NABOR – Naples Area Board of Realtors, has released the comparison report for August 2021 compared with August 2020. Overall inventory remains very low, down over 75% over last year. Consistent with low inventory, is a decrease in pending sales – no homes to buy – no sales. The number of homes being put on the market is down as well, just over 20%. Homes continue the trend of being on the market just over 3 weeks, a decrease of over 75% from last year. The only increase has been the median closed price, which has risen just over 10% to nearly $441,300.
Though frustrating for buyers, sellers continue to see increased equity in their homes, making now a great time to sell. For those looking to upsize or downsize, it is an opportune time to take advantage of the thousands of buyers hungry for Naples real estate. Selling your home which has greatly appreciated in value and renting until the perfect “next” home can be found, is a good solution to owners who have the flexibility to move easily and wait. Buyers, especially those with children, will be eager to move into an area in their preferred school zone as soon as possible.
As with all real estate purchases, if you are not paying with cash, now is the time to get pre-approved so there is no delay in making an offer on a home once it comes on the market. Most sellers want a pre-approval letter or proof of funds to accompany offers. If a buyer is new or just new in town, it is always preferable to use a local lender who know the in and outs of Collier and Lee County laws. I have preferred lenders that I recommend, who seamlessly walk buyers successfully through the entire process.
Whether buying or selling, I am happy to assist you and look forward to working with you.