Click graphic to enlarge September 2019 Infographic.
Home Showings Lead to Increased Sales
Naples, Fla. (October 25, 2019) – The Naples area housing market enjoyed another 7 percent increase in overall closed home sales for the third month in a row. This trend leads a Broker to suggest that the consistent uptick in summer home sales illustrates that Collier County is becoming less seasonal.
According to the September 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), showings in September 2019 were up 31 percent over September 2018. This translated into a 13.7 percent increase in pending sales (written contracts) or 823 pending sales in September 2019 compared to 724 pending sales in September 2018. Strong showing activity during the summer resulted in 698 closed sales during September 2019.
The September report showed median closed prices remained stable during the third quarter (July, August & September). In July, the median closed price was $326,400. By September, the median closed price had dropped slightly to $325,000, which is only a .7 percent decrease from September 2018, which reported a median closed price of $327,408. Interestingly, the median closed price in January 2019 was $325,000.
With over 500 listings pulled from the MLS in September, it is no surprise that overall inventory for the month fell. However, even though it decreased 17.8 percent to 4,989 homes compared to 6,070 homes in September 2018, inventory for September was higher than August by 72 homes.
The NABOR® September 2019 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
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CATEGORIES
|
SEPT 2018
|
SEPT 2019
|
CHANGE
|
|
Total closed sales (month/month)
|
651 |
698 |
+7.2% |
|
Median closed price (month/month)
|
$327,408 |
$325,000 |
-0.7% |
|
Total active listings (inventory)
|
6,070 |
4,989 |
-17.8% |
|
Average days on market
|
93 |
102 |
+9.7% |
|
Single-family closed sales (month/month)
|
321 |
359 |
+11.8%
|
|
Single-family median closed price (month/month)
|
$395,000 |
$405,000 |
+2.5% |
|
Single-family inventory
|
3,208 |
2,567 |
-20.0% |
|
Condominium closed sales (month/month)
|
330 |
339 |
+2.7% |
|
Condominium median closed price (month/month)
|
$242,250 |
$245,000 |
+1.1% |
|
Condominium inventory
|
2,862 |
2,422 |
-15.4% |
As noted by brokers reviewing the housing data, September had a 6-month supply of inventory.
Geographically, condominiums in South Naples (34112, 34113) saw a 22.1 percent spike in its median closed prices to $213,000 in September 2019 from $174,500 in September 2018. Alternately, condominiums in North Naples saw a 16.4 percent decrease in median closed prices to $242,500 in September 2019 from $290,000 in September 2018.
Here’s a graphic provided by NAR that illustrates the top Joy Score projects, as well as the top return-on-investment projects.
By Jameson Doris
RISMEDIA, Monday, October 14, 2019— Homeowners and REALTORS® alike want new roofs and kitchens. According to the 2019 Remodeling Impact Report, released by the National Association of REALTORS® (NAR), the two projects rank as the most popular home improvement projects among both demographics.
The report, which examines homeowners’ reasons for completing the projects ranked, also provides the costs and seller recovery values for many of the tasks.
Although NAR regularly releases similar reports, this is the first time since 2017 the organization has released this report, and there are some notable differences from what was included in that iteration two years ago.
“This year, we saw the estimated cost of closet renovations increase from 2017; however, we also saw an increase in the cost recovered from this project,” Brandi Snowden, director of Member and Consumer Survey Research at NAR, tells Housecall. “Because homeowners are staying longer in their homes, we see them investing more elaborately than in the past.”
Another effect of homeowners staying in their residences longer is that they’re choosing to invest their money in projects that they’ll use on a daily basis, and that will improve the functionality and livability of their home.
Aside from kitchen renovations and upgrades and closet renovations, other interior projects hugely popular with both homeowners and REALTORS® this year are HVAC replacements, new wood flooring, bathroom renovations and adding new bathrooms.
As far as exterior projects, the REALTORS® surveyed in the report note that new roofing was most popular among homeowners, and, in their opinion, would add the most value to a home. Other exterior projects that ticked off both of these boxes were new vinyl windows, new vinyl siding, new garage doors and new fiber-cement siding.
Additionally, a Joy Score was calculated by NAR for each of the projects reported. This score is based on the happiness homeowners noted for each of the renovations. For exterior projects, new fiberglass and steel front doors scored the highest Joy Score each, at 9.7.
For interior projects, several renovations scored a perfect 10 Joy Score. They are: complete kitchen renovations, closet renovations, full interior and individual room paint, kitchen upgrades and basement conversions to a living room.
By Wendy Dessler | RISMEDIA, Monday, September 02, 2019—
Selling your home without fixing it up first presents potential challenges for some homeowners. For others, it may open up different opportunities. Selling a house “as-is” can be a good thing. It all depends on your approach to selling it.
Here are six essential tips to help make the sale a smooth transition:
Flexibility Is the Name of the Game
Flexibility is really important when you decide to sell a house “as-is.” You’re asking buyers to purchase your property without making any changes to it. There may be serious problems that need to be corrected, so being flexible is definitely in your best interest.
In situations like this, people are looking to purchase a house inexpensively. For this reason, it’s unlikely that you’re going to find a buyer willing to pay the exact price you’re looking for. However, you always have the ability to negotiate to try to get a higher price.
Don’t Be Afraid to Make Some Necessary Repairs
In certain situations, it may become incredibly difficult to sell your house without making any repairs. Sure, you’d love to sell the place “as-is,” but that doesn’t mean buyers are going to be interested if too many things need to be fixed.
Take a moment to really look over your home. Is it in rough shape? Does it need extensive repairs like a new roof, a new foundation, or worse? If you answered “yes” to any of these questions, it’s likely time to consider making certain upgrades to make your property more appealing to potential buyers.
Obviously, no one is going to force you to make changes. However, it’s sometimes best to give in and go against your wishes just to have a better shot at selling your home.
Know How Much Certain Repairs Will Cost
Even if you never intend to make any repairs, it certainly doesn’t hurt to know how much it’ll cost to fix some of the issues plaguing your home.
This is important information you can pass along to potential buyers. For example, if a prospect asks how much it’ll cost to replace your old roof, you can supply them with an estimate from a local roofing company.
Openness and Honesty Is the Best Policy
Always be transparent with potential buyers about issues with your home. It’s best to disclose everything to potential buyers right away because if they’re serious about purchasing your home, they’ll find out about existing problems as soon as they have the home inspected.
However, by the time a homebuyer has your property inspected, they may get upset if they believe you tried to hide something from them. If the repairs needed for your home are too major, they’ll walk away from the deal anyway—so always be upfront about these issues.
Ask Your Buyers to Pay a Fair Price
It may seem obvious, but asking for a fair price is going to be critical to your success. If you try to sell your home for too high a price, many prospects will be turned off.
Potential buyers might not even bother looking at your house if the price is set too high.
Instead, when selling your home “as-is,” try not to get too greedy. Remember, the competition is thick and there are plenty of other homes on the market. So be sure to ask for a fair price and you should be fielding offers in no time!
This was originally published on RISMedia’s Housecall
By RISMedia Staff | RISMEDIA, Monday, August 12, 2019
Amid encouraging indicators in the labor market and mortgage rates, Americans’ confidence in housing is up, according to the Fannie Mae Home Purchase Sentiment Index® (HPSI), recently released. In July, the HPSI surged to 93.7—a new record. Additionally, the amount of buyers confident in their housing prospects rose, as well as the amount of sellers.
“Consumer job confidence and favorable mortgage rate expectations lifted the HPSI to a new survey high in July, despite ongoing housing supply and affordability challenges,” Doug Duncan, senior vice president and chief economist at Fannie Mae, says. “Consumers appear to have shaken off a winter slump in sentiment amid strong income gains. Therefore, sentiment is positioned to take advantage of any supply that comes to market, particularly in the affordable category.
“However, recent financial market events following when the survey data were collected could weigh on consumer views looking ahead,” cautions Duncan.
Source: Fannie Mae
