Posted on Wednesday, May 02, 2012
In recent weeks some of our buyers were disappointed to learn one of their “favorites” was bought by another buyer. Today I am about to spend part of the day with a lovely couple here in Naples looking for their perfect Naples home – and we have already seen a couple of their candidate homes go under contract to other buyers. It seems we are all used to last year’s “wait and see” market but with low inventories and increasing volumes buyer competition is heating up.
Should buyers jump at the first property they like? Maybe not. Should buyers be ready to buy when they find that “wow” property? Absolutely. Let’s see what’s going on here.
In the Sunshine MLS for the all Naples area this morning we see 5,689 properties for sale and 8,249 sold in the last twelve months. So what? Well this means we are down to only 8.27 months inventory – yet another drop in inventory this past month. Not too long ago we were inventories were one year plus, then inventories dropped to nine months a couple of months ago, then 8.5 months+ last month now 8.27 months …. down and down we go. A tightening supply could mean rising prices and more buyer competition.
Florida Realtor reported yesterday a similar “buyer-competition-trend” nationally from a recent Wall Street Journal article. Florida Realtor goes on to say “Homebuyers are unexpectedly finding more competition this spring in landing their dream home. Bidding wars are increasingly being reported in markets across the country, from California to Florida(http://online.wsj.com/article/SB10001424052702304723304577366294046658820.html).
There is no need to get carried away however. Buyer make sure you love a place before buying. It’s about loving the place you buy not about a buying a place. You do not have to rush in. But if you do like a place be ready to go. Ready to go means pre-approved financing, and as few contingencies as possible, and your Realtor should have a purchase contract in their brief case. If you are going after a popular property you need to stack up against the other guy and be ready to move.
Have a great day today!
No legal, investment, or tax advice is being given in this Blog. Consult with legal, financial and tax professionals before acting on any real estate transaction. Actual real estate price and sales results are subject to market forces and are not completely predictable. The writings of this Blog are intended for the sole use of our clients.
Some of the data relating to real estate for sale on the NaplesBestAddresses.com website comes in part from the Broker reciprocity program of M.L.S. of Naples, Inc. The properties displayed here may not be all the properties available through the MLS reciprocity Program. This information is deemed reliable but is not guaranteed. Buyers and sellers are responsible for verifying all information about their purchase prior to closing.
Mark Goebel, PA is a REALTOR with Coldwell Banker on 5th avenue in Naples, Florida with 35+ years of visiting and living in Naples. After 25 years at Accenture, Mark retired as a managing director and spends his time helping non profits and building a Naples real estate team with his wife Nan. Talk to Mark and Nan about life in Naples and why they chose this place to live full-time over all others and enjoy Naples real estate.
Mark Goebel, PA REALTOR Coldwell Banker 5th Avenue South Mobile: 239.595.3921 Email: firstname.lastname@example.org NaplesBestAddresses.com Facebook: NaplesBestAddresses Twitter @mcgoebel Naples Best Addresseses – Where The Best Address in Naples Real Estate Is Yours