October 2023 Newsletter

It’s the fourth quarter of 2023 and like most football games, it comes down to the 4^th quarter when things really get exciting. If you believe the national media, the real estate market is a scary place with high interest rates and low inventory ready to crash. Things could not be further from the truth… I am throwing a flag! There will be no crashing! The truth is, for those buyers and sellers that need to buy and sell, it is not that scary when you have the right professional guiding you along the way. Here is what I mean.

Each year as we begin to approach our “peak seasonal market” which is January-April, the fourth quarter is when Sellers prepare their home for the market and actively list so that Buyers can find their property, get excited, and plan a trip to come down and work with a professional Realtor to facilitate a purchase. Some buyers will want to close before year end, others will be ready to come down after the holidays when it is colder up North, and they are really motivated to find a piece of the warm Sunshine state. This prep and list time of year is great. We see rising inventory as we do each year and in the first quarter, much of it goes pending or closes when priced and positioned correctly in the marketplace.

Looking at the numbers, our annual projections for transactions this year are in line with that of 2012- 2014 data, otherwise known as normal years in the market. In fact, our YTD count is 4.3M which is better than all the “crash” years of 2008-2010, and we are only calculating 9 months of 2023 data. In 2019, pre-COVID, our annual transaction count was 5.64M in 2020, 6.12M in 2021, and 5.03M in 2022. Folks, the market is regaining normalcy. The post-COVID real estate market was acting like a toddler with too much sugar and no nap time. (Sorry, getting ready to welcome another grandbaby and it is an easily understood analogy.)

We all need to calm down, enjoy some Halloween candy and welcome the scary trick-or-treaters tomorrow evening!

*NABOR market report looks at all of SWFL on a year-to-year comparison.

Featured Listing

Sneak peek of my newest listing going live this week! Contact me for more information.

Real Estate Corner

As a Coldwell Banker Global Luxury agent, I have the distinct pleasure and honor to collaborate with and mastermind with some of the greatest agents from across the US and around the globe. Recently, I had the joy of attending the Coldwell Banker Global Luxury Summit in Atlanta as part of Gen Blue 2023, our national convention of Coldwell Banker agents. The value in speaking with agents from other luxury markets and learning from them, discussing their market trends, and sharing ideas on how best to serve our customers was invaluable!

When I share that I can assist in your real estate transactions anywhere in the world, it is because of these fine friends that know me, and I can call to personally connect you with a trusted professional in that marketplace knowing they will provide you with the same great service and expertise that you have come to know and appreciate with me. Here are just a few of the familiar faces of CB GL friends in other markets:

My colleagues and I with Chris Choo

Kate Rossi, Senior Executive V.P. of the Southeast, Coldwell Banker Realty

So, please know that I am constantly learning and growing my business to learn best practices and improve the service I offer my clients in their real estate transactions locally and globally. Let me know if you would like some assistance in a different market, chances are, I know the best agent in that area personally and can connect you to ensure a great experience!

Lessons with Lori

Every once in a while, we get busy in real estate and forget that we only buy a handful of homes in our lifetime. The process varies from state to state, let alone county to county. The same can be said right here in Southwest Florida. This is why I like to remind customers coming from other parts of the country, it is important that we walk together through a transaction as the rules, contracts, and procedures can vary even traveling just 20 minutes up the road from my Fifth Avenue office in downtown Naples. Here are a few examples of pointers that we should all keep in mind.

For Buyers:

• Never assume that you can schedule vendors, movers, or have any other form of access to the new property until the day after closing. We are never guaranteed on the exact time of closing and often it can be the end of the business day when keys are handed over. A moving truck that has to wait overnight can be very costly. 
• When getting a mortgage, the lender will do another “soft pull” on your credit prior to closing to verify there are no major changes to your credit. So, buying furniture, a new car loan, or changing jobs are a big no-no until after you are officially closed. 
• We will send you reminders, but it is the buyer’s responsibility to apply to the new Homeowners Association (HOA) and sign up for utilities prior to closing. Keep in mind, many HOA’s can require as much as 30 days for approval.

For Sellers:

• It is the responsibility of the Seller to maintain the property to the same condition as the time of inspection. If something breaks or a mover puts a hole in the wall moving furniture, it is your responsibility to repair and address these concerns prior to the buyer’s walk through. This includes maintain lawn and pool service through the day of closing. 
• If you know something about the condition of your property, at the time of completing the Seller’s Disclosure, you want to disclose it. If you know it, disclose it. If you don’t know, you don’t know. However, if you know and do not disclose, 99.9% of the time it will be found in an inspection, and you will end up paying for in price, credits, or repairs in the end. Better to share it upfront…always. 
• There are stipulations in the contract about what conveys with a property. If you want to take curtains, appliances, or other specific items attached to a property like a TV bracket, you will want to tell me at the time of signing a listing. Not all contracts are the same and one cannot assume that the customs of other markets apply to our contracts.

Stay tuned for more exciting
new listings coming soon!

Lori Fowler | Naples Luxury
550 5th Avenue South
Naples, FL 34102

M - 239.877.3800