Things
to consider when buying any waterfront vacation home.First
off, congratulations at looking to the Keys for a possible
vacation home. The good news about the Keys from an investment
angle are:
- There is only so much waterfront or Coastal property
available.
- The Keys have strict environmental laws that affect building
permits. This means there are only so many homes and always
will be a limited number of homes here. One big reason for
this is there is just ONE Highway in and out of the Keys.
(US1) If there is an emergency, people need to have the ability
to leave quickly and so for this reason alone, the Keys will
never be California. The other main environmental consideration
is the water quality. The Keys main attraction are water
sports and Monroe County is going to make sure that our waters
are clean and usable.
To consider when purchasing any waterfront vacation home
and how the Keys measure up:Is there a view?
Views really do matter. An unobstructed Ocean view adds as much
as 60% to the value of a home per the Journal of Real Estate
Finance and Economics. Proximity to Golf courses or a park can
add as much as 20% to a homes value. This is per an article
by a much published author named Soren Anderson, a writer
from Manchester College.
Consider the recreational activities…
The What and the When.
For example in a Ski resort area, your options are limited due
to weather considerations and the total amount of activities
available is definitely less.
*In the Keys, about the only thing you cannot do year round are
mountain climbing and white water rafting.
Boating access
and controlling depth
Is there direct boating access on the property?
If so, how large a boat can you have behind the home? This
is determined by what we in the Keys call controlling draft
or depth. For example: If a boat is under 30ft in most
cases 3 ft draft is OK. Draft means...what is the lowest
water depth you have to go through to get to open or deep
water.If you have a sailboat or 50 ft boat you will need
deeper draft such as 5ft.
Now..obviously if you have a 50 ft sailboat behind your home,
the canals or waterways have to provide you with turn-around
room.
If the access is deep draft, then expect prices to go up. If
there is no water acess at the home or the draft is for kayaks
only, in most cases expect a drop in price.
If there is no direct water access...how far is the nearest boat
ramp or is there a boat slip available? If so, is it included
and what is the draft out of the boat slip.
So the boating issue has a very direct effect on pricing here.
Neighborhoods with bigger canals and deep draft boating are generally
home to the Million dollar and plus homes.
Nearby Medical and shopping options
These are very important considerations. If there is an accident,
how far away is a hospital?
In the Upper Keys we have Baptist hospital in Tavernier which
is an excellent option.
If you need groceries or restaurants, what is nearby?
Oftentimes vacation properties can be secluded and don’t
offer easy access to the above. At first being remote can seem
as desirable, but in the end it can grow old quickly.
This also affects home values by the way. If you can have the
vacation feel and recreation, yet have amenities nearby, the
prices go up.
On thing about the upper Keys is that Miami and South Beach are
just about an hour away and World famous Key West, 2 hours.
How
much room do you need?
If you own a home with nearby recreation and sightseeing, expect
people to come out of the woodwork. Everyone will be your friend.
Larger homes, with more bedrooms, a 3/2 and up always rent better.
So if you can, get a home with extra space.
Type
of Construction or is it built to last.
The age of the home will determine the building code that it
was built to. In the Keys newer homes have to be built to strict
specs as to wind handling characteristics.
Also, look for low maintenance homes.
Lots of homes in the Keys are made of concrete block and have
pea-rock for yards and the outside is stucco over concrete or
frame. This means lower maintenance, which is very important
for an absentee owner.
Finding renters
Does the home have good rental potential and is there local rental
management available?
This is a very important consideration, both for long term and
short term vacation rentals.
Remember, even if you don’t want to rent, this can be an
important consideration for a future buyer or if your situation
changes.
Home maintenance.
Are there nearby electricians, plumbers, appliance stores and
general contractors.
If anything does happen, the prices to have things repaired or
replaced will be less if there is competition and service people
are nearby.
Check with the REALTOR you are talking with to get a Vendor list
of who the Real Estate company uses to service their rentals
and offices.
Rules and Regulations
Make sure you are clear on and have copies of any deed restrictions
or condo docs as to what is allowed and what is not. Too many
rules can be appetizing for some but a turnoff for future buyers.
For example if you have children who will want to use the property
in the future as a college break, lots of communities can prohibit
it.In conclusion, the upper Keys offer good investment potential
from an appreciation aspect and income potential from renters.
Regarding Appreciation.
Because Miami and Ft Lauderdale are a short drive away, people
there look to the Keys as a getaway. Think New York and the Jersey
shore. We sell a majority of homes to people from these areas.
Income potential.
About 50% of the vacation renters in the Keys are from Florida.
They come here because the Keys are a completely different experience.
This means as Florida grows (it is on pace to be the 2nd largest
state in the USA by 2010) we will have more people looking to
vacation here. This will drive prices up and make rental occupancy
rates climb even more.
For more information please contact me…I look forward
to helping you find the right situation.
Building
a Home in the Florida Keys
Buying
a lot and building your dream home may be the way
to go. The cost of building will vary widely from
$50.00 per square to $300.00 and up.
Basically lots in Florida as far as price goes
will run as follows.
Most expensive
• Open-water—Atlantic or Gulf
• Open-water Inter-Coastal or other
Rivers-Lakes
• Canal Homes with Open water views (Bay
or Atlantic-Gulf)
• Canal homes-Boatable and quick access to
open-water
• Dry Lots—price varies widely, based
on the community and area. *As
to canal lots and how boat ability affects prices.
If the depth of the canal and the width allows
for a 50ft boat or sailboat-it will be more expensive
than a lot on a canal that is shallow and usually
not as wide. The bigger the boat, the more room
needed to turn around.*Access
to open water is another factor that influences
prices.If
you’re only minutes (half hour) to good
fishing-diving, expect to pay more.
Also homes on shorter canals will generally
have better water quality. In the Keys we
call these swimming canals. The tides flush
them out easier and the water is clear.
As of September 2005, per an MLS search,Vacant
lots-Location-Number available and starting
price.
• Key Largo, 89 starting at $30,000
• Marathon, 446, starting at $35,000
• Key West 20, starting at $275,000 For
prices on the individual keys please contact
me. The prices will vary depending on depth
of boating etc—see information below.Permit
prices and restrictions will vary in each
community. Generally the more environmentally
sensitive the area is, the more restrictions
there are in getting a permit. (Since the
water is one of the main reason people
want to be here, the state and the communities
want to keep it that way.Important:Regarding
pricing. The closer to the water and the
deeper the boating,(boat draft-a 50 foot
requires deeper water and wider canals
than a flats boat) the higher the prices.Another
thing to do is find out what flood zone
the property is in per FEMA maps and then
talk to a local insurer on how that will
affect your rates. Do this ahead of time.#In
all cases if you find a lot that you like,
my suggestion is that you ask for a letter
of build ability from the local zoning
commission as a clause in your sales contract.
Always-always, talk with the county yourself
to get the update on the laws.So,
yes, you can build here and it’s
done all the time, but make sure you ask
all the necessary questions and if you
can, get it in writing.See
the Biz directory for builders if that’s
the way you want to go. If you want a new
home contact a residential agent.REGARDING
BUILDING Ask
the REALTOR that you pick to help find
you a good builder that will respond quickly.
Another consideration is to buy a lot and
build later (be careful here as building
codes and laws can change due to density
controls) I would first see how long it
takes to get a building permit and then
if you get one how long you can wait. In
the Keys when you get a permit there is
a limit of a couple years during which
time you have to at least start the process
(bring electric to the site-do a septic
check etc)Since
all this varies widely make sure you get
all the answers, Probably best to go the
the permit department yourself and have
a discussionMonroe
County permitsYou
will probably need a building permit if
you are:
• Building
a new building
or Adding to an
existing building
• Renovating
an existing building
• Demolishing
an existing building
• Constructing
a prefabricated
structure
• Moving
or installing a
mobile home
• Installing/Modifying
other miscelaneous
structures
• including
fences, pools,
decks, fireplaces,
etc. You
probably also need
a permit if you
are working on
your structure's:
• Electrical
System
• Plumbing
System
• Heating
or Air Conditioning
• Ventilation
Systems State
and or Municipal
Licenses required
• Plumbing
• Electrical
• Asbestos
Abatement
• Roofing Building
Departments
• MIDDLE
KEYS OFFICE
• 2798
Overseas
Highway
• Suite
300
• Marathon,
FL 33050
• 305289-2501
• fax:
305 289-2515
•
• UPPER
KEYS OFFICE:
• 88800
Overseas
Highway
• Tavernier,
FL 33070
• 305852-7100
• fax:
305 852-7103
•
• LOWER
KEYS OFFICE:
• Juvenile
Justice Building
• Room
2030
• 5503
College Rd.
• Key
West, FL
33040
• 305295-3990
• fax305
295-3994
Florida
Building
Codes
The
purpose
of the
Building
Code
is to
protect
the safety,
health,
and general
welfare
of the
citizens
through
structural
strength,
stability,
sanitation,
adequate
light
and ventilation,
and safety
to life
from
hazards
attributed
to the
built
environment.
This
is accomplished
through
the implementation
of building,
plumbing,
mechanical
and electrical
codes
along
with
various
state
and local
codes
and standardsInformation
on Complaints
Against
Contractors:
Don't
get
nailed!
Many
citizens
in
Florida
have
fallen
victim
to
dishonest,
unlicensed
or
improperly
licensed
contractors.
Florida
Statute
489
requires
all
construction
contractors
to
hold
a
valid
contractor's
license
prior
to
engaging
in
contracting.
Always
require
that
a
contractor
show
you
a
valid
contracting
license
before
you
sign
a
contract.
Some
indications
that
a
contractor
may
be
unlicensed
are:
the
contractor
requests
a
large
deposit
or
all
of
the
money
up
front
before
any
work
has
commenced,
the
contractor
asks
you
to
pull
a "homeowner
permit",
the
contractor
pressures
you
to
sign
a
contract "today
or
I
can't
give
you
this
special
price." To
verify
licensure
of
a
contractor,
you
may
call
the
State
of
Florida
Dep't
of
Professional
Regulation
at
941
338-2373
or
search
their
contractor
licensing
database.
The
City
requires
proof
of
licensure
from
contractors
who
pull
permits
for
properties
located
in
the
City,
so
be
sure
to
require
that
the
contractor
pull
the
permit
in
his
name,
not
your
nameSo
always
play
it
safe
and
do
it
right.
This
will
certainly
help
you
in
the
Insurance
area
also---The
extra
structural
costs
for
doing
it
better
really
pay
off
if
a
Storm
hits
and
or
you
decide
to
sell#The
information
above
is
based
on
my
experience
in
the
Florida
keys,
which
is
highly
regulated
due
to
environmental
concerns.
With
regard
to
making
any
decisions,
be
sure
to
check
with
local
and
state
permit
and
zoning
authorities
and/or
a
Real
Estate
attorney
Florida
Homestead Exemption
New 2008 property tax Reforms:
In a January 2008 ballot measure, Florida voters
approved a constitutional amendment that introduced several
changes to our state's property tax system. The four changes
may affect the amount of tax you owe:
Increased Homestead Exemption: If
you're currently receiving a $25,000 homestead exemption
on your property taxes, you will automatically be
upgraded to a $50,000 exemption this year. If you
are a homeowner and do not currently receive the
exemption, you may file your application in person
along with a $15 late fee, through mid-September.
Save Our Homes Portability Cap: You
may now trasfer up to $500,000 of your property tax
cap to a new home when you move. To take advantage
of this benefit, you must file a Homestead Exemption
and Portability Application.
Tangible Personal Property Tax Exemption: If you're required
to file a Tangible Personal Property Tax Return, you're entitled
to a $25,000 exemption on business equipment.
Non-Homestead Cap: Beginning next year, those properties
not eligible for a homestead exemption may apply to receive
a 10% cap on property tax increases.
Homestead Exemption Overview:
FILING PERIOD JANUARY 1 – MARCH 1
Florida law requires that application be made by March 1st
to be eligible for the $25,000 Homestead Exemption. Only new
applicants or those who had a change of residence need apply.
Automatic renewals are mailed in January each year.
In Florida, $25,000 of the assessed
value of your home is exempt from real estate taxes, but
you have to meet certain criteria to be eligible for the
exemption. First you much have the title or record to your
property as of January 1, and reside on the property. You
have to be a legal and permanent resident of Florida as of
January 1. When applying for the exemption status, bring
along a copy of your deed or tax bill, and a Florida county
voters registration or Declaration of Domicile. If you drive,
you must also bring your Florida driver's license and automobile
registration. New applications must be submitted in person
at the appraiser's office, but renewals may be done by mail.
For further information, consult the County Property Appraiser's
Office.
Real Estate Taxes
All residents are subject to county taxes,
but each city or special district levies taxes
within its boundaries. City, special-district,
and county taxes are combined in one tax bill.
Real estate taxes are assessed as of January 1
each year. They are due and payable on November
1 and become delinquent if not paid before April
1 of the following year. Florida law holds the
taxpayer responsible for receiving and paying tax
bills in full. For additional information contact
the County Property Appraiser's Office.
Establishing Residency
To establish residency, you may register
to vote or file a Declaration of Domicile, which
is an affidavit available at the CountyCourthouse.
Filing one copy with the Circuit Court provides
a record of your intention to make Florida your
home. Simply moving to the State does not guarantee
legal residency. For more information contact
the County's Clerk of Circuit Court.
What is Homestead Exemption?
Florida Law entitles every person, who has legal
or equitable title to real estate and maintains it as his/her
permanent residence, to apply for a $25,000 homestead property
tax exemption. A partial exemption may apply if the ownership
of the applicant is less than 100%.
Am I eligible to file?
You must meet the following requirements as of January
1st:
Have legal or beneficial title to the property,
recorded in the Official Records of County
Residency on the property
Be a permanent resident of the State of Florida
Be a United States citizen or possess a Permanent Residence
Card (green card)
When do I file?
The deadline to file an application for exemption
is March 1st. Under Florida law, failure to file for any
exemption by March 1st constitutes a waiver of the exemption
privilege for the year.
Regular filing is January 2nd - March 1st.
Pre-filing for the coming year is March 2nd - December 31st.
How do I file?
Take copies of the required documentation to your
Exemption Department:Generally at the County or City Court
House
“Remember
not making a decision is still a decision!
Buying
a Home in the Keys and using it as a Rental
Renting your home out
as a seasonal(vacation rental)or long term.
Long term renters are easy to find as there is
a shortage of homes for rent. So, if you want to
buy something for retirement or a vacation home
and rent it out to help your payments-this is typically
the easiest way. (Long term rentals are considered
to be anything over 6 months, as the tenants don't
pay the 11.5% Florida tax)
• Generally long term rentals should be unfurnished.
• Initially we do a credit check before submitting
a lease to you, then with your approval of the
lease, we collect the first and last months rent
plus a security deposit which is typically a months
rental amount. We are very proactive in this area
and I assure you the home is handled professionally.
• As to utilities- The tenants take the lease
to the water, electric, phone and cable people
and have the utilities put in their name and of
course they pay their own deposits. Garbage down
here is included in your tax bill-so there is no
garbage bill.
• Seasonal rentals. Currently we can only
rent monthly or 28 days, meaning the owner can
only rent the home out 12 times per year. This
means about 5 months of income-Jan-Feb-Mar and
July-August. There are some April and June monthlies.
• As to finding people to rent for the rest
of the time! I deal a lot with navy transfers÷they
generally need something for 2-3 months while they
sell their home and buy another. So if it is the
off season, I try to fill your home up this way.
Another way to fill in the gaps is to Companies
that come down here. Most of the major government
and private building projects are done by outside
firms. Their management people will generally want
a nicer situation so they will generally rent homes
at better than average rates.
• As to what is the best rental situation
, that is size, which areas, views, pools, how
water and boating accessibility affects rental
amounts and the typical rental amounts for both
long and short term, plus the fees involved, please
contact me. As to
extra costs and what is necessary to have a Home
as a Rental.
• When you rent your home out you need
to license it through the County. This costs
$25.00 and we handle the paperwork for you. The
County and the Tax people want the home licensed
so they know where there may be tax dollars coming
in. When your home is used as a rental, in effect
you are operating the same as a hotel or motel
and so come under their safety guidelines.
• Every bedroom and the main living area
must have a hardwired smoke detector and there
must also be an escape light. This light comes
on in case of a power outage-this also must be
hardwired. (About $350.00 installed smoke detectors
and escape light for a 2/2)
• There also needs to be a professional
quality refillable fire extinguisher that is
approved by the fire department (about $55.00).
This would be the same as you'd find in a restaurant
or hotel room. There needs to be a dead bolt
on the door that works from the inside and is
a different key than the main door. All of these
issues help protect your liability in cases of
fire/break in.
• When the home complies with all of the
above and we have the signed contract, then it
can go into the rental pool.SPECIFICS OF THE
AGREEMENT
1 Coldwell Banker agrees to manage the home for
a period of one year with the contract automatically
renewing unless either side gives 90 day notice.
2 Our fee for vacation rentals is 20%---what
is really important here are the following points.
• There are no hidden fees-such as credit
card charges etc.
• We typically send you the money within
2 weeks of receiving it÷we do NOT hold
it until the first of each month or split it
out each month. We always collect cashiers checks
from the renters so when the money is received,
it is quickly processed through our main office
and sent to you.
• There are no charges for going up on
our Web sites÷5 in all.
• There are no charges for the pictures
that are taken.
• There are no charges for any specific
flyers, brochures or ads that we run on our rental
properties.
• Please go to www.rentalsfloridakeys.com
• We actively and aggressively manage your
home. Meaning we get the best customers (qualified)
We play by the 2 people per bedroom limit, and
we work to keep it filled other than your personal
usage
• All of the computers in the 6 Coldwell
Banker Schmitt offices throughout the Keys are
linked. If a customer inquires about a home,
it will show up on the rental agents computers.
• We have Handymen, Electrical, Plumbing,
Landscaping, Pest control and appliance people
that respond when there is an emergency.BOOKING
THE HOME FOR THE OWNER.
This is very simple. You would call the rental
manager and have him block out the home when
you want to use it. We don't charge a fee for
any of that. Generally you would have us arrange
for the home to be cleaned after you leave.FLORIDA
BED TAX Florida charges a 11.5% tax on all hotel,
motel, home rentals. We collect the money from
the tenant and disperse it to the tax agency.CLEANING
SERVICE The tenants pay this fee which varies
based on the size of the home. On average a 2/2
is $100 and a 3/2 is $125.00.PETS AND SMOKING
If the home is no smoking, that is put in the
rental file and the tenants are informed before
they book the home. If the home allows pets,
we collect a pet deposit which is added to the
standard security deposit of $500How are emergency
repairs handled?
• We have handymen available that can take
care of small emergencies or updates, as the
owner requires. Since our company manages over
300 rentals, we also have a good working relationship
with Plumbing, Electrical, Appliance and Carpet,
Tile people.What about Hurricane preparation?
• In the event of an impending Hurricane,
the handyman or someone else can be hired to
put up the storm shutters, bring in the lawn
and patio furniture, etc for a fee-as we have
too many homes for us to do them individually.
This agreement should be set up in advance by
the homeowner and the handyman. We will help
you find someone to do this.What makes a good
Vacation Rental
• A clean, well-maintained home on a canal
or open water.
• Typically one of the bedrooms should
have a set of twin beds if the renters are bringing
children.
• Good linens and towels and a backup set.
This is especially important for monthly renters.
• The washer, dryer and refrigerator should
be newer if possible.
• A good Television hooked up to cable
(about $35.00 per month) and a CD or tape stereo
system.
• The kitchen must be completely outfitted.
A microwave is also very important for renters.
• Patio and/or Lawn-Deck furniture. If
there is an upper deck, a table and chairs plus
loungers.
• On the water side, below a set of loungers
and chairs.We get a lot of repeat renters÷if
the renters have a good experience, they will
come back. We see this especially with people
that book two to three months a year.
Where do our renters come from!
• If you're reading this on my web site you have the
answer. If not most of our renters come through the Internet
and one of our sites.
• www.floridakeysrealestate.com www.rentalsfloridakeys.com
www.fkren.com
• All of our sites are linked to Key West or www.flakeys.com
which averages over 500,000 views per month. Basically if anyone
looks at Key West they find our sites.
• The balance come through National Advertising placed
in magazines such as Island Living, Florida Sportsmen, Salt
Water fishing and Dive magazines as well as regional publications
and our own buyers guide.
• Also all of our computers are networked meaning if
someone is looking for a specific situation such as open water
it will show up on the computer immediately as to area, availability
and price plus all other details.Who handles the renters?
• All of our offices have a dedicated rental manager
whose job is to rent the homes. In conclusion, there
is a lot to discuss on rentals and this is used to just get
you information regarding the main issues.BUYING RENTAL UNITS-DUPLEX-OR
MORE UNITS
• There are Duplexes throughout the lower Keys and a
few 3-4 unit complexes. The 3 to 4 units are generally in Key
West or Marathon.In looking at the return, generally it runs
around 10% in the Keys÷this includes the large guesthouses.
When a return of 14% or more comes up they generally go very
quickly.
DUPLEXOn the water generally start at $600,000. Nicer ones
(maintained-updated appliances-tile) go for $775,000 and up.
A dry lot duplex can start at about $550,000. These generally
have the best return percentage.3 TO 4 UNITSGenerally in Key
West or Marathon.
• In Key West, these can be good, especially if it's
located in Old Town and one or more of the units has a transient
license, meaning it can legally rent weekly.
• These type of situations run from about $850,000 and
up. In Marathon from about $750,000 and up.MOTELS-MULTIPLE
UNITS
• These are generally found in upper keys, Marathon and
of course Key West. The more affordable ones ( one to two Million
dollars) are generally from Marathon north to Key Largo. See
Commercial section of my site. If there is a specific situation
you want please let me know.
What
Your Home Inspection Should Cover Siding: Look for
dents or buckling Foundations: Look for cracks or water seepage
Exterior Brick: Look for cracked bricks or mortar pulling away
from bricks Insulation: Look for condition, adequate rating
for climate (the higher the R value, the more effective the
insulation is) Doors and Windows: Look for loose or tight fits,
condition of locks, condition of weatherstripping Roof: Look
for age, conditions of flashing, pooling water, buckled shingles,
or loose gutters and downspouts Ceilings, walls, and moldings.
Look for loose pieces, dry wall that is pulling away. Porch/Deck:
Loose railings or step, rot Electrical: Look for condition
of fuse box/circuit breakers, number of outlets in each room.
Plumbing: Look for poor water pressure, banging pipes, rust
spots or corrosion that indicate leaks, sufficient insulation
Water Heater: Look for age, size adequate for house, speed
of recovery, energy rating. Furnace/Air Conditioning: Look
for age, energy rating. Furnaces are rated by annual fuel utilization
efficiency; the higher the rating, the lower your fuel costs.
However, other factors such as payback period and other operating
costs, such as electricity to operate motors. Garage: Look
for exterior in good repair; condition of floor—cracks,
stains, etc.; condition of door mechanism. Basement: Look for
water leakage, musty smell. Attic: Look for adequate ventilation,
water leaks from roof. Septic Tanks (if applicable): Adequate
absorption field capacity for the percolation rate in your
area and the size of your family. Driveways/Sidewalks: Look
for cracks, heaving pavement, crumbling near edges, stains.
www.REALTOR.org/realtormag Reprinted from REALTOR® Magazine
Online by permission of the NATIONAL ASSOCIATION OF REALTORS® .
Copyright 2003. All rights reserved
Taking advantage of a changing
marketReal estate is a local issue.
Since the real estate climate in the Keys varies from subdivision
to Island, it is important for you to know and understand how
all the pricing fluctuations work here.
In addition, conditions can also change quickly, so you need
the most up-to-date information available to make a well-informed
decision. If you’re thinking of buying or selling a home,
contact me for an overview of current market conditions. I can
determine the value of your existing home or help you estimate
the cost of a home in an area you may be considering.Over the
past five years, the United States real estate market has experienced
record sales and price appreciation. The real estate boom has
been especially strong in the South East, with home values doubling
and even tripling in some cities. Real estate is cyclical. In
some areas, particularly those that have seen annual appreciation
rates of 20 percent and more a year, the real estate market is
cycling back to more normal conditions. The normalizing of home
prices is a natural part of the real estate cycle. It’s
also healthy for the market, serving to rebalance supply and
demand, and to bring prices more in line with what consumers
can afford. Remember that housing markets are all local. At the
height of the real estate boom, some areas of the country experienced
annual appreciation rates in just the low single digits. And
even in regions that are seeing home prices moderate today, there
are properties in highly desirable neighborhoods that continue
to receive multiple offers. What’s important is how to
make the best possible real estate deal in your market. That’s
where I can help. Whether you’re looking to buy or sell
a home, here are some strategies that will help make your real
estate transaction more successful. Tips for buyers
Now is a great time to buy a home. Interest rates are low, and
buyers have more properties to choose from, so there’s
room for negotiation. If you play it smart, it’s the perfect
time to buy that house you’ve had your eye on. Here are
a few strategies for getting the most for your money. Know the
local market
With the housing market in transition and prices fluctuating,
it is important to understand what’s going on locally.
Prices in some neighborhoods are being reduced; others are as
hot as ever. I can do a market analysis of the communities you’re
interested in and provide you with information on homes that
meet your criteria. I will also look at comparable residences
to determine the appropriate offer to make to the seller. In
a changing market, it’s important that the data you look
at is current. Properties that sold six months ago may not represent
the value of a comparable home on the market today.Identify what
you want
The good news about a moderating market is that there are more
homes to choose from. Buyers have the luxury of being specific
about what they’re looking for. Now is the time to strongly
consider that Keys getaway.. Be ready to buy
While more homes are on the market than a year ago, attractively
priced homes are still selling quickly. Make sure you’re
pre-approved for a mortgage and have a home inspector lined up.
If you find a home you just love, don’t wait too long for
the seller to reduce his price. It’s better to get a fairly
priced deal than miss out on the home of your dreams. One of
the strongest benefits I offer buyers is my ability to negotiate
on your behalf. Depending on the local market, we may be able
to get price reductions and other concessions from the seller.
I’ll work with you to identify areas in which we can negotiate
so you get the greatest real estate value for your dollar.