Essential Sarasota Homebuyer Tips
Posted by Bill True on
This is a great time, maybe the best ever, to join those buying the upscale condos and luxury homes for sale in Sarasota. Interest rates remain at all-time historic lows. Sarasota home prices are slowly rising and the housing inventory is slowly declining; nevertheless, plenty of attractive upscale properties are still available in most Sarasota communities. All the economic indicators, both nationally and locally, are positive. It's easy to see why growing numbers of homebuyers are deciding that now is the time to buy, and easy to see why they're looking at fashionable condos and the magnificent luxury homes for sale in Sarasota. With 35 miles of gleaming white-sand beaches, year-round comfortable sunny weather, boating, golf, museums, restaurants, and scores of fabulous luxury homes for sale, Sarasota is irresistible.
Whether you're a first-time homebuyer or a savvy investor, if you're buying a second home, or if you're relocating your family or retiring, many of the same rules for homebuying will apply.
Here are some home-buying tips to help:
1) It should all start with finding an Exclusive Buyer Agent (EBA) familiar with the area. EBAs focus exclusively on finding the home that's right for you. An EBA will disclose to you anything that could affect a property's sales price. EBAs explain zoning regulations, preview properties for buyers, provide pertinent details about the community, and do whatever it takes to make the buying process straightforward and hassle-free. By avoiding the conflicts of interest inherent in conventional real estate operations, EBAs can exclusively represent your best interests.
2) Find an EBA with the appropriate certifications and designations. Certifications and designations indicate professional knowledge and experience. For example, an Accredited Buyer's Representative (ABR) will have customized information, exclusive resources, and a unique understanding of a homebuyer's needs and how to serve them. The Certified International Property Specialist (CIPS) serves the international market with knowledge of exchange rates, investment trends, and salient legal issues. A CLHMS (Certified Luxury Home Marketing Specialist) designation indicates experience as well as specialized knowledge of the luxury market. Designations reflect dedication to career, clients, and to community.
3) Wherever you're looking, compare the selling prices of homes in the area. An EBA can help you do this.
4) Decide what you can afford using our helpful calculator tools.
5) Establish what your monthly costs will be after a home purchase, including insurance and taxes. In some areas, taxes and insurance can nearly double your monthly payment. Don't forget that exemptions and local tax laws (like Florida's Save Our Homes value cap) might mean a difference between what longtime homeowners pay and what new, first-time owners would pay.
6) You'll want to know what the closing costs will be. Again, your EBA can help you determine this.
7) Fannie Mae advises homebuyers to spend no more than 28% of their income on housing. Look at your budget. Spending over 30% on housing is too much for most people.
8) Keep the big picture in mind. Maintaining a home can be costly and laborious. Unexpected repairs, hidden costs, and similar problems can often quickly drain your resources.
9) There is more examination than ever before, so document everything. Full financial documentation is imperative.
Many prospective homebuyers who've been "undecided" are now jumping off the fence and buying, especially in Sarasota. We are EBAs who represent homebuyers only, and we offer the finest service found anywhere. We are Sarasota experts who live here, work here, and have years of experience in the Sarasota market. We'll help you through every step of the homebuying process. Get a step ahead of the many buying luxury condos, second homes, and solid investment opportunities. You'll congratulate yourself in the years to come for getting a great interest rate and great deal on the home of your dreams in Sarasota.