At Douglas Elliman Real Estate

Dear Neighbors,

We have exciting news to share! We are proud to report that our team earned the #1 team award for the 6th consecutive year and Brittany Skotak was named the top listing agent company wide for 2022. As our team and customer base grows, we’ve decided that aligning with a powerhouse brand will afford us the recognition and support that our listings and you, our customers, are ready for! Therefore, we’ve merged The Skotak Group with Douglas Elliman Real Estate! Our team’s name and logo might be different, but our commitment to superior customer service, expertise and core values will not change.

Rick and Brenda Brown were instrumental in the growth of the team to its current position as a leading real estate team in SW Florida. Rick and Brenda Brown continue to support Brittany Skotak through business consulting and client referrals. Realtors Cheryl Vilardi, Wayne Zimmerman and Deborah Potok have been an integral part of The Skotak Group for years and will continue to assist our buyers and sellers.

In the first year after a two-year interruption in normal activity caused by the pandemic, the real estate market is stable in terms of value, but there are not as many homes to choose from, and prices have elevated. As pandemic restrictions loosened in 2022, sellers and buyers pivoted their attention from the housing market to the travel market. As a result, and according to the December 2022 and 2022 Annual Market Report by the Naples Area Board of Realtors (NABOR), overall closed sales in 2022 decreased 34.8% compared to 2021. And while inventory is beginning to rebound, we are uncertain where and when an influx of inventory will arrive to meet our pre-pandemic levels. Despite the tight inventory, we expect prices will stabilize. The challenge moving forward will be convincing sellers and buyers that factors in place during the pandemic, when prices soared due to elevated demand, are completely different than they are today. There are multiple economic factors also affecting our market, including a possible recession, and rising mortgage rates, which are still over six percent, on average. When you factor in rising rates, insurance, assessments, and taxes, the cost of buying a home today in Naples is a lifestyle that many people cannot afford. These same factors are affecting new listing inventory as well. Many homeowners, especially those who purchased homes below $300,000 or at low interest rates, are now unable to afford a change in local address due to the increase in mortgage rates.

If you are thinking about selling, now is a great time to list! Season is upon us, and people are here to shop for potential full-time residences and second homes. Because of our location’s desirability, there has and will always be a demand for property from those who want a piece of the SWFL lifestyle.

Whether you are a buyer or seller, our experienced team is ready to assist! We look forward to hearing from you.

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