Here’s What Real Estate Lawyers in Naples Will Tell You About the Housing Market
The Southwest Florida housing market has been the focal point of the news in the past couple of months. From home prices to materials and market analytics to inventory, it seems as though there is so much information that it’s hard for consumers to really understand the future of the housing market.
The Naples real estate lawyers at Bonaquist|Allen are here to help. Here’s what real estate lawyers in Naples will tell you about the housing market.
Interest Rates Aren’t That High
In the past month, The Federal Reserve has increased interest rates by .75% to fight inflation. Although the past year has seen a dramatic increase in mortgage rates, historically speaking, interest rates are still considered low.
Although many people are commenting on the recent adjustments, Americans should not be fearful of current rates. According to Mortgage Reports, an online analytics tool, a 30-year mortgage in 2022 is still lower than the national average since 1971. (7.77%)
For buyers looking to purchase a home now, it is still a good time, compared to the last 50 years, to lock in a 15- or 30-year mortgage.
Inventory Increase
After a record-setting year in 2021, the home inventory in Naples is balancing out once again. In fact, in Southwest Florida there has been an 80.5% increase in home inventory, from June 2022 compared to June 2021, according to NABOR.
This inventory increase may lead to home prices decreasing therefore restoring balance to the area’s housing market. For those that were once shut completely out of the market, there is light at the end of the tunnel as inventory is becoming more and more accessible.
Cash Is Still King
The inventory increase will inevitably continue to bring more people to Southwest Florida. In the past year, Florida has led the country in “cities with the most population growth” according to PODS, a moving company.
With more people moving to the Sunshine State, and inventory increasing, the best way to secure the home of your dreams is a cash offer.
If you are thinking of purchasing a new home, and want to create a strong offer, we would recommend working with a real estate lawyer to help you to navigate the legal aspects of the transaction process, protect your assets, and help with communication between sellers, agents, or builders.
A real estate transaction can be one of the biggest investments of your life, and as such, trust legal professionals to look out for your best interests.
Real Estate Lawyers in Naples
For those looking to buy or sell in Southwest Florida, trust the Naples real estate lawyers at Bonaquist|Allen Law.
With over 40 years of experience in real estate law, Bonaquist|Allen is the name you can trust. Our accomplished attorneys are experts in purchase and sale transactions, commercial leases, real estate tax issues, landlord/tenant matters, and more.
Whether it’s making sure all your documents are in order to protect your assets or navigating financing your Florida home, Bonaquist|Allen prides itself on the services it offers.
Located in Naples, our local real estate lawyers know and love this community. In fact, our attorneys are a part of numerous civic and professional boards and associations including the Collier Building Industry Association.
Our team will use our real estate connections, experience, and skills to make sure you get the justice you deserve. As a small firm, your case will be the top priority as we are committed to serving you and your real estate needs. Whether you’re buying, selling, renting, or leasing – trust Bonaquist|Allen as your real estate lawyer in Naples. Contact our office today at 239-276-7127 or by visiting bonaquistallenlaw.com.