House Hunting from afar…
If CoVid has taught us anything here in Sarasota is that the housing market is RED HOT and it is not showing any signs of slowing down. Not only are houses selling fast but they are selling for higher prices. I have seen sellers raise prices on their listings instead of lowering prices, and buyers are content to pay those higher prices...ok, maybe not content, but people are paying the higher prices and they are snapping up homes at an incredible rate of speed. So if you are looking to move to the area, here are 5 things you should do to prepare for that purchase.
1. Set your “realistic” budget.
Before you even open zillow or realtor.com, and I know it may be a little late for that, you need to figure out what your budget can handle. Most likely you already have an idea, but it’s always a good idea to put it down on paper. Just like goals, if it’s not on paper, is it a goal? If your budget is not on paper where you can see it you are more likely to overspend. Click here to download my Home Buyers Budget worksheet!
2. Research the area.
While a Realtor can give you great insight and information on neighborhoods, it’s always a good idea to do a little “pre”search. The more information you can give your Realtor the better. If you can whittle it down to a few areas, that will speed up the process and prevent your agent from sending you properties that you simply are not interested in. Of course this all depends on your timeframe for purchasing. If you are more than 6 months out, you and your agent can sample different areas and they would be happy to assist you in that area. If you're working with limited time it would be a great idea for you to have an idea of what you are looking for in a neighborhood and home. No one knows your preferences quite like you do.
3. Get Pre-approved
Find a lender and get approved! The pre-approval is essential to getting the home you want and can afford. Most sellers in the Sarasota area are requesting that the pre-approval letter accompany the offer. The pre-approval is going to be a great estimate for your home buying power. Keep in mind the pre-approval is not the loan approval. After you sign the contract and all negotiations are done, you will need to fill out the actual loan application. In order to make sure your pre-approval turns into a loan approval there are some do’s and don’ts that you should follow after getting your pre-approval you can download them here. Let me know if you need lender recommendations.
4. Hire and agent
Hiring an agent seems like it should be easy enough, "they ARE a dime a dozen..and they all do the same thing, right?” Wrong! Not all agents are the same. You may want to interview a few agents and ask them some questions like…Can you give me some information about yourself? Look for professionalism and consistency. What are their professional accomplishments? What will you do to keep me informed? Do you want daily or weekly reports from your agent? Will they be able to meet your expectations? Can you give me some references from other clients you have worked with? Don’t be afraid to ask for references. An agent who provides raving fan service and is proud of their work will be happy to provide references.
5. Plan a trip or use technology to your advantage
With all of the pieces in place and armed with your research you are now ready to plan a trip. The problem with planning a trip is the homes you have been looking at may be gone by the time you get here. DO plan a trip, but if you see a home don’t be afraid to ask you agent to conduct a virtual walk through with you so you can at least put your eyes on it. It’s not preferable but can allow you to see inside a house if you can’t get down here quick enough. Homes sell fast so you need to take full advantage of the technology you have.
If you’re thinking about moving to the Sarasota / Bradenton area, please drop me a line, I would love an opportunity to help you make the transition.
email: brian@sunandsandliving.com
