Coronavirus and Naples Real Estate

We are All in this Together!

As we all are dealing with, and hopefully accepting this situation we find ourselves in as an American Society, I wanted to share how my business has been impacted, and what I have been doing to cope with all that is going on (or not going on).

In 30 years of selling real estate, I have never experienced such a lull in business. I don’t believe that 2008 was as quiet.  Today, it is quiet, but the Naples market, in general, is still seeing sales activity. In the last 20 days there have been 609 sales in all of Naples, vs. 740 last year during the same time period. This isn’t an extreme decrease when you look at Naples, as a whole, but Naples has markets within the market. This means that certain areas may have seen less activity than others. I have noticed an increase in showings in the beachfront condo market in the last few days. I am hopeful that this indicates a turn, and that people are ready to start buying again.

I found this video, by Dave Ramsey, to be insightful.

Corona Impact on Real Estate

I guess what I know today is that I don’t know.  I don’t know what will be the final outcome in regard to real estate.  We are in a holding pattern. Although I am enjoying a little down time,  I find waiting to be challenging.  In our internet age, I don’t know about you, but I like answers now.

During this waiting time, I am taking time to increase and broaden my marketing communication.  As I always do, I am staying abreast of the market and what is selling vs. not selling.   Yes, traffic has significantly slowed down, but I am not seeing drastic price reductions – at least not yet.  If the prices don’t decrease, as is the opinion of some experts, now is still a good time to buy.   Inventory is very low right now.  The beachfront condo market has about 4 months of inventory and the West of 41, single family market has about 5 1/2 months.  These numbers signify that the market is slightly favoring a buyer’s market – a good time to buy.

So, as we “wait”, remember that I and Premier Sotheby’s International Realty are hear for you.  My hope is that this pandemic virus will soon pass and we call ALL get back to normal.