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Stacie Ricci
September 2019
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5 Questions to Ponder If You’re Thinking of Buying Your Very First Home
Sometimes it’s simply a small notion that someone at work mentioned. A coworker just bought a first home and they just keep talking about it. Or maybe you start noticing For Sale signs around that were there, but you never noticed them. Perhaps your real estate agent friend keeps telling you it’s time to buy and stop renting. Whatever the motive, buying a first home is a pretty big step. All homeowners remember buying their very first home. Pretty much every detail. They remember where they close and can remember what their settlement agent looked like. They certainly remember the down payment and closing costs and getting the keys to the home handed over to them. It’s pretty exciting. If these
Mortgage Rates
U.S. averages as of September 2019:


30 yr. fixed: 3.55%
15 yr. fixed: 3.03%
5/1 yr. adj: 3.32%






thoughts are swirling in your head, ask these questions to see if they can push you across the goal line.
      How much money do I need? You’ll need
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10 Easy Solutions for Creating More Storage at Home
     If you’re frustrated with the lack of storage in your home, you’re not alone. Forbes reports that, "Most buyers are looking for extra storage space to organize and declutter their homes. Garage storage solutions and walk-in pantries rank high for organizing and concealing items.”
      Take a new look at your house Don’t have enough linen space? Maybe there’s a corner or niche that could be turned into a closet. It might just take an open mind and a fresh outlook to reimagine a space. 
      Pick the right furniture "A hardworking family needs a hardworking living area, one that uses every inch of space available,” said Better Homes and Gardens. "Built-in



Finding Down Payment Money
     One of the biggest challenges, if not the biggest challenge, is coming up with the money for a down payment on a home. Even if someone is taking advantage of the new conventional 3.0 percent down program or the FHA mortgage, most every loan requires some sort of a down payment. While 3.0 percent doesn’t sound like a whole lot, if you’re buying your first home it usually is. On a $250,000 home, that comes out to $7,500. That’s not even mentioning closing costs. But there are sources for down payment funds that might sometimes be overlooked.
      The Bank. Okay, this is the obvious source. From a checking or a savings account, accessing readily available cash from a bank account is the most common. Consumers can save up a little each month until the minimum amount of funds needed have accrued. The lender will ask for copies of the most recent bank statements showing available funds as well as documenting the source of those

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Spike in July Home Sales a Sign of Heightened Buyer Interest

Naples, Fla. (August 23, 2019) - Heightened showing activity in June led to a spike in July's closed sales, which increased 7.1 percent to 829 closed sales compared to 774 closed sales during July 2018. And despite a 14.8 percent reduction in overall inventory compared to last July, overall median closed prices have not increased, according to the July 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).

To view the infographic and market stats, go to https://www.naplesarea.com/real-estate-news.

"Twenty-six percent of the homes on the market during July had price reductions," said Jeff Jones, NABOR® President and Broker at Keller Williams Naples. "The number-one reason a home lingers on the market is that it is priced too high. Those price reductions seemed to bring more buyers into the market."
 
The July 2019 ShowingTime report, a monthly supplemental report that's now being run alongside the monthly Market Reports, indicated that local REALTORS scheduled over 17,000 appointments to show a range of properties during July. On average, the report shows that a home for sale in Collier County is shown 17 times before it sells. Broker analysts believe the less inventory people have available to view, the more properties they want to see. This is why they believe now is a good time for sellers to enter the market so they have the opportunity to capture buyers who are looking at homes now.
 
"The late summer and early fall are a good time for a seller to list a home because there is a lot of interest from eager buyers - 17 showings per listing in July compared to 13 in January - and values are not decreasing," said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc.
 
Sellers added 935 new listings to July's inventory, but this increase in inventory failed to keep up with the buyers entering the market. At the end of July, there were 5,200 homes on the market compared to 6,100 in July 2018.
 
"We have about a 6-months supply of homes, which is lower than we like during this time of year," said Jones.
 
According to Coco Amar, a managing broker at John R. Wood Properties, the report showed one category where sellers seemed more open to negotiate home prices. "In the $1 million to $2 million price category for condominiums, there was a 10 percent decrease in the median closed price during July. This decrease in median price might have been precipitated by soft sales for condos in this price category as its sales decreased the most during July [-17%] compared to all other price and home type categories as compared to July 2018."
 
Since January, median closed prices have decreased 2.9 percent to $335,000 from $345,000. But compared to last July, prices have held steady. July's median closed price was $326,200 compared to $326,500 for July 2018. However, based on a rolling 12-month analysis, only condominiums priced above $2 million have seen a substantial increase in their prices, i.e., 13 percent.
 
Geographically, closed sales activity was the highest in the Naples Beach area (34102, 34103, 34108), which saw a 25 percent increase in overall closed sales and a 40 percent increase in single-family home closed sales compared to July 2018. Interestingly, the median closed price for condominiums in the Naples Beach increased 27.1 percent to $632,500 from $497,000 in July 2018.  
 
"Land values are high right now," said Amar, "which will make homes for sale in the resale market more attractive this fall."
 
 
If you are looking to buy or sell a home in Naples, contact Stacie Ricci of Berkshire Hathaway Florida Realty, a Naples REALTOR® who has the experience and knowledge to provide an accurate market comparison or negotiate a sale. Stacie can ensure your next purchase or sale in the Naples area is a success. Search for your dream home at StacieRicci.com.


  Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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Stacie Ricci,REALTOR
E-mail: stacie@staciericci.com
Website: http://www.StacieRicci.com
239-777-5983 Mobile
Berkshire Hathaway HomeServices Florida Realty
239-659-2400
621 Fifth Ave. S.
Naples FL 34102


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