The big question is should you buy a Naples Florida home in 2023. There are a number of factors to consider. If you wait for more homes to come on the market, for interest rates to go down or just the “right time” you may not ever buy a home. Actually, 2023 is a good year if you’re looking to buy Naples Florida real estate.
Yes, mortgage rates are higher than last year but those rates were historically low and were part of a window of opportunity which may or may not ever come again. Now the rates are around 5.5-6% which, with some home prices adjusting downward while inventory increases, potentially gives a buyer a chance to find their home in Naples Florida.
If the Federal Reserve doesn’t raise rates too much more, buyers will be adjusted to the rates and will be ready to commit. Also, if interest rates fall, there’s always an opportunity to refinance the home and lower your costs. Also, there are fewer buyers right now so it’s a good opportunity for the qualified buyer to look for a home and have us negotiate a deal for them.
Naples Florida New Construction Homes
New construction has picked up significantly in the Naples Florida real estate market. There are several new developments that are under construction in South Naples as well as Northeastern Naples as well with a varied price point. This significantly helps buyers, including those buyers of resale properties whose sellers have to compete against new construction.
Reasons to buy Naples Florida real estate
Why should you buy a Naples Florida home in 2023? Here are four good reasons:
First, the incredible price increases of 2020 and 2021 have plateaued somewhat and pricing is more realistic when homes are listed with an experienced agent looking to sell the home not just pick up buyers. Remember when negotiations and inspections weren’t part of the buying process? Things have changed in Naples real estate and negotiations and inspections are back which is favorable to the Naples Florida buyer.
Second, the Federal Reserve is slowing down the interest rate increases. This has the effect of stabilizing the real estate market, prices and giving buyers confidence in what their payments will be for their new Naples Florida home.
Third, Covid is not a factor in real estate buying or selling any more. Buyers can now negotiate and there may even be some distressed sales from people who bought out of emotion or desperation during the pandemic. The huge spike in home prices was directly correlated to the pandemic with work from home, work from anywhere and work where you’d love to be not where your job is located.
Fourth, there’s some good news in the financial markets. It appears that inflation is being checked, interest rates don’t have much further to go and home prices won’t increase at the same rate as they did in the past. There’s been a good rebound so far in the stock market which helps the real estate market to rebound also.
What should a Naples Florida real estate buyer do to prepare for buying?
It’s important to be prepared, pre-qualified and ready to purchase should the right opportunity present itself. You may have to compromise on some of the items on your wish list like the number of bathrooms, specific neighborhood, views, etc. but you can purchase a home and start building equity. It’s crucial to make sure that you’re saving your money and making all of your payments on time to keep your credit score high.
Most importantly, you need a good Naples Florida realtor to help you. We have over 500 sales and over 160+ 5-star Zillow reviews from satisfied customers. We treat our real estate business like a business and when you put your trust in us, we work hard to ensure that you get the best possible outcome. If you want to buy a Naples Florida home in 2023, we’re here to help.
