In Florida, there’s only one thing hotter than the temperatures right now: the housing market.
Accelerated by the pandemic, residential real estate booms are happening all over the country. In Florida, where many aspire to homeownership, the market is especially lively. Prices have risen across the board, resulting in much higher sale amounts than during the pre-COVID days. While this trend can make shopping for a new Florida home challenging, it’s not impossible, especially if you bear these five tips in mind.
Tip #1: Work With a Good Realtor
A good realtor is invaluable during a real estate boom, especially if you have never bought a home before. They will explain the housing market to you, ensure that you have realistic expectations, and only show you properties that will meet your family’s needs. Many realtors also have access to unlisted properties owned by those who prefer that the sale be private.
Tip #2: Get Pre-Approved for a Mortgage
It takes a lot of time (and even more paperwork) to line up a mortgage, so getting pre-approved informs sellers that you’re in a good position to move forward with an offer. You’ll have an advantage over buyers who are less organized and be confident during bidding, knowing how much you can afford based on your credit score, income, and down payment.
Tip #3: Be Prepared To Make Concessions
Don’t limit your search to homes at the upper end of your budget. You could luck out, but in a seller’s market, your chances of being outbid are high. This is where making some concessions can help. For example:
- Consider a house with fewer amenities, like two bedrooms instead of three. You can always convert it later.
- Looking for homes in neighborhoods you didn’t previously consider.
In the long run, these concessions can be minor when compared to the savings on your mortgage payments.
Tip #4: Be Prepared To Wait
In a heated market, you could be searching for months and constantly outbid. If this happens to you, it may make better sense to be willing to wait until things cool down. If you’re selling your current home while looking for a new one, put together a backup plan for where your family will live if you’re house hunting for longer than expected. When you’re not rushed for time, your chances of a better deal go up.
Tip #5: Work With a Florida Real Estate Attorney
Unlike some states, you don’t need to work with an attorney when buying a house. However, in a booming and hectic real estate market, a legal professional can help you address issues that your real estate agent can’t. For example:
- Should problems arise during escrow or closing, they will research and provide legally valid solutions.
- If you’re concerned about any aspect of the mortgage, your lawyer can look the documents over for you.
- If you’re buying the house with someone else (e.g. a family member), a real estate attorney can put together a co-buyer agreement.
Viewing properties is only part of the homebuying process. The rest involves paperwork, transactions, and technicalities that are best managed with an attorney’s help.
Get the Legal Advice You Need When Buying a Home
If you’re searching for your next home now, an experienced Florida Real Estate Attorney at Schlegel Livingston, LLC can provide the legal advice and guidance you need, from the beginning of negotiations to the final stages of closing. In the current seller’s market, we protect the interests of homebuyers and strive for a successful conclusion. To meet with one of our attorneys, call us at 1-954-771-8929 or contact us online!
Schlegel Livingston LLC
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