Dennis Bowers and his team at The Bowers Group at Compass in Southwest Florida have achieved a record year, closing in excess of $150 Million worth of deals in 2021 and counting. Tapping into his value of integrity, trusted inner network and years of experience to expertly help both buyers and sellers navigate the post-pandemic real estate market—from inventory shortages to bidding wars—Bowers continues to be one of the most trusted names in Naples.
How has the Naples market evolved in the past year?
We have been busier than ever before. Naples has gone from a “well-kept” secret to a mecca for individuals from all over the country. In October 2021, Naples received the second-highest ranking for annual home price gains with a 33.5% increase, marking the first time in 2021 that Florida was a top state for home price growth, according to the CoreLogic Home Price Index Report. Typically, we had a large influx of people relocating from the Midwest, which is still a strong feeder market, but now we are seeing significant demand from people migrating from areas including California, New Jersey, New York and everywhere in between.
How has remote work impacted real estate?
With individuals being able to work from anywhere, the ability to live in paradise and travel out of paradise for an occasional work trip is a win-win situation! People realized they can live a more flexible lifestyle and not be tied down to an office, not to mention the tax benefits of relocating to Florida!
What home buying trends did you see in Southwest Florida?
Homes with an extra room for an office, work or study area is a must for many buyers now. Outdoor space also took center stage, fueled by quarantine. For families, proximity to prestigious schools are a major request. The fact that our schools have been open throughout the pandemic, minus March-June of 2020 has driven many families to our area.
How do you stand out in a competitive market when it begins to cool?
Experience, a trusted network and an insider perspective. I navigated through the downturn of the market in the great recession and have worked through over 500 foreclosure acquisitions, flips and resales. I also have 8 years of construction management experience that allows me to assist buyers and sellers to identify and create value—whether it’s to buy fixer uppers or improve their homes to help achieve the most favorable sale price. Land pricing will come down first and I have a strong network with builders to buy land and build as well.
What do you think will impact real estate in Naples going into 2022?
The single most significant factor is going to be inventory, or lack thereof. We are at an all-time low right now and demand is at an all-time high. The fact that interest rates are still low and that the jumbo loan limits were raised almost $100K, both benefit buyers in this market. The challenge for buyers is going to be navigating multiple offers and low inventory. Having the right agent to trust and help find the right place is going to be very important, maybe more now than ever.