The recent Bloomberg article, “Naples Rises From Florida Housing Swamp as Wealthy Buyers Return to Market,” on Naples real estate indicates now could be the best time to strike your “deal.”
If Karl Case, professor emeritus in economics at Wellesley College and co-creator of the respected Case-Shiller index, is correct in his assumption, “Wealth determines housing, and the good places pick up first,” then Naples is likely at the epicenter of a U.S. housing recovery.
Also according to the article, “Sales in the Naples area last year rose 10 percent, the first annual increase in at least five years, while the median price for homes listed at $300,000 or more gained 4 percent to $544,000, according to data compiled by the Naples Area Board of Realtors. About half of the properties in the market are second homes, and discounts from 2006 peak prices average about 25 percent, said Brenda Fioretti, president of the group.”
So, what does this mean for home buyers looking for a great deal on a Naples, Florida home?
The time to take advantage of lower prices and above average inventory is now. Deals are still being struck but that will begin to dry up as inventory shrinks and distressed properties become the exception rather than the norm. This February Naples real estate inventory dropped another 5%.
You may have to put in three or more offers on different properties to get the deal you are looking for. Just don’t wait until inventory declines to the point that sellers can name their price. At that point, your bargaining leverage will be reduced and sellers will start to gain the upper hand.