Whether you're buying your first home or you're already experienced buying homes in the real estate realm, the process of purchasing a home can be complicated. One of the most challenging factors is the many home-buying myths that are often repeated by well-meaning friends and relatives. Read on to get the real facts behind five myths about the home-buying process. Having the right information can not only save your sanity as you enter into this process, it can also potentially save you thousands of dollars.
1. A Bigger Down Payment Is Better
After the housing bubble burst in 2007, the zero down loan programs that were once common all but disappeared. Since then, popular wisdom suggests you shouldn't buy a home unless you...
We receive questions every day from buyers around the globe concerning the market for real estate in Sarasota. Each week, our Broker Keith M. Redding will answer a few questions our clients have.
“I read that the number of Sarasota home sales are down from June to July. Does this mean we should wait to purchase because prices will be decreasing with less sales?"
Only you know when the time is right to make a real estate purchase. The facts of the market are that sales did decrease in Sarasota County from June to July. What you may not have seen was that the decrease was only by 1%. Many contribute...
How the Appraisal Report Affects Sarasota Home Owners
The appraisal plays an important role in almost every mortgage in Sarasota. While some loans will allow property inspection waivers, or PIWs, in lieu of an appraisal, most lenders will want to establish some idea of what the property is worth prior to lending. Since the home is the only thing the lender has to secure the loan, a low appraised value can cause some major issues for borrowers hoping to buy or refinance their dream home. By law, most loan types require the lender to provide a copy of the appraisal to the borrower. Upon first glance, the appraisal can come across as very confusing and tough to understand for someone who has never seen one before. This simple guide will help walk you through the highlights of the...
How to Approach Real Estate in 2014 & Beyond
With the financial crisis that struck in 2008 effectively driving the housing market into the ground, the real estate market has been the top story on the news for several years. At first, the housing implosion left homeowners underwater, forcing them to abandon their investments and creating empty homes ripe for crime and robberies. As the nation slowly rose out of the Great Recession, more people were finding jobs and reestablishing credit. The housing market responded in 2013 with homes that almost anyone could buy with interest rates that were historically low. As 2014 comes bounding in, the real estate market is not as exciting. Interest rates are rising, and buyers are more wary about paying higher...
Many Baby Boomers are finding themselves at a point in their lives when they are ready to move into a new home. Perhaps they are looking for a smaller home that is easier to care for, or they may want to move to another area for retirement. Whatever the reason for the upcoming move, Baby Boomers need to take a fresh look at how homes are bought and sold.
In many cases, Baby Boomers have lived in the same home for over 20 years. Things have drastically changed in how homes are bought and sold since the last time they went home shopping. Understanding these new techniques and what they should expect when looking for a home will make their next home purchase a much easier transaction.
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In July 2014, for the fifth consecutive month, Sarasota real estate sales reached close to the 1,000 mark with 928 closed transactions. Only once in the entire county's history has a five-month streak that hit the 1,000 mark been accomplished. This occurred between March and July 2004. June 2005 and July 2014 were the closest, falling just short of that level.
According to the Sarasota Association of Realtors, there were 643 single-family homes and 285 condos that were sold in July 2014. The number of closings decreased from 11.4% from June 2014, which hit a total of 1,048 sales. Also, July 2014 was down around 4% from the previous year which had 969 closings.
The first seven months of the 2014 fiscal year had a near-record sales pace, ahead of the first seven months of 2013. So far, 2014 has shown the second highest number...
The bottom may have fell out of the real estate market in 2008, but it opened the door wide open for Sarasota real estate investors interested in seeing a profitable return on their investment. Today, housing prices are still staggeringly low, creating innumerable opportunities for savvy investors. If you are looking to allocate some of your investment capital into real estate, you will notice that there are many routes that you can take. Since every type of real estate investment has its own inherent risks and benefits, you should have a solid understanding on each before writing the check. Let’s examine the benefits and risks of a few of the most popular types of real estate investment so you can choose the best route for your individual goals....
Buying a house is one of the biggest investments you’ll ever make in your lifetime, ripe with excitement and new possibilities. It’s also a time-consuming, multi-step process, full of unfamiliar lingo and legal jargon. As such, the home buying process as a whole can be both thrilling and daunting at the same time. To help make sure your experience is more the former than the latter, we’ve broken down the home buying process so that you can learn how to buy a home in Sarasota in five easy steps.
Step 1: Gather Your Troops
Choosing the Right Real Estate Agent
Regardless of whether or not you’ve purchased real estate in the past, you’ll have a much more enjoyable and successful experience with the right...
Entering the real estate market is daunting for everyone, especially those entering it for the first time, or the first time in a while. The latter is where many Baby Boomers and soon-to-be retirees often find themselves. Most have been homeowners for many years, building equity and finally paying off their mortgage, but are now looking to downsize or relocate as part of their retirement plan.
Home buying and selling processes are quite a bit different than they were even a decade ago. But don’t worry! If you’re a Baby Boomer or retiree who’s been out of the game for a while, simply follow our tips for entering the real estate market below. It’s our sincere hope that they’ll help you to better understand what...
