Naples Real Estate Blog

I like to read as many articles as I can on the  prevailing real estate market, the different opinions on what has happened in the last year, what the experts predict for the forthcoming season and the year ahead of us. This is part of an article recently on the NAR website.

The National Association of Realtors® reported that existing-home sales eased last month, as did the number of homes available for sale which indicts the housing market is stabilizing. Total existing-home sales dipped 1.9 % to 6.18 million units compared to 6.30 million in the August and 14% below last September which was the 3rd strongest month on record.
David Lereah, chief economist for the National Association of Realtors, suggested the stabilizing sales should build confidence in the housing market and said “Considering that existing-home sales are based on closed transactions, this is a lagging indicator and the worst is behind us as far as a market correction - this is likely the trough for sales. When consumers recognize that home sales are stabilizing, we’ll see the buyers who’ve been on the sidelines get back into the market and sales will be at more normal levels in the wake of the unsustainable boom that we saw last year.”

Interest rates are holding in the respectable range. The National average for a 30 year fixed was 6.40 last month, down from 6.52 in August and compared to 5.77 in September of last year. These are still very attractive rates.
We are seeing in the Naples real estate market an early increase in activity the last few weeks and this is a real good indicator of what we call “the season” which begins in January and carries through until May. It is still definitely a buyers market with a large inventory to choose from as well as some great buys on properties that have been reduced to reflect the new market. Buyers are in for a treat when they arrive this year to pick out their retirement and vacation properties.

Tags: Naples Florida Real Estate //