If you have had your eye on Naples for a while and have been thinking of buying a property here, you need to a bit of research first. Of course the best time to have bought a property here would have been during the 2008 recession when prices hit rock bottom. While you won’t find any deals that rival prices during that time period, prices are still low compared to many parts of Canada.
Granted, as a Canadian citizen you can only stay in your Florida property for a maximum of 6 months, but that is long enough. The main goal here is to avoid Canada’s harsh winters unless you live on the British Columbia coast. But even then you have to put up with unbearable rain and not seeing the sun for weeks at a time so you still need to get away for a while.
If you do decide to investigate the local Naples real estate market, make sure you engage the services of an experienced realtor that has worked with snowbirds before. They will understand the challenges that Canadians will face when buying in Florida and be able to give you guidance. Do not go it alone and buy from a for sale by owner – you could find yourself in a lot of trouble since you don’t know how real estate transactions work down here, and also make sure you get a home inspections. That pretty much goes without saying anywhere but it is worth mentioning again.
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Want to know what Realtors think about the real estate market?
If so, you’re in luck – the National Association of Realtors wants to know, too, which is why they regularly put out a survey of Realtors from all over the country and see how confident they are in the market. This gives us the Realtors Confidence Index, and the latest version came out in December for the month of November 2015.
Right off the bat, we can see that most Realtors think the market is strong. The index rates the single-family home market as a 57, which is on a 0 to 100 scale. Above 50 is considered a strong market; below 50 is considered a weak market.
Thus, most Realtors think the market is strong. This goes way down if you’re talking about townhomes (41) or condos (36). In most places, markets in those categories aren’t very strong – even though we can argue that’s not the case for the Naples real estate market.
Over the next six months, Realtors largely expect the market to improve. The rating for the six-month outlook was 68, where 50 represents a “moderate” outlook. Florida was one state that reported a positive outlook, and if they had asked Realtors from around this area, we would’ve been very enthusiastic.
Furthermore, the study revealed that the average non-distressed home stayed on the market for 54 days. That’s slightly above the average for Naples real estate, and that figure has gone down considerably since 2011.
Finally, we’ll get to prices. Realtors expect modest increases for prices over the next year. On average, they predict a 3.2 percent increase in prices. But in Florida, we expect more, as much as 4-5 percent and above. Florida was one of the few states in this category (along with Washington, Oregon, Wyoming, and Colorado.)
Talk to your Naples real estate agent for more information as to what this means for you moving forward.
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