Posted on Thursday, March 12, 2015
(Sold American! This Seller is under contract and awaiting close in a hot Naples market)
The Naples real estate market is booming, prices are rising and a seller’s market is in full force. The pre-existing home market is now so tight it is estimated over 50% of new home sales are in new developments with new construction further inland.
A seller in an Old Naples neighborhood might be thinking this is the market for me – but let’s look at some ideas here. There are a few “Gotcha’s” seller’s show keep an eye on.
Even in a seller’s market a seller needs to have a few things right.
The first Gotcha? Emotion. Write that down. A seller needs to step back and realize the market is going to set the price for their home – not the Seller. Despite the headlines there is still a rational market setting prices. Sure we are bouncing back from a tough time. You may also be in a hurry to move on to the next thing – not a bad thing. But do not think about how YOU value your home, or how much you have in it, or what you read in the paper about rising home values and get all wound up about how much money you can extract from this market. Think about how the BUYER will value your home. Markets still rule. You need a buyer.
(this one went under contract in days)
The next Gotcha? Price of course. Price is not all it’s cracked up to be. Think you can command a lot of price in a seller’s market? Not so fast. Some homes in the Naples market sit on the market for 300+ days. What ?!? These markets are supposed to be hot. Don’t blame the Realtor (as long as they are marketing your home effectively). What’s wrong? Get your price right – hire a realtor to do a comparative market assessment or hire an appraiser. Buyers still walk away from over priced property. Price still matters. Duh.
Ok what about the Condition of your home? Gotcha! Does it look “retro” in a bad way? Is there an odor in the place from your favorite pet? When you walk in the door is there a lot of clutter? Condition can cost you thousands of dollars or the sale itself. What to do? Keep it bright, and neutral and broadly appealing. I don’t care what you are selling. If it is smelly, cluttered, messy, out of date … buyers may walk. Buyers may not be able to imagine what the place would look like all freshened up. Other places look and smell nice why would they buy yours? Get all over condition.
Ok so you have your emotions in check and your price and condition are right but you still may not be out of the woods.
(2.5 acres+ in the country yet 20 minutes to the beach … under contract in a hot market)
How will you market your property? This is your realtor’s job so be sure you understand how your realtor is going to work for you here. With fully 80%+ of the buyers starting online make sure you understand what your Realtor will do beyond their website. A website is not online marketing. We have 10,000+ monthly followers. We are also backed by the brokerage with the highest online presence. In addition we follow-up in the real world chasing down leads and sign calls and open house opportunities. Think we can sell your place? Watch us roll.
Don’t think marketing matters anymore? Go ask a For Sale By Owner (FSBO) person how their sales are working. Sure it may work but National statistics say most FSBO’s go with a realtor in the end to access the Naples multi listing service and other marketing methods. After all a good realtor does this for a living – why not use them? I know, you might hesitate to use a realtor to avoid those commissions but did you know studies show most FSBO’s get less for their property than if they used a realtor (even after accounting for commissions)? Interesting.
(marketing still matters – even in the world of web based real estate selling!)
As long as we are talking about marketing properties in Naples Florida – do you have international appeal in your marketing program? It is estimated 21% of Naples buyers are international. Think your realtor needs to reach international buyers? Think your realtor needs to have a brand recognizable in other countries so when buyers come here they feel good? Interesting. Make sure your realtor can answer your questions regarding how they will reach the international buyer. We would be pleased to show you how we do it.
Next after emotion, price, condition and marketing? Flexibility. Be flexible for those short notice showing requests and keep that place looking great. What will you do with a showing request which interferes with personal plans? You know – dinner time, party time, family visit time … you need to show your place to win. Be flexible.
Ok, ok there is one more Gotcha and it is an easy one – as long as you keep an open mind (maybe not so easy). Adapt! Listen and read the showing feedback. No offers in six weeks? No repeat visits in six weeks? Hmmm … the market is asking you for a price reduction and/or a condition improvement. Yep, dropping the price and/or improving the condition may be worth it at this point – especially so you can move on to your next thing. Adapt to what you are learning. Adapt and act.
Gosh I thought seller’s markets were “easy peasy.” Gotcha – emotion, price, condition, marketing, flexibility and adaptation all still matter. In fact they matter big time. Master them and you may just sell your home!
(The Naples Best Addresses team)
I hope you have an opportunity to visit or live in Naples or Marco Island. If you would like to know more about living here just give us a call at 239.595.3921.
Please also consider reading our book “Understanding Naples Real Estate” to get you started on a real estate search https://www.naplesbestaddresses.com/offer/ or just give us a call about things to do here.
We look forward to meeting and talking with you soon,
Mark Goebel PA, Nan Goebel PA and David Goebel, PA
Co-Founders of the Naples Best Addresses Team
Coldwell Banker
Mark Goebel, PA and Nan Goebel, PA
REALTOR Coldwell Banker 5th Avenue South
Mobile: 239.595.3921 239.595.3920
NaplesBestAddresses.com
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No legal, investment, or tax advice is being given in this Blog. Consult with legal, financial and tax professionals before acting on any real estate transaction. Actual real estate price and sales results are subject to market forces and are not completely predictable. The writings of this Blog are intended for the sole use of our clients.
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Some of the data related to Naples homes for sale and Naples real estate for sale on the NaplesBestAddresses.com website comes in part from the Broker reciprocity program of M.L.S. of Naples, Inc. The properties displayed here may not be all the properties available through the MLS reciprocity Program. This information is deemed reliable but is not guaranteed. Buyers and sellers are responsible for verifying all information about their purchase prior to closing.
Mark Goebel, PA is a REALTOR with Coldwell Banker on 5th avenue in Naples, Florida with 35+ years of visiting and living in Naples. After 25 years at Accenture, Mark retired as a managing director and spends his time helping non profits and building a Naples real estate team with his wife Nan and son David. Talk to Mark, Nan and Dave about life in Naples and why they chose this place to live full-time over all others and enjoy Naples real estate.
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