August, even as inventory dropped 77.3 percent to 1,249 homes from 5,503 homes in August 2020. According to the August 2021 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), REALTOR®s escorted buyers on over 30,000 home showings in August! The month’s strong showing activity – coupled with a 76.8 percent decrease in days on market to 22 days – means most homes were listed, shown, and sold in less than 30 days.

Historically, median closed prices of homes sold during summer months tend to be lower than median closed prices of homes sold during high-season months (January through April), but that trend did not occur this year. According to the report, the median closed price reported in August was $75,000 higher than the median closed price reported in January 2021. The median closed price of homes sold increased 11.7 percent in August to $441,300 from $395,000 in August 2020 (median price is the price at which 50 percent of the homes sold were above that price, and 50 percent were below).

With the help of a REALTOR®, homeowners who sold a home in August most likely enjoyed a nice profit. That’s because local REALTORS® understands the market and can help price a home correctly, screen out unqualified buyers, assist in negotiating repairs and contingent offers, evaluate the offers presented and negotiate the best possible terms for the homeowner.

The August Market Report reported days on market in August decreased 76.8 percent to 22 days from 95 days in August 2020. As such, many of the 1,101 pending sales reported in August were also included in the report’s 1,033 closed sales figure. Pending and closed sales, incidentally, decreased by 25.6 and 7.9 percent in August, respectively. Broker analysts predict pending and closed sales will continue to decrease in comparison to past years because of limited inventory. 

This is an unprecedented time for the sellers.  To my buyers, there are still some wonderful homes for you.  If you or if you know of anyone who is thinking of selling, would you please give me a call?  I will be happy to do a free Market Analysis.  We always like to hear from you.   

"Helping you make the Right Move" 

Posted in Market Updates
July 1, 2021

Greg's July SWFL Marketing Report

 

 

I know, it's been a while since I sent you my monthly marketing reports.  It's been quite a whirlwind here as it has across the United States.  It's been difficult for our buyers to find homes, it has definitely been a seller's market.  We are starting to see a little slowdown, but only because the inventory has been so low.  Take a look at the statistics for yourself.  

The buying frenzy the Naples housing market experienced during the past year has simmered and is being replaced with what brokers say will be our new normal: a low inventory market with a fast turnover of quality homes priced right. According to the July 2021 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), inventory decreased 77.2 percent to 1,295 homes in July 2021 compared to 5,672 homes in July 2020, but demand continues to be steady as there were only 30 fewer closed sales and just a 2 percent drop in showings. Clues that buyers and sellers are adapting to a new normal can be found in recent Market Reports. The percent of the list price received has been over 99 percent for the last three months, which shows us that sellers are setting realistic prices and buyers are accepting these values as fair because offers are at near asking prices. The median closed price in July increased 28.8 percent to $469,950 from $365,000 in July 2020. And even though overall pending sales in July dropped 21.5 percent to 1,135 pending sales from 1,446 pending sales in July 2020, and overall closed sales dropped 2.6 percent to 1,142 closed sales from 1,172 closed sales in July 2020, activity in the high-end luxury home market picked up speed during the month as reflected in a 32.6 percent increase in closed sales for homes over $1 million, and a 17.1 percent increase in pending sales for single-family homes valued over $1 million in July. Homes are selling at record-fast rates. The July Market Report showed days on market decreased 69.6 percent to 28 days from 92 days in July 2020. For single-family homes, days on market dropped to 25 days in July. Homes are available but they are just not staying on the market long, especially quality homes that are priced right.

The market is still robust, don't be shy about jumping in.  It's our "new normal."  Even if your home is "not so perfect", I am finding buyers for these homes.  Buyers, don't waste your time driving around town, as you know by the time you call me it is already under contract.  Call me first, and let me find the right home for you.  I am experienced in this type of market and know the strategies to get the perfect home for you.  

Please send me a comment, I love hearing from you!  

Helping you make the right move! 

Posted in Market Updates
July 31, 2017

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