Home Prices on the Rise!

Naples continues on an upward spiral as the home prices increase, 20.7% in fact! The median price of a single family home increased 20.7 percent to $380,000 according to the Florida Realtors report this past Friday. This now bumps up Naples-Marco Island areas to first place in the state.

The luxury market is so strong. Hence why we saw a big increase in prices. Brad O’Connor, the director of economic research for Florida Realtors agrees. Naples-Marco Island has recovered from the dreadful recession and has bounced back due to the success that in the stock trade—which gives wealthy people and retirees more money to invest in real estate.

In 2014, we saw 42 homes listed for more than $5 million. The highest sale was a Port Royal residence that sold for a whopping $17 million.

The lack of inventory has caused this persistent increase in prices. The supply and demand of homes is definitely lacking in the supply department. So if you’ve thought about selling your home, right now is the time to seriously consider and actually act on it!

List with JRW and Stage Your Home with Meridith Baer

meridith-baer-home-stagingJohn R. Wood Properties is delighted to announce that we have been selected by Meridith Baer & Associates (Interiors & Staging) to introduce their company to SW Florida, via an exclusive promotional affiliation.

Meridith Baer is sometimes referred to as “the stager for the stars.”  They are a prominent staging firm, headquartered in the LA area, and have worked with various Hollywood and other celebrities to help sell their homes.

Meridith Baer spent 18 years working as a screenwriter before becoming a home stager by accident. Baer needed to suddenly vacate her home and asked a friend if she could move all of her furniture, along with 250 potted plants, into an empty home he was selling. When the home sold for more than the asking price, brokers began pursuing Baer for her home-staging skills. Everything Baer experienced in the entertainment business was useful in her new business. Like film and television, staging is all about telling a story and creating a mood.

Meridith launched her business in 1998 and today has over 100 employees, with offices in Los Angeles, New York, Connecticut, and Southeast Florida. Baer is also the inspiration for HGTV’s staging show Staged to Perfection.  They have also appeared on numerous other TV shows.

 Staging a home is a very vital step when you desire to sell your home.  You must de-clutter and depersonalize to the absolute minimum so that when potential home buyers see your home, they can imagine themselves moving right in and not looking at a picture of you from your younger years.  Highlight your home’s strengths, downplay its weaknesses and appeal to the greatest possible pool of prospective buyers with Meridith Baer’s home staging expertise.

 

 

December 2014 Market Report

2014market

What an amazing year for Southwest Florida real estate in 2014!  A new record was set for the number of closed sales in a year, and volume was just slightly lower than the high set in 2005.  The good news for buyers is that median sales price remains almost 30%  below the peak of 2007 ($378,500), and appreciation appears to be occurring at a more normal and sustainable rate.  Be aware that some neighborhoods have appreciated at a rate much higher than the market average, and inventory in these areas is down significantly more than the market at large.  This report should be used as intended – as a broad view of general trends in the combined Naples, Bonita springs and Estero markets.  When marketing or selling property in a specific area, be sure your customers receive accurate information on that area.

Links:

Market Report December 2014

Neighborhood Snapshot December 2014

 

Nabor Annual Market Report

According to the annual market report just released by the Naples Area Board of REALTORS (NABOR), overall closed sales for homes in every price category above $300,000 saw double-digit increases in 2014.  As a result, broker analysts contend that 2014 was one of the best years in Naples real estate history for closed sales.

Inventory also  increased 16 percent for homes in the $2 million and above price category from 394 in 2013 to 457 in 2014. Closed sales in this luxury market price category increased 33 percent from 299 homes in 2013 to 399 homes in 2014, yet the overall median home price in this price category held steady year over year at $2.95 million. Overall, there was a 3 percent increase in inventory of single-family homes from 2,260 in 2013 to 2,321 in 2014.

Lower gas prices = lower mortgage rates

Millions of Americans have loved the drastic drop in oil prices. More money in their pockets and cheaper travel has resulted in the price drop! The lower gas prices could also relieve  some of the pressure of mortgage rates.

gasThe U.S. Energy Information Administration (EIA) reported that the price of regular gasoline was $2.13 per gallon. The lowest it has been since May 2011 when it rose to $4 dollars per gallon.  The EIA estimated that savings could be $550 per household. Amazing!

“Lower oil prices mean a lower inflation rate, which pushes down mortgage rates,” economists note at the National Association of Realtors®‘ (NAR) Economists’ Outlook blog. Indeed, the 30-year fixed-rate mortgage averaged 3.66 percent last week – the lowest average in 20 months – according to Freddie Mac’s weekly mortgage market survey. Taking into account the median home price of $205,300, a 0.75 percentage point drop in mortgage rates could yield a savings of about $1,000 annually, according to NAR researchers.

How this affect real estate: The decline in oil prices is a positive effect to households with the savings in gas and potentially lower mortgage payments.  With these savings, it will increase consumer spending in some areas.

Homestead Real Estate Tax Reduction-Save Today!

For anyone who has purchased in the last year or who is ready to declare Homestead for a reduction in their real estate tax, here is some background information and please contact me for the form you will require.

Nan Dietrich | 239.564.2906 | ndietrich@johnrwood.com

March1

HOMESTEAD FILING:The deadline for filing for the homestead exemption is March 1, 2015.

HomesteadEx

All legal Florida residents are eligible for a Homestead Exemption on their homes, condominiums, co-op apartments, and certain mobile home lots if they qualify. The Florida Constitution provides this tax-saving exemption on the first and third $25,000 of the assessed value of an owner/occupied residence.