It’s June 2020 – Here is the real estate market report update for Naples FL
Are you curious about the Naples FL real estate market outlook for 2020?
What effect has Covid-19 had on the real estate market in Naples?
What is the real estate forecast for the remaining months ahead in Naples FL?
This market update report for Naples FL should give you some answers.
Here are some highlights from the Naples real estate forecast for 2020
What has the re-opening of FL done to the Naples Real Estate Market?
The statistics for the last four weeks are in and the numbers are surprising.
Why?
Homes are still selling!
More and more homes have a virtual tour available. These tours have made looking at houses a bit easier. People are putting in a contract on homes for sale without physically stepping foot inside a home. Many of these pending sales are contingent on a physical inspection, this is still a great sign that the housing market in Naples continues to move forward.
What about the cost of a home in Naples?
The cost of a home in Naples has been staying steady. The lack of inventory has kept home prices from dropping. The inventory of homes for sale in Naples had been dropping prior to March and that trend continues, creating a lack of homes on the market. Also, homeowners currently feel their homes are not selling due to the virus and not because their home is overpriced. Don’t expect to find many bargains in Naples.
How fast will Naples bounce back?
We all wish we had a crystal ball to tell us the future. But I believe the Naples real estate market will remain strong.
Why?
People want to live in paradise!
Florida is a favorable place to live due to lower taxes.
Historically low-interest rates.
The weather and the outdoor lifestyle year-round.
To see more on what has happened to the Naples real estate market in the last 4 weeks, check out my video with more statistics.
What does all this mean?
Given the overall balance between supply and demand, opportunities exist for both buyers and sellers. Buyers, currently, have fewer options than in recent years. Interest rates are falling, making it more affordable for first time home buyers to enter the market. This will help to sell more homes, especially under the $1 million dollar range. Moreover, sellers, if their homes are priced competitively, should be able to sell in a reasonable timeframe at a price in line with recent closed sales.
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