Posts Tagged ‘boca raton homes’

Florida is home to over twenty different species of termites with the most damaging and common species are subterranean and drywood termites. These termites cause billions of dollars of damage annually in the United States and correct termite identification is pivotal to successful prevention, control, and protection of your home.

Subterranean termites live and invade from underground, and a single colony can cover one acre underneath
homes. They typically live in dark, moist, hidden environments underground but will create and live in carton
nests aboveground. These can be found in walls and attics of structures and in nearby trees. To move above the
ground, these termites build mud tubes on foundations, walls, and nearby trees. These mud tubes are a sign
of termite activity and used for detection.

Drywood termites live and forage in dry wood. There are many different species of drywood termites in Florida,
and these are located throughout the state. They enter structures through swarming from infested trees, stored
wood, or other structures near your home. Unlike subterranean termites, drywood termite colonies grow
slowly and thus do not cause as much damage as subterranean termites. A tell-tale sign of drywood termites are
sawdust-like piles near the infestation, these piles are hexagonal shaped pellets or waste of the termite.

Actions you can take to keep air home termite free are:

• Eliminate sources of standing water in or near the home.
• Be wary of areas in the home where wood is in contact with soil.
• Keep piles of lumber or firewood away from your home.
• Regularly inspect your deck, patio, or outdoor furniture for signs of damage.
• Remove decaying trees and branches from areas surrounding your yard.
• Use pine needles, pea gravel, rubber, or other non-organic material as mulch.

Part of your Inspections before purchasing a home should include Wood Destroying Organisms ( WDO) Inspection. Unlike most states, the Florida Department of Agriculture and Consumer Services (FDACS) requires the licensed WDO Inspector to report on Wood Destroying Organisms.

The Department of Agriculture and Consumer Services recommends that you hire a licensed pest control company for correct termite identification and protection for your home. You can find out if a company is licensed in Florida at: https://www.fdacs.gov/Business-Services/Pest-Control. For more info and tips: https://www.fdacs.gov/Consumer-Resources/Health-and-Safety/Protect-Your-Home-from-Pests/Termites.

Filed under: 2024 real estate, Blog, Boca Raton real estate, Exclusive Buyer Agency, First Time Homebuyers, Florida Real Estate, Home Buyers, home Inspections, Home Maintenance, home safety, Homebuyer Advice, Real Estate, Real Estate Investment, real estate news, South Florida Real Estate, Termites, WDO Inspection by Kim Bregman
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A recent survey from the National Association of Home Builders (NAHB) found that energy-efficient features are among the most sought-after “must-haves” among homebuyers. Among those surveyed, 83% desired Energy Star-rated windows, 81% wanted Energy Star-rated appliances and 80% preferred energy-efficient lighting.

Though eco-conscious sensibilities compel millions of homeowners to make their homes more energy-efficient, that’s not the only reason to upgrade your home. The following are a handful of the many benefits of energy-efficient homes.

Save money: The U.S. Department of Energy indicates upgrading to energy efficient appliances products can help homeowners reduce their energy costs by as much as 30%. The Environmental Protection Agency (EPA) estimates you can save 11% on average on your total energy costs by air sealing your home and adding insulation in the attic and crawl spaces.

Improve resale value: Being able to market your home as energy-efficient when it comes time to sell it may help your resale value, especially as energy-efficient homes become better-known and more in-demand.

According to several studies, energy-efficient homes and apartments garner anywhere from 2% to 8% more in sales prices than their traditional counterparts. Research from the mortgage lender Freddie Mac found that homes with energy-efficient ratings sold for nearly 3% more on average than homes without such ratings.

Live healthier: The benefits of energy-efficient homes aren’t just economic, though health-related benefits certainly produce an economic incentive as well.

Energy-efficient homes boost your comfort level by also enhancing the indoor air quality by reducing pollen, dust, insects, and humidity, which leads to better quality of life.

Energy-efficient appliances are typically quieter than traditional models, as well, making their operation less intrusive to your daily life.

To learn more and find out how to perform some of these improvements yourself, visit DOE’s Energy Saver website.

Tools and Calculators for Homes:

• Air Seal and Insulate with ENERGY STAR

Information, tools, and resource to help consumers seal and insulate their homes, including a DIY Guide to Sealing and Insulating with ENERGY STAR.

• Assess Your Home with ENERGY STAR

Information, tools, and resources to help consumers assess their home’s energy use, including the ENERGY STAR Home Advisor and the ENERGY STAR Home Energy Yardstick.

• Building Energy Software

List of building energy software packages, some of which are available for free or a small fee.

• ENERGY STAR Refrigerator Retirement Savings Calculator

A tool that allows a consumer to determine energy savings and costs associated with replacing non-ENERGY STAR-rated refrigerators.

• Heat & Cool Efficiently with ENERGY STAR

Information, tools, and resources to help consumers increase the efficiency of their home’s heating and cooling system.

• Roof Savings Calculator 

A tool developed as an industry-consensus roof savings calculator for residential and commercial buildings using whole-building energy simulations.

Filed under: 2024 real estate, Blog, Boca Raton real estate, Energy efficiency, Energy efficient homes, Exclusive Buyer Agency, First Time Homebuyers, Florida Real Estate, home automation, Home Buyer Advice, Home Buyers, home safety, Homebuyer Advice, new home construction, Real Estate, real estate news, Real estate trends, smart home, South Florida Real Estate by Kim Bregman
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NAR economist Yun predicts home sales will begin to rise next year – by 13.5% compared to 2023, and the median home price will reach $389,500 – an increase of 0.9% from this year. “Metro markets in southern states will likely outperform others due to faster job increases, while markets in the Midwest will experience gains from being in the most affordable region.”

Yun expects rent prices to calm down further in 2024, which will hold down the consumer price index. He predicts foreclosure rates will stay at historically low levels in 2024, comprising less than 1% of all mortgages.

Yun forecasts the U.S. GDP will grow by 1.5%, avoiding a recession, with net new job additions slowing to 1.7 million in 2024 compared to 2.7 million in 2023, and 4.8 million in 2022. After eclipsing 8% in late 2023, he expects the 30-year fixed mortgage rate to average 6.3% and for the Fed to cut rates four times – calming inflationary conditions – in response to slower economic activity.

Yun also foresees 1.48 million housing starts in 2024, including 1.04 million single-family and 440,000 multifamily.

Florida is home to over 22+ million people—a number that is growing every day. In fact, Florida is the fastest-growing state in the country, adding an average of 1,000 people per day. These new residents are congregated in just a handful of counties. According to an analysis by the Tampa Bay Times, a third of Florida’s new residents wound up in just five counties: Orange, Hillsborough, Lee, Polk, and Palm Beach. These five counties are all located in the state’s southeastern region, known for its warm weather and beaches.

Florida’s growth is largely fueled by migration. Over the last two years, 616,000 new residents have come to Florida from other parts of the country, and 175,000 from other countries. In fact, without migration, Florida would not have grown at all. Its 567,881 deaths exceeded its 478,834 births. And according to projections, by 2030 Florida will have more than 25 million residents.

Florida’s statistics will be greatly influenced by available inventory for sale. The South Florida real estate market still has a significant shortfall or inventory relative the the migration to the area and demand for housing.  Southeast Florida’s housing market is poised for a rebound in sales and sustained price appreciation in 2024.

Filed under: 2024 real estate, Blog, Boca Raton real estate, Exclusive Buyer Agency, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, new home construction, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Real estate trends, South Florida Real Estate by Kim Bregman
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• Have a residence with no smokers
• Pay your premium upfront
• Pick paperless billing
• Sign up for automatic payments

Filed under: 4 Point Inspection, Blog, Boca Raton real estate, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Flood Insurance, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Maintenance, home safety, Homebuyer Advice, Homeowners Insurance, Hurricane Preparedness, Insurance Claims, Real Estate, real estate news, South Florida Real Estate by Kim Bregman
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Buying a home and moving is stressful on many levels.  Here are some Apps to make the moving an easier endeavor. Like other productivity apps that can be downloaded on your smartphone, move-planning apps will help you keep everything organized.

Dolly: So you’ve arrived at your new home and realized you don’t have the person-power to haul that bedroom furniture upstairs? No problem! Dolly (free, iOS, Android) connects you with helpful delivery people looking to make a few bucks. These strong-backed guys and gals have no qualms about carrying your furniture to its new resting place in your new home and there’s never any haggling over price.

Flying Ruler:  Flying Ruler will help you measure anything in your home. Not sure if that sofa will fit in your new living room? Is it too large to come through the front door? Flying Ruler can help you be sure. This app is a tape measure, ruler, protractor, and a goniometer.

Google Keep: Google Keep (free, iOS, Android) is the ultimate sharable note application. When you’re planning a move you will quickly find yourself making lists … and then making lists of those lists. That’s where Google Keep’s shareable, synced lists and notes come in so incredibly handy. When things get really hectic you can even record voice memos and Google Keep will actually transcribe them into readable text for you to browse later.

Handy: With Handy you can schedule a move-out or move-in cleaning by a vetted and background-checked professional. You can also book handyman services like furniture assembly, TV mounting or picture hanging to help you settle into your new home. Moving assistance is available, too! You’ll leave with your home in better condition than you found it in, and your new place feeling like home right away.

Magicplan:  Floor plans are a crucial tool for envisioning your new living space and deciding where to place furniture and home goods. Use Magicplan on your phone or tablet to scan and measure rooms, then compile them using their drag-and-drop interface to create a complete floor plan.

MakeSpace: If you’re downsizing or moving to a home short on storage space, MakeSpace will come in handy. Just book an appointment, and its team of professional movers will come to pick up your stuff and haul it off to storage. When you want your items back, schedule a delivery, and the team will return your goods. MakeSpace will bring complimentary supplies, like bubble wrap and free MakeSpace bins.

Meta ( Facebook) Marketplace:  If you’ve ever moved you already know that you eventually get to a point where you’ve packed up all the important stuff and would rather just throw everything else in the garbage than wrap it, box it and haul it. That’s no longer necessary because there are people all over your town who will buy your old stuff and they’re on Facebook Marketplace (free, iOS, Android).

MoveAdvisor: MoveAdvisor is another comprehensive moving app allowing you to take inventory, find movers and establish a moving timeline all in one place. The app itself is free of charge to download and use, but you’ll have to pay for any services you book.

Moved:  Designed to be your personal moving concierge, Moved manages the entire moving process for you. The app is a one-stop shop for your move. It will organize your move every step of the way, from finding movers, hiring packers and selling unwanted items, to updating your address and even hiring cleaners and painters. The service also helps you find moving professionals, affordable packing materials, and storage facilities

OfferUp:  OfferUp is the largest mobile marketplace in the United States to buy and sell goods locally, and you can do so straight from your phone! Just take photos of the items you’re selling, describe the items and set a price. Buyers can message you through the app and make an offer, then arrange to meet you and retrieve the item.

RideShipper: You’ve got a car, bike, boat, or something else you need shipped?  With RideShipper you fill in the free vehicle shipping quote and you get almost instantly up to 4 estimates from reputable shipping companies.

Sortly:  Sortly is an inventory app built with small businesses in mind, but also great at cataloging all your beloved items and ensuring that they make it to your new home in one piece. Use your smartphone camera to snap images of items and Sortly automatically catalogs them for you. You can add barcode info for additional details and check off items as you’re unpacking.

TaskRabbit:  Need someone to help you move, pack, unpack or help with almost any moving-related task you may need? With Taskrabbit you’re able to state the task you need done and get matched with a freelancer (referred to as “Taskers” on the platform) who can do it for you.

TurboScan:  One thing you don’t need to haul along to your new home is piles and piles of papers you’ve let stack up over years of home office neglect. You could scan them with your printer, but that would take forever, so download the TurboScan app (free, iOS, Android) and capture perfect scans of every document in mere seconds.

Unpakt:  Moving companies are everywhere, but which one will give you the best rate? Get rid of the stress of searching for the best deal and let Unpakt find it for you. Compare prices between a variety of local and reputable moving companies and even contact the mover of your choice right from the app. Unpakt offers a price guarantee that only changes if you add or remove an item or service.

Filed under: apps, Blog, Boca Raton real estate, Down Sizing, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Maintenance, Homebuyer Advice, Interior Design, Moving Apps, Real Estate, real estate news, South Florida Real Estate by Kim Bregman
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Closing costs are inevitable when you’re buying or selling a property. While they vary from state to state, the amount you’ll pay in Florida depends on both the property and the county it sits in. As a buyer, you’ll have to cover most of the fees and taxes.  In Florida, you’ll also have to post a fee for documentary stamps (or doc stamps), which is a percentage of the sales price. Then there are the taxes. You’ll likely be subject to property and transfer taxes.

Neither party is responsible for 100% of the closing costs in Florida, which includes fees, taxes, insurance costs and more. The buyer typically pays between 3% to 4% of the home loan’s value and is responsible for the bulk of the fees and taxes. The seller usually pays between 5% to 10% of the home’s sale price. Closing costs also vary among counties.

Condos are regulated by the Florida Condominium Act. The legislation lays out your rights to the property and gives you an “undivided interest” in all the common areas of the building. You’ll have to pay a monthly maintenance fee or a yearly homeowners association fee to cover the servicing of those areas that fall under the “undivided interest.” The fee isn’t tax-deductible.

If you are getting a mortgage The fees shown on the Good Faith Estimate can be difficult to understand but can be broken down into five sections.

One-time fees

• Appraisal fee
• Reinspection fee
• Credit application, credit report and credit supplement fees
• Mortgage origination fee
• Lender’s title insurance policy (optional owner’s title insurance)
• Escrow fee
• Home inspection fee (optional)
• Closing attorney fee
• Courier fee
• Bank processing fee
• Recording fee
• Notary fee
• Loan discount points

Recurring fees

• Homeowners insurance
• Property taxes and tax servicing fees
• Mortgage insurance premiums
• Flood certification fee (in some areas)

Appraisal fees

Lenders typically require an appraisal as part of the underwriting process, before financing a home purchase. Appraisals will vary in price depending on the location and size of the property. The lender hires an appraiser to provide the fair market value of the home, and the buyer pays the lender.

Mortgage origination fee

Every lender will charge a mortgage origination fee, which covers their service and administrative costs. The average loan origination fee is 1% of the total loan amount. Buyers should shop for lenders with both experience and low origination fees.

Title insurance policy fees

Lenders typically require borrowers to purchase insurance to protect the financial institution from future title claims. This policy is called lender’s title insurance and the cost depends on the location and size of the property.

Owners title insurance protects the Buyer from future claims against the title.  The customary party that pays for the Owners Title Policy varies by County in Florida.  In Sarasota,Collier, Miami-Dade and Broward County, the Buyer pays for title insurance and chooses the title company.  In all other counties, it is the Seller’s responsibility.

Escrow fees

During the purchase and sale transaction, your funds will enter a holding account managed by a third party — an escrow company. When the transaction is complete, the escrow representative will disperse your down payment, fees, and loan proceeds to the appropriate individuals.

Home inspection fee

A home inspection is a common contingency for a home purchase. As the buyer, you can hire an inspector to evaluate the condition of the home and its systems prior to purchase. Home inspection costs vary depending on the size and age of the property. You will pay the inspector for their service out-of-pocket, and this amount is separate from the purchase and sale transaction.

Attorney Fees

Florida is a Title Theory state and does not require that an attorney be used to close a real estate transaction.  Private real estate attorneys, or borrower’s attorneys, are an additional and optional cost for buyers who want a specialist to assist them with contract-related issues or professional advice beyond the scope of their agent’s abilities. Private real estate attorneys charge by the hour or charged a fixed rate for the transaction and rates vary based on their level of expertise and services provided.

Documentation fees

During a financed home purchase, several institutions need to process information and create official records.

• The courier fee allows lenders to send your documents to necessary parties
• The bank processing fee pays the bank for handling the necessary loan documentation.
• The lender uses the recording fee to pay the county to file a public record of the transaction.

Loan discount point fees

When locking your interest rate with your lender, you’re allowed to buy down the rate. To do this, you pay “points” — essentially, paying interest in advance. One point is equal to 1% of the loan; but that does not translate to a 1% drop in interest rate. Not all buyers choose to buy down their interest rate, but when they do, the rates vary by lender.

Homeowners’ insurance

As a stipulation of your financing, you will be required to purchase homeowners’ insurance. You will continue to pay the insurance premium on a yearly or twice-yearly basis directly to your insurer, or monthly via an escrow payment that is part of your monthly mortgage payment to your loan servicer. Homeowners insurance policy fees range based on the amount of coverage and the size of the property.

Property taxes

Your property taxes will be prorated based on your closing date. Some buyers pay their taxes in lump sums annually or biannually. If you don’t pay this way, you might escrow the taxes, which means they would be included as an escrow line item in your monthly mortgage payment to your loan servicer. Property taxes are paid in arrears in Florida.

Mortgage insurance premiums

If your loan amount is more than 20% of the value of the home, you are typically required to pay insurance to protect your lender’s investment. Mortgage insurance is generally escrowed but may vary from lender to lender. Some lenders will also charge a one-time application fee for mortgage insurance.

Flood insurance

Depending on the location of your property, you may also be obligated to purchase flood insurance to help protect your lender’s investment. Flood insurance policies range by risk level, based on location and are a Federal Program and the pricing cannot be competitively shopped for.

What are the closing costs for cash buyers?

Cash buyers are still required to pay for things like notary fees, property taxes, recording fees, and other local, county and state fees. Unlike a buyer who is using financing, cash buyers won’t have to pay any mortgage-related fees. But most cash buyers still opt to pay for things like appraisals, inspections, and owner’s title insurance.

Closing costs can vary depending on where you live in Florida, the type of property you buy and how much it sells for. While the seller forks over some money, the buyer pays for the bulk of the fees and taxes, which typically add up to 2.5% of the average sale price depending on the time of year you close ( proration sensitive).

Filed under: 2022 Real Estate, appraisal, Blog, Boca Raton real estate, closing costs, contracts, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Flood Insurance, Florida Real Estate, Foreign Home Buyers, Home Buyer Advice, Home Buyers, Home Financing, home Inspections, Homebuyer Advice, Homeowners Insurance, House Closings, Mortgage Information, Mortgage Interest Deductions, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Relocation, South Florida Real Estate, Tax deductions, Title Insurance, Uncategorized by Kim Bregman
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• Seller has a spotty memory ….
• Or says things like, “I haven’t lived here long.”
• Offers no real estate disclosure form
• New paint, tile, or flooring here and there

• Read the home inspector’s report carefully, including between the lines when the inspector uses phrases like, “a lot of issues” or “a major issue.” Ask your exclusive buyer agent to prod the sellers for more details. If the inspector couldn’t access certain places, ask why.
• Ask for a disclosure form. Push for more answers to your questions. When a listing agent refuses to provide the standard disclosure form, I put all the questions in the form on an email and make it an Exhibit to the contract. The Seller has a legal obligation to answer questions asked directly.

• Phrases like, “It’s always been that way,” “That’s not a big deal,” or “Show me a house that doesn’t have a problem.” ” It was that way when we bought it”

• Look for signs of irregular maintenance, such as dusty air vents, old filters in the AC system, clogged gutters, and dying grass, just to name a few. Politely but firmly ask for more details, receipts, and documentation about anything the homeowner waves away.

• Ask to turn off the music or remove the scents and return at a later date during the inspection period.
• Request that items be cleared from walls and garage to accommodate the inspector.
• Don’t be rushed though the final walk-through. Is there anything that has deteriorated since the inspection? Anything that was hidden or unobservable?

Filed under: Blog, Boca Raton real estate, contracts, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Home Buyer Advice, Home Buyers, home Inspections, Home Maintenance, home safety, Homebuyer Advice, Real Estate, Real Estate Investment, real estate news, South Florida Real Estate, Uncategorized, What Buyers Should Check When Buying an Older Home by Kim Bregman
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• The appraiser didn’t use appropriate comparable sales, and you have proof of more accurate options
• The appraiser missed features or upgrades in the subject property
• You found mistakes in the report
• The appraiser only conducted a drive-by or exterior appraisal

Filed under: appraisal, appraisal gap, appraisal gap coverage clause, Blog, Boca Raton real estate, contracts, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, Homebuyer Advice, House Closings, Real Estate, real estate news, South Florida Real Estate, Uncategorized by Kim Bregman
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A bidding war is when at least two prospective buyers have made legitimate offers for a home that are similar and the Seller wants to select the best offer and terms for themselves. Bidding wars are common—in most of 2020, over half of home offers presented have faced competitive bids, according to Redfin’s study. Although historically low interest rates have sparked buying activity recently, some neighborhoods are always sought-after and attract multiple offers whenever a home comes up for sale.  Exclusive Buyer Agents are experts in winning bidding wars and getting credits during the due diligence period.

Expect to be in a bidding war In a hot housing market, it’s often not enough to quickly make an offer on a house but to have the highest price and best terms.

Here are a dozen ways you can get an edge on the competition.

1. Offer to Pay in Cash

If you have the ability to offer an all-cash bid, you gain a distinct advantage because you eliminate the possibility of a mortgage falling through before closing. Buying with cash will make the process go quicker because you won’t need to go through the approval process with a lender, who would also request an appraisal. If you can’t cover the entire purchase price in cash, you could agree to a larger down payment on the house, which increases your approval odds and might make your bid more attractive.

2. Get Pre-Approved

Pre-approval is a step most buyers will take anyway, but it’s absolutely essential for anyone in a competitive bidding situation. Pre-qualification is not enough, as it doesn’t show that the lender conducted the same amount of due diligence—such as checking your earnings and doing a hard credit check—that a pre-approval would require.

3. Know Your Financial Limits

When you’re preparing for a bidding war, think of it like an auction—you need to know how much house you can afford before you actually bid. Once you know the maximum amount you’re willing to bid, you can include an escalation clause in your purchase offer to ensure you can instantly counteract any other bid. An escalation clause lets you increase your bid to avoid being outbid by another buyer up to a specified amount.

4. Provide More Earnest Money

Buyers typically provide 1% to 5% of the purchase price as earnest money—a form of a security deposit—in a purchase contract, which gives sellers the assurance that you will follow through with the purchase. If you bail out on the contract without citing a contingency, you will likely lose the earnest money. If you put down more than the typical earnest money amount, it will tell the seller that you’re determined to follow through to the closing.

5.  Be open to making offers sight-unseen

Speed is key in a seller’s market as competitive as this one. If you’re interested in a home but live far away or just haven’t been able to tour it, you can still throw your hat in the ring. Video tours and 3D walk-throughs have made sight-unseen offers much more feasible. Almost two-thirds (63%) of people who bought a home last year made an offer on a property that they hadn’t seen in person.

6.  Remove Some or All Contingencies

When you make an offer to purchase a house, you know the deal could fall through for numerous reasons, and you don’t want to lose your earnest money because of it. That’s why you include contingencies in the purchase contract; if the home inspection uncovers major problems or you can’t sell your current home in time to close on the new one, you can get out of the contract without penalty. Almost no offers contingent on the sale of a home will win a bidding war. Sell your home, rent and then start trying to get a home under contract. Simultaneous closings are so 1990’s.

If you can’t waive contingencies, sweeten them for the seller. Opt to expedite the contingency timeline.

7. Be Flexible on the Move-in Date

First-time home buyers and those who have already sold their previous home might be in a position to be flexible with the sellers on their move-in date. A seller might ask for more time if they have concerns about potential delays for a new home build. In this case, they could go through the closing and then rent the home back from you for a few weeks or a month. This flexibility could be as valuable—if not more valuable—than a higher bid on the house.

8.  Start low, bid high

A lot of successful buyers today win by making an offer that exceeds the asking price…in fact it is expected. This also means that a lot of buyers end up exceeding their budgets. To prevent this, only search for homes that are listed 10-15% below what you can afford, so that you can make an over list price offer.

9.  Offer to pay some of the seller’s costs

Home buyers can make their offers more competitive by offering to pay for expenses that are typically covered at least partially by the seller.

10. Write a Personal Note

Home sellers, especially ones who have lived in a home for a long period of time, can sometimes be swayed by a personal note that explains why you believe this is the home of your dreams. For example, you might know that the current owner raised a family in the home, and you can discuss how you hope to do the same. It might seem a bit over the top, but it’s certainly worth a try when not much separates your offer from others. And yes—sometimes it works.  Avoid putting any personal information in the letter that may expose the Seller of real estate agents from violating Fair Housing laws.

11.  Prepare to lose before you win 

With more than half of offers facing competition these days, it’s more likely than not that you’ll get into a bidding war if you’re in the market for a home. It’s also wise to know when to walk away. It’s OK to put your search on hold if you reach the point where you’re not comfortable making the aggressive offers that are often necessary to win in today’s market. You don’t want to end up with buyer’s remorse, after all.

12.  Use an experienced Exclusive Buyer Agent that has been successful with winning bidding wars and speak with their references. Be prepared to ask to be in a Back Up position if you lose the bid. The market is too competitive and offers move too fast for novices to be effective at winning bidding wars in a multiple offer situation.

Filed under: Blog, Boca Raton real estate, contracts, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Foreign Home Buyers, Home Buyer Advice, Home Buyers, Home Financing, home Inspections, Homebuyer Advice, House Closings, International Home Buyers, International investors, Real Estate, Real Estate Investment, real estate news, Real estate trends, Relocation, South Florida Real Estate by Kim Bregman
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Buying a home in a Seller’s market always has its challenges. But when you’re trying to do it in a seller’s market, the difficulty can reach a new level. When the market favors the seller, time is of the essence. Multiple offers happen with more regularity in a seller’s market than a buyer’s market, because a seller’s market is defined in part by low inventory and a surplus of home buyers. A beautiful home that is priced well can attract more than one offer.

In a seller’s market, you should always assume you’re competing against several other offers. However, that doesn’t mean you can’t buy a new home in a seller’s market, when there are more buyers than homes, and sellers can afford to hold out for higher offers. You just need to make sure you do it right and arm yourself with the right information:

Here are a few things to consider as you prepare your offer when buying in a seller’s market:

Choose an Experienced REALTOR: In sports and in business, it’s important to have the best players on your team when facing fierce competition. In a seller’s market, that means choosing a real estate agent who not only has proven expertise in the neighborhoods you’re interested in but is also highly responsive and efficient. Make sure to use an Exclusive Buyer’s Agent that owes you a fiduciary and works in your best interest.

Demonstrate Credit Worthiness: You should get Pre-Approved for a home mortgage with a local lender before touring homes if you need to get financing. By obtaining a pre-approval for a mortgage before you start home shopping, you’ll know how much buying power you have. Your offer may have far more credibility than competing ones where buyers didn’t take this step.

Lower Your Expectations: When the inventory of homes is limited, you probably can’t afford to wait for the perfect house to hit the market. Prepare yourself to adjust your expectations. It makes the most sense to make exceptions to your criteria for things that can be changed. For example, you can renovate or add a bathroom someday, but you can’t change the home’s location or lot size.

Make your Best Offer first, be Ready to Bid: Make your best offer but be prepared for it not to be your final offer. High home prices can lead to home appraisals that don’t climb as fast, leaving lenders to not fund the loan. Home buyers should have money set aside the pay the difference between a contracted purchase price and the appraisal.

By Prepared to Make Concessions: Your relative lack of power in a seller’s market doesn’t just affect the question of price. It carries over to every other aspect of the deal, too. Shorten the inspection period, be flexible on closing dates; you should be prepared to accommodate the seller’s needs even if it is an inconvenience to you.

Don’t be that buyer who wants to wait until the weekend to view a home in a seller’s market. By the weekend, that home could be sold. Try to be one of the first showings. Sellers usually don’t enjoy having buyers come through their homes at all hours of the day, so most would like to see their home sold quickly. If you write a good, fast, and clean offer, your chances of acceptance are far better than those of a buyer who is unprepared or is unrealistic on price.

Finally, don’t get carried away with the pressure to buy, even in a seller’s market. Remember that a home decision has a long-term impact on your financial future. It may be better to let a house go than make a poor decision that’s expensive to change.

Filed under: Blog, Boca Raton real estate, contracts, downtown boca raton, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, Homebuyer Advice, House Closings, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Real estate trends, Relocation, South Florida Real Estate by Kim Bregman
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