Home sales on the rise in Collier County
A mixture of falling home prices, low-interest rates, below three percent to be exact, and the famous sunshine are all contributing to the rise in home sales in Collier County. This is good news for consumers and realtors alike.
“Homes that have been on the market for years without any attention or direction are suddenly selling like sliced bread,” said Dirk Fischer, Realtor in Naples.
At first, Realtors like Fischer were scared because the coronavirus pandemic was causing so many issues for them
“When COVID started it was a nightmare because there were flight and travel restrictions, investors couldn’t come here and prices started to drop,” said Fischer.
But what realtors originally thought would hurt them, actually seems to be helping.
“We’ve had already more pending sales so far in the first two weeks in July then we had the whole entire month of June so the market is on fire,” said Dennis Grimes, another Realtor in Collier County. Grimes definitely believes he’s seen more of those ‘For Sale’ signs coming down more rapidly, recently.
In addition to warm weather and low-interest rates, Florida has less strict COVID regulations which are attracting people from states such as New York and Michigan, which have stricter regulations.
“No I don’t want to go those places,” said Ana Payero, who lives in Naples. “I think we’re doing pretty good here in Naples. It’s optional.”
Rental properties on the other hand are not doing as well. Many of the renters from up north who would usually come to Florida during the summer are declining to do so because of the recent spike in cases.
Home sales may be rising for now in Collier County but some are still having difficulty paying their mortgages. “Unfortunately, a lot of them have lost their jobs, don’t have an income right now, cannot satisfy their mortgages and we might see a foreclosure rate rolling toward us.”
Realtors also said if the cases continue to rise in the state, they could very well see those sale rates plummet once again.