South Florida Home Prices| What can you buy?

 

When working with Buyers, I’m often asked what Homes are selling for and   most Buyers have very specific ideas about what their dream Home looks like.

Before scheduling appointments to view Homes, the following items should be completed:

  1. After determining the features you would like in a Home and where the Home should be located, find out the current selling prices of such Homes (their purchase prices, not their list prices).Contact me and I will e-mail links for you to view pictures, prices, and details of Homes recently sold that are similar to the Home that you would like and located in the areas that you would like.If you determine that such Homes are selling for higher than the price that you would like to pay, decide if there are features that you can live without, while still finding a Home that would be appropriate.

    If you decide that you’re not willing to compromise in any areas and that appropriate Homes are not available, Leasing a different Home is an obvious choice or continuing to live in the Home that you currently Lease or own.

    Additionally, on my website, I prepare a monthly Broward Real Estate Market Report and it’s also very helpful to review.

    South Florida Home prices vary SIGNIFICANTLY depending on their location, features, and other factors.  Locally, East locations vs. West locations and Waterfront (Ocean access) vs. non-Waterfront are  prime examples of drastic price differences.  Locations that are East of I-95 and closer to the Beach have higher property values and paying $500,000 on the East Side might buy you an older 1,500 Square Foot Home vs. a newer 3,000 Square Foot Home on the West side. 

  2. If you’re planning to finance your purchase, you MUST determine with certainty how much financing you will qualify for.  THIS IS NOT an area that you can guess about.
  3. Lending criteria are strict and even many who have nearly perfect Credit Scores, large down payments, and great Income are disappointed to find that they can’t adequately finance the purchase of their dream Home.

    You also need to know how much you will need to have available for Down payment, Deposit at the time of placing an Offer, Home Insurance, Property Tax, Closing Costs, and Maintenance Fees and other Community expenses (if purchasing within a Community governed by an Association).

    Contact a Loan Officer so that they can assist you with obtaining Loan Pre-Approval (this should be full Pre-approval, not a basic pre-qualification).  REAL Pre-Approval consists of you providing the Loan Officer with documentation of your Income, recent Tax Returns, Bank Statements, etc. and processing it with a Lender in order to determine exactly how much you can afford.    

    Knowing how much you qualify for or if you qualify at all will determine which Homes we need to view or if we’re able to view Homes at all.   I know it’s a bitter pill to swallow, but you might not qualify for adequate Financing at all and that needs to be determined in the beginning before time is spent proceeding further with the Home search process.

    NOTE:  When you place an Offer to purchase a Home, a Pre-Approval Letter that’s dated within 30 days of the Offer date must accompany your Offer.

When searching for a Home, you should proceed as efficiently as possible.  Knowledge of the FACTS and adequate preparation can assist with creating a better Home search and purchase experience.    

Completing the steps above can mean the difference between thinking you can buy Home #1 vs. Home #2 below :)

 

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