If your Naples-area home isn’t meeting your needs—or simply doesn’t look and feel the way you wantit to—you may be torn between moving and remodeling.
Naturally, one of the factors you’ll want to consider if you’re thinking about a move is how much you’ll get for your existing home and what new home prices are doing in the Naples area. How can you make sense out of fluctuating housing prices?
Some homeowners drive themselves to distraction trying to pick the perfect time to sell and buy. But unless you’re trying to make a quick buck, that can be an exercise in futility. And while there are obviously times when it’s a “buyer’s market” or a “seller’s market,” the long-term reality is that housing prices continue to go up.
One reason for that: land prices continue to rise. Some people will cite Mark Twain’s old chestnut: it’s smart to “buy land ‘cause they’re not making any more of it.” Anyone who lives in Florida probably knows that developers do, indeed, find new areas to develop. The cost to develop that land into buildable lots, however, is higher all the time—and that cost is passed on to the homebuyer. That situation is very unlikely to change.
Obviously interest rates on the money you need to borrow to build a home can affect the market as well—even though rates have been remarkably low for a much longer period of time than most experts predicted.
Supply and demand also affects pricing. At times there is a lot of activity in a particular size (and price range) of homes. That can cause prices to go up, too.
We’re not economists or financial advisors, but it’s probably safe to say that housing prices have always fluctuated—and they’ll continue to do so.
The bigger question is whether building or remodeling will deliver the kind of environment you really want. A quality design-build remodeler can completely reinvent your home so that it meets your design sensibilities and your lifestyle. And if you love the neighborhood you’re in, you don’t have to sacrifice convenience and existing relationships to get what you want.Here’s a helpful post discussing some of the advantages of remodeling over making a move.
Will housing prices in the Naples area continue to fluctuate? Probably. And in all probability, they will continue to edge up. But price isn’t the only issue. Make sure that whatever you decide, you end up with a house that feels like home for you.