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At first blush, this may seem like a challenging time to be opening a new residential real estate brokerage firm.
Listings, the lifeblood of residential real estate brokers, have fallen to just a few months of supply in hot markets such as Bonita Springs and Naples.
But longtime real estate broker Jerry Bodart says listings could rebound. He's confident enough that he launched Domain Realty, a new real estate brokerage firm with offices in Bonita Springs and Naples.
Bodart, a veteran of Naples Realty and Downing-Frye in Naples, has hired more than 100 agents since opening a few months ago. “The number of Realtors getting into the business is extraordinary,” he says.
Bodart says the new-home construction numbers aren't reflected in the inventory of existing homes for sale on Realtor listing services. He expects homebuilders to deliver more new homes as demand continues to exceed supply, generating listings for Realtors. “New construction is going through the roof right now,” he says. “It's extremely active.”
In addition, prices of existing homes are rising at double-digit annual percentage rates in areas such as Naples and Bonita Springs. The attraction of a profitable home sale will spur homeowners to list their homes with brokerages such as Domain Realty, especially during the upcoming busy winter season. “There's a lot of pent-up inventory,” Bodart says.
Bodart estimates home prices will continue to rise through next year. “My gut feeling is yes, prices are going to go up,” he says. “They're nowhere near where they were at the peak.”
But Bodart says prices won't likely continue to rise as fast as they have in recent years. “It's not going to be as crazy as last year, but it's still a good value,” he says.
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