Home or Condo Buyer Tips
For the Sarasota & Bradenton Florida Real Estate Market
Knowing how much to offer
for Sarasota Florida real estate property is one of the most difficult parts of buying a home. Ask your Buyers Agent for a list of recently sold properties of comparable size, location and amenities. Comparing the price of those with the price of the home you want will tell you whether this property is realistically priced.
Get Sarasota Florida real estate advice from a Professional.
Don’t count on Aunt Emily who was a realtor in Maine 20 years ago. The Realtor® representing the Seller isn’t looking out for your interests at all. You want a Realtor® who represents YOU – your own Buyers Agent.
The Sarasota area is very much “in demand”
Property prices here, while still attractive, have begun to rise again. Sarasota Florida real estate properties you saw last year may not be available at that price. If you want a home or condominium in in Sarasota Florida, my advice is buy it NOW before the price goes up even more.
Realize what a difference your “Down Payment” can make.
If your down payment is at least 20% of the purchase price, you will avoid paying for “Mortgage Insurance.” In addition, some mortgage providers give a lower interest rate if you make more than the minimum required down payment.
Get “pre-approved” for a mortgage.
The process you will go through with a mortgage broker or bank will not only let you know how much home you can afford. It will also improve your chances of getting the home or condo you want at the price you offer. Sellers are more likely to accept an offer just a bit lower than they had hoped for if they know that you’re “already approved” for a mortgage.
Be prepared to make decisions in a timely manner.
Being prepared is an important part of the process of buying real estate in Sarasota just because it is such an “in demand area.” Homes here sell sometimes in hours. So, once you make an offer, be prepared to make decisions quickly and be accessible by phone or cellphone at all times to change the terms of your offer if necessary to be sure you get that home that is just perfect for you.
Don’t make big purchases or move money around
Approval for a mortgage depends, in part, on the ratio of your income to current debt. Buying a new car or a home theater system could put your debt ratio over the limit. Similarly, during the approval process, the mortgage broker will review your “sources of funds.” It helps if your checking, savings and investment accounts remain stable and in the same place for a few months before you apply for a mortgage.
For Resale Properties, get a “Professional Inspection” before closing.
A professional home inspection will uncover any major faults in the home so the Seller, not you, pays to correct them.
On New Construction, don’t “go it alone” with the builder. You pay exactly the same price with or without a Realtor ®. Doesn’t it make sense to have someone who’s looking out for you and your interests ?
For New Construction, decide what you want and stick with it. Sarasota and Bradenton area Builders’ sales reps may try to sell you many upgrades some of which add little, if any, value to your home when you re-sell it. I know which upgrades add value and which don’t.
My goal is to provide you with helpful and accurate information on homes and condos for sale in Sarasota and Bradenton area, including Lakewood Ranch in the price range you prefer. Contact Me for more information or call me now at (941) 350-4821.