2007 wasn’t what we would call an “up” year for the real estate market. In fact, it’s fairly safe to say that the opposite was true. Naples home prices fell for the first time in years as the market slid considerably off the quick pace set by ’05 and ’06.
But 2008 is a new year, and next December could bring with it an entirely different market outlook from now (just as December ’07 did from the year before). Some national forecasters call for a turnaround sometime in the next twelve months, while others predict a slower redirection of the market’s current trend. But remember: real estate is a local, not national phenomenon! Watching your neighbor’s already-underpriced home go unsold for months in the frozen tundra of Kalamazoo, Michigan, doesn’t say a thing about the state of affairs in sunny Naples, Florida.
So what does this all mean?
1. For Buyers: Be vigilant.
Keep tabs on the Naples market and don’t wait too long! The best time to buy, if not now, is going to come quickly.
2. For Sellers in Naples: Devise a plan for your home.
Talk to a trustworthy real estate agent and do some calculations to determine whether it is better to sell in the current market or stick around, perhaps for some time, until the market’s inevitable upswing arrives.
3. Continue to read the Roorda Blog!
After a bit of a break for the holidays, there will be more frequent updates with new listings, local information, and building facts for the condominiums of Park Shore and the Moorings.
4. Check out Roorda.com (Obviously – an entry isn’t complete without this link!)