For almost two years, sellers have been on the winning side of the real estate market, and everyone has a tale to tell of housing shortages and intense bidding wars. Buyers cannot help feeling demoralized in an atmosphere like that, so if you are looking for Port Royal real estate or wishing you could find an Old Naples home for sale, it’s time to change up your strategy. Here are some tips to optimize your home search in this seemingly crazy market.
Know the market trends
Rumors abound as to what is coming in the real estate world, both nationally and locally. Each market carries unique attributes, so it is important to be informed about what is happening in both the local and larger markets. In the greater Naples area, the current average list price for a home is $795,000, a 24% increase over this same time last year. Listing prices reached their peak in April at $830,000 and have slowly decreased over the summer months. Remember that these statistics are for the entire metropolitan area, so when you are looking specifically for luxurious Old Naples homes for sale or historic Port Royal real estate, the market movements should look similar, but at higher price points.
Find the hidden gems
Get to know home builders
Choose the unexpected allies
Networking outside of the real estate industry may prove helpful to you as well. Two professions in particular- attorneys and bankers- may know about new residential inventory well before it is listed with an agent. Attorneys work with clients to settle wills, divorces, and other painful aspects of life that often necessitate the selling of property. These people are likely talking to their attorneys about the process long before they get in contact with a real estate agent. Bankers know when their clients default on loans and often get stuck with properties when people cannot afford their mortgages. In both cases, there is a desire to sell and generate income, so as a willing buyer, you can meet a legitimate and timely need.
When inventory is low, and you need to buy quickly, it becomes necessary to make some concessions. Prioritize the features of a home, such as location or number of bedrooms, that are non-negotiables for you. Continue to maintain a wishlist of what you want in your new home, but hold on to that wishlist loosely. On all items that you can live without, be willing to negotiate and compromise. A little flexibility, a little imagination (and acquaintance with a skilled handyman) will dramatically expand the new home options that could work for your family.
Play the long game
If you have the luxury of taking your time in finding a new home, be patient. Even if inventory is slower to come onto the market and there are less options, don’t get into such a rush to finish the process that you buy a house you will regret later. Take your time, and be willing to wait for the right property to come along. Remember, change is coming to the economy and the dramatic sellers’ market will stabilize, as has been proven time and again through previous market trends.
Stand out from the crowd
Make a plan
In order to successfully navigate this low inventory market, you need the experience and expertise of a real estate agent with a strong community network and deep understanding of all buying opportunities among Port Royal real estate and Old Naples homes for sale. Robert Forbis brings a lifetime of knowledge of Naples and a proven track record for excellent real estate performance and client relationships. He will gladly help you navigate through every facet of the process to find your new home. Give him a call today at (239) 777-7866.
*Photo courtesy of Shutterstock