The rates harm the real estate market in Naples.

The city of Naples is located in Collier County in the state of Florida and is considered one of the best places to live and raise a family thanks to its good results in desirability, job market, and quality of life indices. Despite this, the city is among the U.S. cities with the most issues in the property sales market.

According to real estate agents who are experts in the market, while Hawaii ranks first with the worst sales performance, Florida is the second slowest state in home sales, especially Collier County. According to the data, selling a property in the city of Naples requires more than 80 days to complete the entire sales process, much longer than it used to take.

Among the factors that most negatively impact the real estate market’s sales processes, from the perspective of large investors, is that many property owners in Naples now have mortgage loans with lower rates than the current market offers, which is an obstacle for market growth.

However, even though current market rates are reduced, it is not a sufficient reason to encourage potential buyers. It seems that many of them are waiting for interest rates to drop a bit more before buying. Likewise, the Department of Housing indicates that if there is another drop in mortgage rates, the market and buyer demand could improve.

On the other hand, brokers state that although prices are decreasing incrementally, it is not very significant for the market’s needs. They also mentioned that if interest rates fall too much, there will likely be an increase in property prices.

And although many indicate that interest rates are a major obstacle for the Florida state market, others believe that it is not just this, as foreclosure processes and insurance with their premiums, which have the highest rates in the country, are also factors.

Available foreclosures:

Naples: 150 homes available.

Collier County: 200 homes available.

By Elias DaSilva | October 7, 2024.