Naples FL News From the Street

NAPLES, FL 7 Aug 08

More tough news in the media about the sagging economy led by the real estate bust. Tallahassee reported that FL real estate declined $153 Billion from this time last year. Fortunately for single family homeowners in Naples, the market hit bottom earlier this year and is a slow, but definite recovery. The Sunshine MLS, our local real estate multiple listing service, continues to indicate approximately 30-45 new pending sales every day. That's a healthy recovery. With the vast inventory, well priced properties, and historically low interest rates, wize buyers are recognizing this to be the time to buy.

For Buyers in our market, their enemy really isn't the sellers who want to get the best possible price for their homes. Their enemy is all the other buyers who want exactly what they do! One important fact to keep in mind, it's only a 'buyer's market' until there's more than one buyer interested in a home, and then the seller holds all the cards!

We continue to find that buyers are buying and sellers are selling even though buyers continue to be very select and cautious. With more than 13,000 current listings in our MLS, it would seem that there is an inventory problem in our local market; however, that is not the real problem. The majority of properties are just listed above the interest of most buyers. Even with the historically low interest rates, a likely reality facing sellers is that prices will continue to fall until prices reach the pre-boom level of 2004-2005-2006.

In surveying our past seller clients who closed a property over the past 18 months, we know those sellers for the most part were unhappy with their sale price, however, they all were happy they closed when they did because prices have continued to fall.

Lastly, we are undoubtedly excited about the current market and the opportunity it holds for serious, market-educated buyers and sellers.

Greg Gorman, PA, Broker-Associate

CRB, CRS, e-Pro, GRI, Realtor, SRES

Direct: 239-280-2225 ● Cell: 239-784-2841

TeamParadise.com ● Greg@TeamParadise.com

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