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Are Naples Home Values Going Up In Smoke?
Posted by Naples International Group on Thursday, March 8th, 2007 at 5:16pm.We have become so jaded when we look at the real estate market, that we hardly believe what we are seeing, specifically with regard to home sales.
In 2006,there were 4,500 home resales, which historically, is very consistent with annual trends. The problem is that we all tend to look at 2004 and 2005, the so-called investor-driven years, as benchmarks. We forget that these years the real estate market was not normal in any way, with its nearly vertical climb upward.
With the investors gone, we now have over 12,000 properties for sale in Collier County, which translates into a solid three year supply. The only hope of a property selling is that it is priced in the lower quadrant of the curve. As a matter of fact, even having the lowest priced listing in a particular community still does not ensure that it will sell, because if there are people who are desperate to sell, they might just take over that lowest priced listing.
One of the worries is that builders who are getting properties back in inventory because potential owners have chosen to walk, leaving their initial deposit on the table rather then go to the closing table, will price their inventory well below the resale properties. Think that it doesn’t happen? Well it already has started.
The good news is that it is a fantastic time to buy! Those who have waited to pull the trigger are supreme winners by purchasing now. There are some great bargains out there across the board in every price range, and you don’t have to go far to find them. It is a good time to be working with buyers, in some cases, they just need some coaching and guidance.
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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