7 Winning Tips for Buyers
The only one of these I don’t recommend is number 4 – waiving contingencies other than in certain circumstances.
18 Reasons to Work With a Realtor
Whether buying or selling you need a Realtor on your team, working for you, putting your interests first. Here are 18 reasons why:
Naples Housing Market Mid-Year 2021 Review
The median price of Single Family homes in the Naples area* sold in the 6 months to June 2021 increased 33% from $435,000 to $580,000, while sales increased 64% from 2,595 to 4,251.
The median price of Condos sold in the 6 months to June 2021 increased 16% from $272,000 to $316,000, while sales more than doubled from 2,491 to 5,163.
Keep reading for charts and more details: (more…)
Whay are people moving to Southwest Florida?
“Both Collier and Lee counties have been among the very strongest population growth markets in the entire nation over the past five years,” said Brian Alford, Florida director of market analytics for CoStar Group, which specializes in worldwide real estate data. “There have also been numerous corporate relocations and expansions over the past decade, including large expansions over the past couple of years by firms such as Gartner and Arthrex, adding even more jobs.” (Naples Daily News)
Some of the workers live in Bonita Springs, about halfway between Naples and Fort Myers. Incorporated only at the start of this century, Bonita for the first time barely edged into the Top 50 of the most populated in Florida, joining Cape Coral, Fort Myers and North Port.
“Demand to move here has always been strong, but lately, low interest rate policy, and coupled with lockdown fatigue up north, increased demand even more, which explains the larger-than-expected increases in population down here,” said economist Christopher Westley, dean of Florida Gulf Coast University’s Lutgert College of Business. (more…)
Naples Area June Market Summary
This is the overall market summary for June published by NABOR:
Comment
While this picture conveys very clearly the strength of the market I do not find the detail particularly helpful as it combines all types of property – from single family to condo.
I will publish detailed reports by sector and by area this coming Saturday. Meanwhile, here are links to the preliminary reports I have already published for June: (more…)
Mortgage refinancing just got cheaper
The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries effective August 1, 2021.
Lenders will no longer be required to pay Fannie and Freddie a 50-basis point fee when they deliver refinanced mortgages. The fee was designed to cover losses projected as a result of the COVID-19 pandemic. “The success of FHFA and Fannie and Freddie’s COVID-19 policies reduced the impact of the pandemic and were effective enough to warrant an early conclusion of the Adverse Market Refinance Fee.” FHFA’s expectation is that those lenders who were charging borrowers the fee will pass cost savings back to borrowers.
“Santa Claus has come early for homeowners looking to refinance their mortgages,” said Greg McBride, chief financial analyst for Bankrate.com. “The fee had often resulted in an increase of one-eighth percentage point in rate.” (more…)
Estero June Housing Market
The 3-month median price for Single Family Homes in Estero has risen only modestly over the last year to $385,000, and has been within the $350-400,000 range for most of the last decade.
The number of SF sales in Estero is quite small, although it has increased somewhat over the last year. (more…)
Why Is the Market White Hot? No, It’s Not the Pandemic
Today’s market problems – a shortage of affordable housing, historically tight inventory of homes for sale and rising prices – weren’t caused by the latest pandemic-caused economic slowdown. It goes back to the Great Recession.
Experts say the U.S. housing market was already being roiled by forces fueling the current housing-price explosion even before the pandemic.
Matthew Murphy at New York University’s Furman Center for Real Estate & Urban Policy said supply shortages were evident heading into the pandemic, adding that “the context here to this current housing moment is that we were still recovering from the 2008-2009 foreclosure crisis.”
Meanwhile, the National Association of Realtors® has been pointing to an “underbuilding gap” of between 5.5 and 6.8 million housing units since 2001. (more…)
Bonita Springs June Housing Market Summary
The 3-month median price for Single Family Homes in Bonita Springs continued to rise sharply, reaching $531,000 for the April-June quarter, some 38% higher than a year ago, and breaking decisively upwards from the $400,000 level.
Dramatic price movements often occur when the number of sales is small, but that has not been the case in Bonita Springs, where sales have increased sharply over the last year:
(more…)
Fort Myers June Housing Market Summary
The 3-month median price for Single Family Homes in Fort Myers continued to rise sharply, reaching $368,125 for the April-June quarter, some 25% higher than a year ago, and breaking decisively upwards from the $250-300,000 range of the previous 5 years:
Dramatic price movements often occur when the number of sales is small, but that has not been the case in Fort Myers, where sales have exceeded 1,000 per quarter for the last year:
(more…)
North Naples June Housing Market Summary
The 3-month median price for Single Family Homes in North Naples – the area from Pine Ridge Road to the Lee County boundary just short of Bonita Beach Road (see map below) covering zipcodes 34109,34110 and 34119 – continued to rise sharply, reaching $749,000 for the April-June quarter, some 35% higher than a year ago, and breaking decisively upwards from the $500-550,000 range of the previous 5 years:
Dramatic price movements often occur when the number of sales is small, but that has not been the case in North Naples, which has seen a major increase:
(more…)
Naples Beach June Housing Market Summary
The 3-month median price for Single Family Homes in Naples Beach – the area the area mostly to the East of 41 from Port Royal to Pelican Bay (see map below) covering zipcodes 34102,34103 and 34108 – continued to rise sharply, reaching $2.4 million for the April-June quarter, breaking strongly through the $2 million level:
Dramatic price movements often occur when the number of sales is small, but that has not been the case in the whole Naples area, which has seen a major increase:
Adjustable-Rate Mortgages Staging a Comeback
Applications for Adjustable-rate mortgages (ARMs) increased 12.5% year-to-year for the week ending June 18, according to the Mortgage Bankers Association (MBA), as the discount from the 30-year FRM has widened in recent weeks.
ARMs dropped in popularity after the 2008 financial crisis, but they are starting to reemerge as buyers contend with record high home prices. “The epic surge in home prices has people looking to save money on monthly payments anywhere they can,” says Matt Graham, chief of operations at Mortgage News Daily.
Source: Freddie Mac
Central Naples June Housing Market Summary
The 3-month median price for Single Family Homes in Central Naples – the area bounded by David Blvd, Goodlette-Franke, Pine Ridge and Collier Blvd. (see map below) covering zipcodes 34104,34105 and 34116 – continued to rise sharply, reaching $489,000 for the April-June quarter, breaking strongly through the $400,000 level:
Dramatic price movements often occur when the number of sales is small, but that has not been the case in the whole Naples area, which has seen a major increase – although less so in Central Naples:
South Naples June Housing Market Summary
The 3-month median price for Single Family Homes in South Naples – the area bounded by 41, David Blvd and Collier Blvd.(see map below) covering zipcodes 34112 and 34113 – continued to rise sharply, reaching $537,500 for the April-June quarter, breaking strongly through the $500,000 level:
Dramatic price movements often occur when the number of sales is small, but that has not been the case in the whole Naples area, which has seen a major increase:
(more…)