December 2022 Newsletter

State of the Market

We have entered what is considered a “normal” market. What’s normal about it?

Well, we have seen changes since this summer. Some of those changes include extended Days on Market, softening on pricing, and some collaboration between Sellers and Buyers to make a deal happen, things we have not seen much of in the past 18 months.

• Days on Market is increasing for Sellers giving Buyers a chance to truly consider a choice without leaping into an offer without complete comfort in their decision. Average Days on Market has hovered at 45 days for the past four weeks.

   

• We are seeing overpriced listings expire. This is a sign that the inexperienced agents that were either unwilling to be honest with their clients or unfamiliar with the nuance of the pricing in our hyper local market, have been unsuccessful. Sellers are frustrated and ready to get their home sold at more realistic prices.

   

• A “Normal” market means very few offers on a listing. Therefore, the Sellers need to be responsive and willing to work with a Buyer who puts an offer in writing. Deal-instability has increased, this is normal. Seller concessions are returning to the market. Savvy agents are getting creative to bring a deal together to make it a win-win for all parties.

What can we expect in 2023?

I am often asked about our market projections. I have learned that we can only project based on what we have seen in the marketplace and what we know about the local supply and demand. Despite what many of our seasonal clients hear in their “home markets”, we have a unique situation in Naples. As their Northern media outlets are speaking of a significant shift, and in some cases, a “pause” in their market, that is not what we are seeing in Southwest Florida. This is supported by the most recent comments made by Lawrence Yun from NAR, the National Association of Realtors.

"The demand for housing continues to outpace supply," Yun said. "The economic conditions in place in the top 10 U.S. markets, all of which are located in the South, provide the support for home prices to climb by at least 5% in 2023."~ Lawrence Yun, NAR chief economist and senior vice president of research

If you would like to discuss what this means for your personal real estate objectives, please give me a call.

If you are considering an investment property purchase in 2023, we can make that happen too.

Here are some of my favorite quotes to encourage you to plan and review your investment strategies in 2023.

"Ninety percent of all millionaires become so through owning real estate." -Andrew Carnegie

"Landlords grow rich in their sleep without working..." -John Stuart Mill

“The major fortunes in America have been made in Land. -John D. Rockefeller

"He is not a full man who does not own a piece of land." -Hebrew Proverb

"The best investment on earth is earth." -Louis Glickman

"Buy land, they're not making it anymore." -Mark Twain

Let’s have a conversation and make 2023 your best year yet!

Please see the market stats below:

News

I am honored to be selected for the 7th year as a Five Star agent by you and my colleagues in the local Real Estate Market. This is quite an honor as Award candidates are identified through evaluations completed by consumers. To receive the Five Star Real Estate Agent award, a real estate agent must satisfy five objective eligibility and evaluation criteria that are associated with real estate agents who provide quality services to their clients. The award process is conducted annually. Thank you for allowing me to serve you and your friends/family. It is a pleasure!

Five Star Professional conducts market-specific research throughout the U.S. and Canada to identify service professionals who provide quality services to their clients. Now entering its seventeenth year, the Five Star Real Estate Agent program is the largest and most widely published real estate award program in North America, covering more than 45 major markets. Five Star award winners do not pay a fee to be included in the research or the final list of award recipients.

Featured Listing

1240 Coconut Drive, Fort Myers, FL

Despite the catastrophic impacts of Hurricane Ian along the Caloosahatchee River, this home, due to its quality construction, did not take on a drop of water. Click on the image to watch a video featuring this stunning home and share with someone you know who may be ready to make a big move!