The real estate market update for Bonita Springs and Estero Real Estate in October 2024 compared to October 2023:

Active Inventory:

+34.8% for the Single-Family Homes.
+57.5% for the Condos.

The median sales price was:

$725,000 (+4.3%) for SFH.
$404,499 (-12.1%) for Condos.

The average DOM (Days on the Market):
82 DOM for SFH (+18.8%)
88 DOM for SFH (+46.7%)

The average rate on 30-year mortgages fell from 6.69% last week to 6.6%, the lowest level since Oct. 24. The rate on 15-year fixed-rate mortgages fell to 5.84%.

NEW YORK — The average rate on a 30-year mortgage in the U.S. eased for the third week in a row, welcome relief for prospective homebuyers during what’s typically a less competitive time of the year for the housing market.

The rate dropped to 6.6% from 6.69% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.95%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also eased this week. The average rate fell to 5.84% from 5.96% last week. A year ago, it averaged 6.38%, Freddie Mac said.

The average rate on a 30-year mortgage is now at its lowest level since October 24, when it was at 6.54%.

Mortgage rates are influenced by several factors, including the moves in the yield on U.S. 10-year Treasury bonds, which lenders use as a guide to price home loans.

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Home > Buyer Guide > The Appraisal Process:

If you are financing your home purchase, you will likely be required to get a home appraisal as one of the steps between signing and close. Here’s what you should know:

What is an appraisal?

An appraisal is an opinion on a home’s market value that helps a lender ensure the purchase price is in line with the property value. The process is led by a licensed or certified residential appraiser—an independent third party engaged by the lender to provide a professional judgment on the home’s value. Appraisers do not represent the buyer or seller; their sole duty is to come up with a fair and accurate valuation of the property. While all appraisers follow a set of standards, appraisers who are REALTORS® have the added commitment to uphold the REALTOR® Code of Ethics.

Naples, Fla. (November 29, 2024) – The housing market in Naples during October was remarkably resilient even as it faced interruptions from two major hurricanes. There were 1,179 new listings in October, a 13.9% increase compared to September. More inventory means more competition.
As such, the overall median closed price in October decreased 3.6% (year over year), which was fueled by an 8.1% decrease in the condominium market. Broker analysts reviewing the October 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), agree that storm-ready homes and storm-familiar residents help the Naples housing market rebound quickly after a storm and these safeguards strengthen its reputation as a desirable homeownership destination.

Naples, Fla. (November 1, 2024) – Overall inventory of homes in Naples increased 37.3% in September to 4,288 properties from 3,123 properties in September 2023, which benefits home buyers.

According to the September 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), the rise in inventory was met with increased buyer interest as indicated by pending sales (sales under contract) during September, which increased 1% to 622 pending sales from 619 pending sales in September 2023. Broker analysts reviewing the September report are confident more sellers will enter the market in the coming months in anticipation of a visitor increase during the winter. Pre-season buyers are encouraged to take advantage of the increased property selections available before competition heats up.

Will Supply Exceed Demand?

“The monthly supply of homes is up 50% compared to last year,” said Sherry Stein, CRB, Managing Broker, Berkshire Hathaway HomeServices. “This is good news for buyers looking to purchase a home before the season starts as many more home choices are available, and interest rates may still creep downward."

As a home seller, you have choices when deciding how to market your property, including whether you’d like to offer concessions to attract buyers or close a deal. Here’s what you need to know as you consider whether this approach is right for you:

What are seller concessions and why make them?

A concession is when a seller pays for certain costs associated with purchasing a home for the buyer. Concessions could make your property more attractive to buyers or lead to a better or faster offer. Concessions also help make home ownership more accessible for buyers by reducing upfront expenses, so buyers with limited cash reserves may be able to stretch their budget further.

As a home seller, you have a wide range of choices when deciding how to market your property. This includes whether you’d like to offer—or authorize your agent to offer—compensation to a buyer’s agent as a way to attract potential buyers. Here’s what you need to know as you consider your options related to offering compensation:

What is an offer of compensation and why make one?

? An offer of compensation is when you— the seller—or your agent compensate another agent for bringing a buyer to successfully close the transaction. Offers of compensation help reduce out-of-pocket costs for prospective buyers, which in turn may bring more potential buyers for the transaction. These costs can be especially significant for first-time buyers, lower- to middle-income buyers, or those from underserved communities.

When buying or selling a home, your real estate professional may use a Multiple Listing Service (MLS) to find homes for sale or market your property. Here is what you need to know:

What is an MLS?

MLSs provide online platforms that compile home listings from brokerages in a given market. They enable agents to efficiently see available homes for sale and get helpful marketplace data and typically share listing information to national and local websites that advertise property information. There are many MLSs across the U.S., and each has its own rules to make sure its information is complete, accurate, and transparent.

What value does an MLS provide?

MLSs allow real estate professionals to see, share, and promote homes for sale so they can be found by the largest pool of potential buyers. MLSs provide the most accurate, reliable, and detailed information about properties (both that have sold and are for sale), including listing price, address, features, disclosures, and square footage. MLSs also help promote fair housing and equal opportunity by giving real estate professionals and their clients access to consistent information.

Naples, Fla. (September 27, 2024) – The median closed price for homes in Naples during August was $600,000; the same price reported in July 2024 and August 2023. According to the August 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), there were 1,096 price decreases during August. While this is the lowest number of price decreases reported for a month so far in 2024, it does indicate that sellers are continuing to adjust their prices to better reflect today’s housing market. And even though monthly inventory levels have risen compared to 2023 statistics (40.3% in August), they have been decreasing over the last five months; but broker analysts speculate this trend is short lived. 

Naples, Fla. (August 30, 2024) – Closed sales of properties in Naples during June and July declined compared to the same months in 2023. According to the July 2024 Market Report by the Naples Area

Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County

(excluding Marco Island), overall closed sales during July decreased 2.6% to 608 closed sales from

624 closed sales in July 2023. Furthermore, pending sales activity reported for July decreased 15.7%, convincing broker analysts who review the report that we can expect similar closed sales

performance in August.

“We can’t expect every year will be a record breaker,” said Mike Hughes, Vice President and General

Manager for Downing-Frye Realty, Inc. “Overall, the first half of 2024 has been average for sales. We

still have buyers who want to be here, and new listings have remained strong, which provides even more

options for buyers this summer.”