Michelle dives deep into the latest Naples area real estate market update. It’s time to get real that the market is shifting, and YOU want to best position yourself in the market. Michelle has all the information you need to maximize your strength in the market.

According to InfoSparks, provided by our Naples Area Board of Realtors, the number of homes listed on the market have been steadily rising since the beginning of this year, however we are seeing a slight drop in new listings as we hit the half way point this year.

One of the major changes we have seen in the market since the beginning of this year has been the number of price reductions on listings. What this is signaling is that with rising mortgage rates, buyers are no longer able to afford what they could have 6 months ago, which means sellers must comply in order to sell their home in a timely manner by decreasing the listing price of their home.

Mortgage rates have been impacting not just the Naples market, but all across the country. As stated earlier, with mortgage rates increasing, the affordability of homes for buyers has decreased within the last 6 months. Although the current mortgage rate does not compare to the height of the market back in 2008-2009, the increase in rates has still managed to impact everyone across the country. In 2021, the point at which mortgage rates were at there lowest was in the middle of March. The rates slowly and steadily began rising, making today’s rates in the middle to high 5%.