If you have been looking for a place to live in Central Florida you have seen the struggles with purchasing or renting a property for the price you want. With rising mortgages and inflation the housing market has been tough to navigate, but it is still manageable.
The following tips will make it much easier to navigate the real estate market in Central Florida:
1. Determine your budget
The first thing you want to do is sit down and see how much you can afford to either rent or purchase a home. It is important to consider every expense you will have.
Once you are able to find a estimate of monthly expenses, then you will have a better idea of how much money you are able to spend on your new home.
A very helpful rule to follow is the 28% rule, which advises that your mortgage shouldn’t be more than 28% of your monthly earnings.
2. Find your Realtor®
Finding the right Realtor® for you takes time, much like finding your life-long partner, but once you do it makes everything easier.
When it comes to finding the right Realtor® you want to find someone that will focus on meeting all of your needs.
We have nine branches in the Central Florida area with plenty of agents that are willing to help lead you to your dream home.
CLICK HERE to take a look at our agents.
3. Determine how much you can compromise
With strained inventory on houses in Central Florida, it is tough to find a home that has everything you want.
It is important to know what you absolutely need in a house and what you can settle without having.
The easiest way to do this is by making a list of needs and wants for the next house you live in.
4. Have your financing prepared
Take a look around and find a lender to get you pre-approved.
Getting pre-approved shows the seller that you are serious, and with the hot market we are currently in, you want to look the best you possibly can.
We are partnered with AnnieMac and they are a great lender that will help you with the pre-approval process.
AnnieMac Home Mortgage, a d/b/a of American Neighborhood Mortgage Acceptance Company, LLC, is a nationwide mortgage loan provider dedicated to the principle of providing MORE products, services support, and value to clients, partners, and the community.
5. Make your offer enticing
With the way the market is currently, you are likely to find yourself in a multiple offer situation. A great way to stand out is an escalation clause.
An escalation clause means you will automatically outbid any offer by an amount of your choosing up to a certain point.
Along with that, having great communication with the seller will give you an edge over everyone else. Letting the seller know your closing timeline will show them that you are all in and keep the both of you on the same page.
6. Be patient and hopeful
The real estate market is currently in a transitional state.
At the beginning of this year, we saw lower interest rates and low inventory. Now in the summer months, although interest rates are starting to climb, we are seeing an increase in inventory.
Although the market is flourishing, it is a tough process for buyers, but you can still find exactly what you are looking for!
You may be needing to move into a new home as soon as possible, but it is still important to not settle and take your time.
It is important to keep a positive mindset, and know that the right home will come to you.
To read our latest story on home buying advice CLICK HERE.
To view our listings in the Central Florida area CLICK HERE.