The Best Tips For Buying a Home in Florida (part 1!)
2016 has been an interesting year so far in real estate for Bradenton, Florida, but it isn’t over yet. Here are the top tips from experts around the industry for getting the home of your dreams at a price you can afford.
There’s plenty of advice floating around the web about what to buy, when to buy it, how to pay for it, and just about everything else you can think of when it comes to buying a home. What’s really lacking out there is a good list of actionable tips based on the local market or trends as a hole across the industry. I’ve used my extensive experience in the local area as well as my contacts around the industry to compile a list of tips for buying a home in Florida that will really help you out. They apply mostly to Bradenton, the surrounding area, and Florida in general, but are sure to be helpful anywhere in the nation.
Think of times other than winter
The winter in Florida is pretty amazing if you’re from up north. What’s not to like about beautiful beaches, 70-degree weather, and sunny skies when the rest of the country is buried under snow? That leads to the traditional “high season” which typically runs from Janury-April. Snow birds fly down here and look for homes, creating crowded markets and even more crowded open houses. If you can deal with the insanity, then Bradenton in the winter is the place to be, but if you prefer something a little more tame, then off-peak times are just as good. Even more so for how good things are right now. You’re more likely to get lower prices for things, and deal with smaller crowds. Collier, a popular Southwest Florida city sees 100,000 thousand extra people flock to its shores every winter alone!
Monitor the market
Keeping your eyes peeled on the market is a great way to know when to strike while the iron is hot. Knowing a few key terms will help to. Know these 3 by heart:
- Equilibrium- when the supply and demand balance each other out, and neither side has an advantage.
- Seller’s market- when the demand is high and the inventory of homes is low. This means sellers can keep prices high.
- Buyer’s market- the opposite. When the supply of homes exceeds demand, the buyer has the upper hand(not a bad slogan if you ask me!)
Keeping an eye on real estate reports for Florida and the Bradenton Area will help you know when markets tend to be at equilibrium or when they lean towards one side. Currently the market is heading toward equilibrium, so now’s a good time to get in on the action. Check reports here.
I’m not just talking about going onto Google and typing in “homes for sale”. You need to use your technology more handily. Try some real estate apps that give you updates, join social media groups where people post homes for sale, and use realtor websites to find information. If you outwork all of the other buyers, then you’ll find the best deal. Trust me.
Bradenton and the rest of Florida are a whole different ballgame from the real estate you’re used to elsewhere. Great weather, friendly people, and affordable prices make this one of the nation’s busiest and lucrative markets. Want to find your dream home? Follow these expert tips for buying a home in Florida. Stay tuned for the next installment!