What You Need to Know Before Buying
It’s an interesting market currently. Our interest rates slightly dropped in the month of August and are inching back up to the 5% mark. So where does this leave buyers? Home prices are up, interest rates are up but buyers are still finding homes and the North Naples real estate market is on the rise. More headquarters and corporations are moving and relocating their employees and managers to this area so this naturally puts more strain on the local real estate market. Buyers and home developers are struggling to keep up with new construction and with many new subdivisions in the works, sellers are trying to appeal to buyers with resale homes.
Here’s what you need to know before buying in North Naples.
Don’t make a move without a buyer’s agent.
Too many buyers enlist the help of the listing agent of which ever home they choose. Remember, the listing agent is working for the seller first not the buyer. If that home purchase should happen to fall through, that listing agent now becomes the buyer’s agent to those buyers finding another home. But if the sale does go through, those buyer’s needs, interest and financial situations may not be kept in the strictest of confidentiality since the listing agent is also assisting the buyers. Having your own buyer’s agent is completely free for the buyers and interests the confidentiality and negotiations to a trusted buyer’s agent. Our brokers work specifically with buyers to help them find the right home at the right price without any hidden agendas on selling one particular property or another. Don’t make a move without a buyer’s agent. Even if you tour open houses in form the agent sitting the open house that you’re already working with an agent. This takes the pressure off and lets you tour the home in peace.
You will need money to buy a home.
You may have heard a lot of lenders talk about zero down home loans and buying without any money but the reality is if you have absolutely zero money in the bank buying a home can be a stressful situation. You will need out-of-pocket funds for a home inspection and even if you get down payment or closing cost assistance through various Florida programs lenders like to see you have a little bit of money in the bank in case of emergency. You never know when unexpected purchases or emergencies are going to come up so having a cushion in the bank makes lenders feel more comfortable about loaning you money.
Understand that there are many hands in the pot when it comes to buying a home.
It’s not just a transaction between buyer and seller; you also have escrow agents, title companies, lenders, mortgage brokers and banks, and a variety of agents and brokerages all working together so that your transaction closes on time and on schedule. Make sure to answer any questions that your lender or escrow agent poses to you; be available for phone calls, emails and additional documents when needed; be ready to sign documents or for a final walk-through when needed. Remember, this will only take a month or two of your life so making it as easy as possible for everyone involved helps the process remain fun and as hassle-free as possible.
