Naples Florida Realtor

Thinking About Buying a Home in Naples? 3 of Your Real Estate Questions Answered

 

It’s the beginning of the peak season for home sales in Naples (from January through April), and as you begin your search for your dream house, whether it’s a luxury home in Naples or a stunning property elsewhere in Southwest Florida, you’ve probably got lots of questions about the home-buying process, and how to get a residence you love for the best price possible.

Here, we’ve composed a list of some of the top real estate questions that many homebuyers have, and answers to each. Let’s discuss.

 

Thinking About Buying a Home in Naples? 3 of Your Real Estate Questions Answered

 

Take a look at the answers to these real estate questions, which are likely to be on your mind if you’re checking out homes for sale in Naples, or in other cities throughout the beautiful Southwest Florida region.

  1. What is a buyer’s market?
  2. How long does a seller have to respond to my offer?
  3. What is escrow?

 

Question #1. What is a buyer’s market?

Simply put: A buyer’s market favors homebuyers. It’s when the inventory of houses on the market is greater than the number of interested buyers. Typically in this type of market, home prices may lower in response to reduced demand from buyers. So oftentimes it’s an ideal time to buy.

Here in Naples, however, despite recent increases in home inventory, the median sale price for single-family homes and condominiums not only held steady over the past year (November 2021 to November 2022), but it rose by double-digit percentages over that time period, as indicated in our real estate market report for November 2022.

With many properties to choose from in a buyer’s market, you’re more likely to find a home you love and less likely to have to compete with other house huners for your dream property. (You may also have more leverage when you go to negotiate a deal with a seller, especially if their home has been listed for a while).

A skilled REALTOR® will explain the current housing market conditions to you, and help you negotiate the best deal possible for your dream home.

Related: October 2022 real estate market statistics for Naples, Florida

 

Question #2. How long does a seller have to respond to my offer?

A seller typically has about 72 hours to review your offer with their agent and decide whether they will accept it, reject it, or submit a counteroffer—although the time period can range from state to state. You and your agent may decide to include an adjusted deadline for the seller’s response in your buyer’s agreement.

Related: Answers to 3 of the top real estate questions from home sellers

 

Question #3. What is escrow?

During the sale of a home a buyer’s money is placed in escrow, which is when a neutral third party takes custody of the funds on behalf of the buyer and seller until the sale is transacted.

If contractual terms are not met by either the buyer or the seller, the third party who controls the escrow account will take action per the contract terms to determine what’s done with the funds.

Related: 10 fabulous reasons to relocate to Naples

 

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