ARE THE BUYERS PLAYING A WAIT AND SEE GAME?

It seems as if the many buyers are playing a waiting game in the greater Naples Real Estate Market today and I’m not too sure what they are waiting for. I get the impression that they perceive the market will go lower and with the great amount of inventory that we currently have will be there for quite some time to come.

As far as the market going lower, who really knows. I tell clients that if I could definitively put my finger on it and accurately predict the outcome, we wouldn’t be having this conversation. I would be down in Port Royal enjoying cocktails on my 150 foot yacht and we wouldn’t be having this conversation! With regard to the large inventory that we have now being around for quite some time, I would suspect that they are right, it will be around, but the ‘kicker’ is that the really good inventory won’t.

My perception is that with the influx of the foreign buyers coming to our area and the fabulous exchange rates that they enjoy, they won’t necessarily be waiting for the market to go down, because they will be feeling that they are getting one heck of a deal anyway. Plus their mentality comes from the standpoint that they are not buying for the short term investment, they are buying a vacation home to come to.

Point of fact…I have this wonderful single family home in Olde Naples that has only been on the market for a short time. At $1,374,900 I believe that it is priced extremely aggressively and literally has no competition in the Olde Naples area. And yet, I have had quite a few buyers through who have told me that they absolutely love the home and are seriously thinking of making an offer. In fact, I had one couple through three different times, spending a total of over three hours looking at everything. Upon leaving the husband said to me, Mel you will be hearing from me shortly. Well that was over a month ago and still no word.

My take is that they are playing the waiting game to see if the market heads lower and we are forced to reduce the price. If that is the case, I truly believe that this property, like other properly priced properties of value will not be around.