DSCR vs. No DSCR Loan: What's the Difference?
If you’ve tried acquiring financing for your investment purchase but can’t get a conventional loan or other solution, like a conventional loan, you...
Debra Tyler
: October 19, 2021
5 min read
If you’re looking for a change of pace or a new investment opportunity, look no further than Naples, Florida! Here’s what you need to know about the real estate market in this sunny Florida locale:
Moving is a big decision and you need to make sure that you’re moving to the right place. So why should you move to Naples? Here are some of the top reasons why people are moving to Naples:
On the other hand, if you’re looking for somewhere to invest rather than somewhere to move, here’s what you need to know about Naples and why it’s a great place to invest:
Here are some important statistics and numbers that you need to know about the Naples buyer’s market — whether you’re looking for an investment property or a primary residence:
Here are some important statistics and numbers that you need to know about the Naples renter’s market if you’re looking to purchase an investment property and rent it out:
While it’s impossible to predict the future, let’s talk about what we can expect from the Naples real estate market down the line. For starters, we can expect prices to remain relatively stagnant. Unlike many other markets in Florida and around the country, Naples hasn’t experienced exponential price increases in recent years despite COVID-19.
Instead, Naples experienced a large increase in home prices from 2012 to 2016 — with average prices increasing from just over $200,000 to nearly $330,000 in that time. But just because Naples hasn’t seen huge price increases thus far doesn’t mean that it’s going to remain that way.
More than 1,000 people a day are moving to Florida and this mass migration doesn’t seem to be slowing down any time soon. Additionally, as we begin to move past the COVID-19 pandemic and open borders again, we can expect a new influx of foreigners from Canada and beyond looking to buy in the Naples area — either as permanent residents or as “snowbirds.” If you don’t want to wait around for demand to increase even further, then now is the time to buy in Naples.
But how can you jump into the Naples real estate market? For starters, you need to get pre-approved by a lender to know how much you can afford. Depending on what type of loan you’re looking for, there are tons of different options out there when it comes to lenders — don’t just assume that you have to go with a big bank!
Instead, you could try working with a mortgage broker. Mortgage brokers act as middlemen between lenders and buyers in exchange for a fee. Usually, this fee is about 1% of the loan value. Working with a broker is a good idea if you’re looking for a specific type of loan, if you’re looking for more guidance on the mortgage process, or if you’re looking for a more efficient homebuying process.
No matter which approach you choose — lender or broker — just make sure that you’re working with the right professionals. Look for people that are responsive, transparent, and trustworthy. If you’re looking for a bridge loan to help you quickly and easily get through the closing process, then you need to work with Vaster. Vaster goes above and beyond with its team of lending professionals that are always ready and willing to provide you with the assistance you need to buy in the Naples area.
Once you’re pre-approved by a lender and know what you can afford, it’s time to start your home search with an experienced real estate agent. Your agent should know the Naples area well and be able to tell you more about different neighborhoods, schools, etc. After you’ve found the perfect property, they will also help you write a competitive offer.
Based on the Naples real estate market, you may need to be willing to offer slightly above the asking price to get an edge on other offers. Based on the advice of your agent, you may also want to consider waiving contingencies. Once your offer has been accepted, you finalize and close on your loan and finally become a Naples resident!
Get in on the Naples real estate market before everyone else does! Reach out to the lending experts at Vaster to secure the best loans at the best rates so that you can make the most out of your investment.
Sources:
Naples Florida Real Estate Market 2020: Housing Prices & Forecast | Norada Real Estate
9 Things to Know Before Moving to Naples: Living in Naples, FL | Uphomes.com
Naples, Florida a Good Place for Investment | Realestateagent.com
If you’ve tried acquiring financing for your investment purchase but can’t get a conventional loan or other solution, like a conventional loan, you...
When you want to buy one property, a conventional loan usually does the trick. But what if you want to buy multiple properties simultaneously? Do you...
Overall, Florida’s housing market has undergone significant shifts in the last few months, with notable decreases in sales activity as a result of...