Still a Strong Sellers Market?????? (Naples: condo, lawyer, house)

[Swanlinbar]

Originally Posted by cavanbar

Looking to buy in Naples but will probably wait until next fall. During the last recession Florida home values dropped as much as 60% so i don't want to be caught in the Downturn
Merry Christmas,Happy Holidays & Happy New Years all

Interest rates keeping sales above water for now,I'm Still looking

[Sugarcubesea]

Originally Posted by Richard818

The key is NOT to be a motivated buyer. Be patient and you will eventually find a motivated seller and a great deal. Make sure your agent is willing to put in the time and effort to stay on top of the market on a daily basis on your behalf or do it yourself.

Richard, I so agree, all of the properties that we made offer's on in December, are still on the market...We are heading down in Feb and will look at a few properties and wait for that motivated seller.

[Swanlinbar]

Sugar ,my wife & i rented down in N Naples for 8 weeks Oct-Nov 4 of our 5 favorite places in North Naples & Bonita Springs either sold or Pending. My quess Dec-March probably best selling season.

[Sugarcubesea]

Originally Posted by Swanlinbar

Sugar ,my wife & i rented down in N Naples for 8 weeks Oct-Nov 4 of our 5 favorite places in North Naples & Bonita Springs either sold or Pending. My quess Dec-March probably best selling season.

Wow, that is a bummer that the places you had as your favorites sold or pended.... We are focusing on North Naples, (Wiggins Bay) and Bonita Springs (Pelican Landing) and the 3 we put offers on are still for sale...

Once the hubby retires, we will rent a place for 8 weeks in Naples, so that we can scout out more areas vs just the week here and there we can take as vacation time...

[markjames68]

Originally Posted by Sugarcubesea

Wow, that is a bummer that the places you had as your favorites sold or pended.... We are focusing on North Naples, (Wiggins Bay) and Bonita Springs (Pelican Landing) and the 3 we put offers on are still for sale...

Once the hubby retires, we will rent a place for 8 weeks in Naples, so that we can scout out more areas vs just the week here and there we can take as vacation time...

Did you submit lowball offers or were the sellers unrealistic?

[Sugarcubesea]

Originally Posted by markjames68

Did you submit lowball offers or were the sellers unrealistic?

We submitted offers based on the comps. For the one in Wiggins Bay that has been for sale for 447 days we offered $250 on their $279 price and they would not budge...would not even make a counter offer. If its been on the market this long, the only thing holding folks back are the price and location. I'm not willing to pay over the price of market value.

[markjames68]

Originally Posted by Sugarcubesea

We submitted offers based on the comps. For the one in Wiggins Bay that has been for sale for 447 days we offered $250 on their $279 price and they would not budge...would not even make a counter offer. If its been on the market this long, the only thing holding folks back are the price and location. I'm not willing to pay over the price of market value.

A $250K offer on $279K price should at least get a counter. You will find many though that aren’t in a rush to sell so they will just leave it for sale until the market price rises to what they want to get.

Until the next downturn.

[JPrzybylski07]

Originally Posted by markjames68

A $250K offer on $279K price should at least get a counter. You will find many though that aren’t in a rush to sell so they will just leave it for sale until the market price rises to what they want to get.

Until the next downturn.

447 days on the market, if that’s not free market feedback trying to hint at something I don’t know what is.

Remember during mid 2006 to mid 2013 the average days on the market here in Naples was over 150 days... we are at a 100 now. 447 for a non luxury property, even luxury property, is just insane. Did the agent make a phone call first to the listing agent or just email offer and contract I wonder?

NEXT!

[dave w]

Originally Posted by Sugarcubesea

We submitted offers based on the comps. For the one in Wiggins Bay that has been for sale for 447 days we offered $250 on their $279 price and they would not budge...would not even make a counter offer. If its been on the market this long, the only thing holding folks back are the price and location. I'm not willing to pay over the price of market value.

Why would a good listing agent even deal with a seller like this. It's just a waste of everybody's time. If your comps are accurate and the listing is that old, the listing agent needs have a realistic talk with the sellers. Either that or the agent don't know what they're doing. I think some agents just throw out a high number to see if it will stick and the seller gets this number stuck in their head and won't budge.

[markjames68]

Originally Posted by dave w

Why would a good listing agent even deal with a seller like this. It's just a waste of everybody's time. If your comps are accurate and the listing is that old, the listing agent needs have a realistic talk with the sellers. Either that or the agent don't know what they're doing. I think some agents just throw out a high number to see if it will stick and the seller gets this number stuck in their head and won't budge.

The listing agent keeps it on their books as "comps" with the other more desirable properties/more motivated sellers. The unrealistic units get used as cannon fodder.

And as I said earlier, there are many people willing to sell if it meets their price but otherwise will just keep it on the market for a long time. They'll get surprised during the next downturn when a $250K offer becomes a $200K offer.