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What Are Real Estate Buyers Looking for? New or Old?

Posted on Sunday, December 09, 2012

Well, Florida Realtor says new homes are preferred to old in a recent survey. Their article says “Seventy-five percent of the buyers say they’re considering an existing home compared to 20 percent who want a new home. Five percent say they have no preference whether the home is old or new, according to the survey.”
My buyers are just the opposite here in Naples, Florida. The advantages of newer floor plans, taller ceilings, more advanced amenities are often cited by the prospected buyers we work with. Let’s take a look at the local market and see what Naples, Florida buyers are doing.
Much to my surprise the data shows a much hotter market for older homes, even given the scarcity of new construction. Maybe my buyers are just different! Sure, newer homes do fetch a slightly higher cost per square foot sales price than old in most case but in terms of the balance of supply and demand the old places are hanging right in there.

Let’s look at the numbers. If we define a new place as built in the last five years we find in the Sunshine MLS this morning 684 homes for sale and 798 closed in the last year. Not bad as the resulting inventory number is less than one year. It could be better but not bad. But wow, when we look at the “old” market we find 4713 for sale and 8071 closed in the last year. Sure the numbers are bigger as we would expect but look at the ratio. The resulting inventory of older places is more like seven months – much more supportive of prices and a more balanced market.

So what? Well all that matters is what the individual buyer wants. If my buyer wants new then new they shall have. But I am surprised at the national survey and at the local results. Older properties are doing just fine thank you.

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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 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
Facebook: NaplesBestAddresses