We could all use a little good news every now and then, especially in times like these. Lucky for you, we have some! Travel restrictions haven’t slowed down buyers and vacationers from Southwest Florida nearly as much as experts initially anticipated. Collier County has seen a significant uptick in property sales this month. In fact, sales within the first two weeks of July surpassed the entire month of June and May. The market is now the hottest it has been all year and, combined with a mix of falling home prices, low rates and an abundance of gorgeous summer weather, now is the time for you to invest in your future in Naples. Mortgage rates are holding steady at a ridiculously low rate of 3%. This is good news for both investors and property owners who are looking to expand their share in the market. The great news is, here at Gulf Coast Realty and Property Management, we know the market in Southwest Florida better than anyone else. Let us help you navigate through the waters, from purchasing a rental home to managing your properties. So, what are you waiting for? Contact us today for a complimentary consultation at 239-325-4300.
In the midst of a pandemic, rental home owners (and their tenants!) are now faced with new questions every day. Questions they, nor renters, ever thought they would ponder in their lifetime. Questions such as: If beaches close, does everyone lose beach access? If vacation rentals are banned in the state of Florida, will I be able to financially outlast the closure? Is the population low enough to allow for easy social distancing? How well is the area setup to provide Coronavirus Support? If I’m temporarily out of a job, will I be able to afford rent? If I lose my job, are there new employment opportunities in the immediate area? Are running trails and sidewalks safe enough to allow for outdoor, active social distancing? If you’ve thought about these questions, then we have some good news for you. According to WalletHub, Naples is ranked #1 when compared against 191 beach towns across the United States. Our Southwest Florida town even outranked Hawaii’s shores! These rankings were based on affordability, weather, safety, economy, education & health and quality of life during COVID-19. No other community beats Naples, which isn’t too surprising once you think about it. With features like affordable home purchasing, rental prices, good weather, walkability, lower unemployment rates, Coronavirus support and a wide variety of activities while social distancing — it almost seems like Naples was built for times like these. Choose the best beach town in the U.S. to live and rent. Contact us today for a complimentary consultation at 239-325-4300 Resources: https://wallethub.com/edu/best-beach-towns-to-live-in/36567/
2020 is shocking real estate predictions across the globe. A once highly regarded real estate investment opportunity, vacation rentals are now projected to experience a $7.1 million dollar revenue loss this year, with over 25% of the users dropping out of the market. Not to mention, those users are not projected to return to 2019 numbers until 2024. Naples is predominately a 55+ community, which is also the age demographic that is the most concerned about their risk levels and the least likely to travel at the moment. Your vacation rentals in Naples may be more impacted than your vacation rentals in Fort Myers Beach. Times are tough for those who have multiple mortgages on personal and vacation rental properties. You are not alone in feeling the pinch with vacation rental bans and consumer uncertainty about travel. While travel isn't fully gone, it has stunted due to health and safety concerns and regulations. The drive market demand for local travel accommodations is anticipated to increase, however, the fact remains that you're not penetrating the same global audience as you did prior to COVID-19. Competition will increase in an already highly competitive market. Here are two options if you’re in a bind: 1) Sell the Vacation Rental The housing market is still a viable option. In Naples, the sale $ per square foot is up by .51% from last year. Sure, the mortgage process has changed and lenders are tightening their standards. However, with the right buyer, you may be able to step out of the vacation rental industry fairly smoothly. 2) Switch it to an Annual Rental The perk of tightening lender requirements means that some property owners will not be eligible for a mortgage, requiring that they rent. Southwest Florida remains one of the fastest growing areas in the United States, which means an annual rental may be a more reliable source of income at this time. Also, it may lead to a higher demand as we continue to feel the economic impacts from COVID-19. We're here for you every step of the way, from buying an investment property to selling and renting. Call us for a complimentary consultation, 239-325-4300. Resources: Statistica
