May Market Report for Naples, Bonita Springs and Estero

Follow the link below to view the May Market Report for Naples-Bonita Springs-Estero areas. You can access a print quality version of the report via the following link:

http://www.myjrw.com/documents/forms/marketreportMay2009.pdf

Please remember that all comments about the numbers are at the bottom of the report.

Of particular note this month is the increase in pended sales in the $1,000,000 - $2,000,000 price segment. This is the first month this year that we have seen an increase over prior year in the over $1,000,000 category. Based on recent increases in showing activity, this could signal the beginning of a return to a more normal market for sales of luxury properties in this price range.

New listings and inventory levels continue to decrease over prior year, while pended and closed sales continue to post gains. Pended sales for the month of May are the highest for the month since May 2005.

Information is power, and with the right information, you can make informed buying and selling decisions that fit your objectives.

Information provided by
Dottie Babcock, CCIM, CRB
Chief Operating Officer
John R. Wood Realtors

International Home Buyers

I came across this interesting article the other day...

Here's the excerpt about SW Florida:

"In summary, Florida real estate and, in particular the Southwestern Florida areas of Sarasota - Bradenton and Fort Myers - Naples, are benefitting from an influx of international home buyers. This bodes well for future Florida real estate activity. It suggests that even as U.S. buyers may still be uncertain whether or not it is time to step up to the plate and buy a home or condominium in Florida, international clients are showing more confidence in an early Florida real estate market recovery. It further suggests that those who delay buying their dream home in Florida may soon find that they have to pay considerably more for the same property in just a few months."

Here's the full article:

http://www.glgroup.com/News/Foreign--Domestic-Investors-Positioning-For-Florida-Distressed-Real-Estate-Deluge-40111.html

Free Coupons for Local Restaurants and Business

Here is a new local coupon website that has great deals for Naples' restaurants and businesses.

http://www.thesavingspost.com/

It's Free and easy-to-use. You can print the coupon or text message the coupon to your cell phone. Just put in your zip code and the coupons will come up. They are mostly for Naples right now, but there are a few in Ft. Myers too.

Home affordability tops with buyers

When it comes to finding a home, affordability beat out location as a top requirement for Americans when searching for a new home, according to a study by Roost.com. A wave of practicality driven by harsh economic times has forced location-the former No. 1 home-buying factor-to take a back seat in the process, and has created nationwide consensus when it comes to this emotionally-charged activity.

In an Opinion Research poll, the No. 2 consideration was finding a home in the right location or community. This can be compared to a survey conducted by Kelton Research in 2005, prior to the recent economic downturn, in which a full three out of four Americans (72 percent) stated that when looking at available property, the neighborhood was more important than the house itself. The survey also revealed that on average, homebuyers spend a significant amount of time researching potential homes to buy online - a full eleven and-a-half hours per week, a number that is even higher for women. This is no surprise for those familiar with the industry. Homebuyers in the Northeast spend the most time researching prospective homes at 15.2 hours per week.

Source: REAL Trends #1109. June 5 2009

Citizens Property Insurance Rates

Governor Crist signed an insurance bill yesterday which will increase Citizens Property Insurance rates.

HB 1495 by Rep. Bryan Nelson gradually ramps up premiums for policyholders in the state-run insurance pool to put it back on more solid footing. The bill allows Citizens to gradually raise rates by 10 percent per year until they are considered actuarially sound.

Lawmakers repealed a requirement that sellers of property located in a wind-borne debris region, with an insured value on the structure of $500,000 or more, must provide prospective buyers the structure’s windstorm mitigation rating. The change is effective Jan. 1, 2010.

Forecasters say recession nearing end

More than 90 percent of economists think the recession is nearing its end, but they don't expect the economy to soar anytime soon.  Nearly 75 percent of economists, surveyed by the National Association for Business Economics, say that the recession will end in the third quarter. Another 19 percent think the turnaround will come in the fourth quarter. The rest are betting on the first quarter of 2010.
 
Americans seem to believe that things are getting better too. The Conference Board's Consumer Confidence Index rose 14.1 points in May to 54.9, the second month in a row in which there has been an increase.  Forecasters say that home sales will bottom out in the second quarter, an important stabilizing factor.
 
Source: The Associated Press, Jeannine Aversa (05/27/2009)

Preparing Your Home To Sell

Preparing Your Home For Sale

Things to Do

 

The other man’s grass may be greener!

Unlike a few years ago, there is no shortage of homes on the market.  Buyers are now in the driver’s seat, and have many options when looking for a home to purchase.  If you are reluctant to put the work in, be prepared for your home to get little exposure, and even fewer showings.  So, spend a few hours at open homes in your area, and check out the competition.  Seeing the condition of other homes in your neighborhood may give you the inspiration, ideas and motivation you need to get going.

 

EXTERIOR:

House

• Power-wash siding and roof – but not so hard that paint peels off
• Wash windows, inside and out.  Consider window boxes with flowers.
• Clean deck or patio.  Refurbish if necessary, and accessorize
• Replaced tired looking exterior lighting
• Keep your garage door closed.

 

Yard and Gardens

• Remove any vehicles not in use, such as cars, boats, RV’s and store them off site
• Cracked or damaged walkways. If they’re on your property, make any reasonable repairs.  If they are on city property, call and ask if they can be repaired. 
• Weed, and mulch garden beds
• Mow lawn, trim edges, rake
• Prune shrubs and trees
• Sweep sidewalks, clear weeds from cracks
• Once yards have been manicured, keep them fresh with regular watering and fertilizing. 
• Add some seasonal annuals for a nice burst of color.
• Keep newspapers and pet litter picked up

 

Front Entry

• Clean porch.  Repaint if needed.  Accessorize with a new mailbox, potted flowers, stylish outdoor furniture, wall plaque or sculpture.
• Clean the surface of the front door, including glass, and door hardware.
• If scratched or scuffed, repaint or refinish
• Make sure knob, lock and doorbell work, and door does not stick
• If screen door is not steel or tempered glass, remove it
• Put out the welcome mat!  Make sure it's not worn or damaged, and is kept clean.
• If your mailbox has seen better day, consider giving it a makeover.  It is one of the first things potential buyers will see as they approach your home. 

  

INTERIOR:

Organize!

• Pare back on personal effects.  Box up and store excess books, photographs and knick knacks.  Potential buyers need to be able to visualize their belongings in your home.  This is more easily accomplished when they are not surrounded by family photos and memorabilia.
• Clean out the closets – you’ll need to do this anyway as you prepare to move.  Neatly organized cupboards and closets will appear larger.
• Invest in a large toy box with a lid, this will make for a great place to hide toys and make a kids room (or family room) look much more appealing!
• Simplify – remove excess pieces of furniture.  Remember you’re selling the space, not your things.  Make sure buyers can see the potential in each room.
• Consider staging for the ‘wow factor’.

 Clean

• Clean woodwork, hardwood floors, with special attention to bathrooms.  They should sparkle!
• Make sure beds are always made and dishes are not in the sink.
• Professionally steam clean carpets, or replace if badly worn.
• Make sure fireplaces, microwave ovens, stove tops and ranges are clean.
• If you will be living in the home while it’s on the market, consider a regular housekeeping service to insure it’s picture perfect for viewing.
• Look up!  Don’t forget light fixtures and ceiling fans.

 Repair

• Replace damaged blinds or window screens.  Clean window and door tracks.
• Repair any dripping faucets or noisy toilets.  Many buyers will check these out!
• Re-caulk showers, tub and sink areas, and tile counters if needed.
• Little things matter – check for loose cabinetry knobs, doors and drawers that stick.
• Inspect every door in your home and make sure they open and close smoothly.  Replace any door hardware that does not work properly.  Apply machine oil to any squeaky hinges.  A stuck door can stick in the in of a potential buyer. 

 Refresh

• Brighten up rooms by letting the sunshine in.  Avoid heavy or dark window coverings.
• Freshen paint.  Choose neutral, and lighter colors if repainting. Replace worn or cheap curtains with treatments that look stylish from both sides of the window. 
• Replace all burned out light bulbs.

Prepare for visitors

• If you have smokers or pets in the household, invest in professional services to deodorize carpets and furnishings.
• Consider professional staging if you really want your home to impress.
• It’s preferable to keep pets out of the house, or at least out of the way during showings.
• Keep valuables out of site, and locked up.
• Keep counter tops cleared
• No dirty dishes in the sink
• No laundry in the washer/dryer

 Show Time!

• Turn on lights and open blinds and draperies in all rooms.
• Climate control – have the heat or AC on for your guest’s comfort
• Do your best to be away when a prospective buyer comes to your home, or at least take a short walk or wait in the yard while they tour your home.
• A mildly scented candle burning, or light potpourri can lend a homey touch.
• Turn off the television, and have soft background music playing.
• Bake some fresh cookies for your guests.

This list was compiled from various Realtors.