Many expert agree that now is the time to buy a home in Florida. This is especially holds true for Florida’s first time home buyers. Home prices have come down over 40% in some areas of Florida and interest rates are near historic all time lows.
Here are some tips and advice when shopping for a new home in Florida.
- Everything starts with the mortgage pre approval and financing. Be sure you are working with a local Florida based lender, this is extremely important for many reasons. Being pre qualified in advance will let you know how much house you can afford, mortgage payments, expenses, etc. This will also let the home seller(s) know you are qualified. So be sure to start your home loan application first and foremost. The government loan programs ( FHA, USDA, VA) are great options for Florida first time home owners. Learn more by clicking here.
- Study the actual market, Florida is filled with micro markets – what is happening in Miami can be completely different than Jacksonville for example. Some FL cities are in high demand again and home prices are actually increasing. Work with a highly trained realtor, they can provide all the information needed in your local market. If you need assistance finding a great agent in your area, please contact us – we would be happy to make the connection for you.
- Buy a home you can really afford. There are tax advantages to owning a home, but, there are also on-going expenses (electricity, water, decorating, lawn care, trash pickup, etc.) that you may forget in the excitement. It’s a good idea to probably purchase a little less than you think.
- Be patient – The contract approval process for distressed sales ( foreclosures and short sales) can take months to complete. Although this process has improved a lot over recent years, it still takes time. Remember that most home sales today in Florida are some form of a distressed sale – this is especially true around the major cities like Tampa, Orlando, Jacksonville and Miami.
Questions? We are available to assist you 7 days a week. For quick service please submit the “Request Contact” form at the top right side of your screen. Mobile users can find the short Request Contact Form here. Please also be sure to visit www.FiveStarsMortgage.com for the latest mortgage info.