Posted on Thursday, October 20, 2011
Not much to the local buyer. We are really pleased to see the jump in national home building released by US Commerce Department yesterday. We are also feeling great about the job multiplier effect – for every home building job there are several other jobs which are added. We need these housing starts to increase to help out with unemployment as it will be a part of the national answer.
But what about the local home buyer or seller? The national averages and figures are not that meaningful. Naples, Florida was one of the first markets to down turn in 2007 and we are feeling pretty good here in 2011. All real estate is local so you need on-the-ground realtors marketing or hunting real estate.
For example, yesterday afternoon we were out hunting property with a client. In our target neighborhood there was no new construction going on and the available inventory was only six months – so we should stable prices and well priced homes should move quickly here.
Other neighborhoods in town have different characteristics. Some are viewed as good investments so clients looking for rehab-return projects are in the market and frankly some other neighborhoods just are not moving due to overpricing and dated construction – so what?
The “so what” is the national new home construction number is something to celebrate, but work with your local REALTOR to truly understand what is going on in your neighborhood and how it impacts you personally.
Tell us what you are seeing in your local market at Naples Best Addresses.