When You Should Walk Away From Purchasing Sarasota Real Estate

February 18th, 2016

When You Should Walk Away From Purchasing Sarasota Real Estate

Buying Sarasota real estate is an exciting and stressful process.

Even when you’re about to make an offer on a home you love, several situations can occur to make the deal seem less attractive. This can put you in a tough spot.

If this happens, you’ll have to seriously consider whether you want to move forward. Here are five red-flags that should make you think twice about purchasing a home.

The appraisal comes in below the contract price.

In busy markets where there can be multiple interested buyers for any Sarasota real estate, it’s not unusual for the bank’s appraisal to be below the contract price. In this case, the buyer might have to bring additional cash to the table. You can always try to negotiate with the seller for a lower price, but if there are other interested buyers, they might be willing to pay more.

There are other options, like going to another bank and getting a new appraisal. But if you’re new to the process and it feels uncomfortable or risky, you should walk away.

The inspection report shows too many issues.

Sometimes buyers who stated they wouldn’t even look at a fixer-upper home change their minds and decide they’re willing to renovate the house of their dreams.

As buyers browse the market, they realize what they can get for their money. A great deal in the best neighborhood is probably a deal for a reason. Most likely, it needs significant work done.

Some buyers are up for this kind of project, but some are not. If you’re not interested, walk away.

You’ve made a compromise that doesn’t sit right with you.

Your home search starts off with a long list of must-haves and nice-to-haves. But price often determines what you can actually purchase.

As you get pre-approved for a mortgage, you’ll find yourself making compromises. But if you have to give up several must-haves just to make a deal work, you might want to take a step back and listen to your gut.

You’ve pushed to the very top of your original price range.

After meeting with a mortgage professional, you decide you’re comfortable with $500,000 as the maximum price. Fast forward three months, and you’re in a multiple-offer situation on an underpriced house at $489,000, and you offer $525,000.

It’s a personal decision, and only you know if you can actually afford the offer or not. If you don’t feel like you can swing it financially, walk away.

You’re purchasing with another person, and you aren’t both 100% on board.

Buying a home is a joint decision for many people. Both parties absolutely must be on the same page.

Before you start shopping for Sarasota real estate, talk through your must-haves, wants, desires and needs. Know what you both are willing to compromise on.

You can’t control which houses appear on the market, but you can control your reaction to them. If one party feels even a little bit uncomfortable with a property deal, it’s time to walk away.

Lakewood Ranch Homes Are Selling Quite Fast

February 11th, 2016

Lakewood Ranch Homes Are Selling Quite Fast

The National Association of Realtors’ (NAR) Existing Home Sales Report showed that Lakewood Ranch homes were on the market for 58 days on average in December. This was better than December 2014 and slightly longer than November 2015.

Only 32% of homes in the U.S. were on the market for less than a month! If you are looking to sell then now may be the best time to get your home on the market.

Homes were selling in 30 days or less in Colorado, Utah and Delaware. Below you’ll see a map that was created using results from the Realtor Confidence Survey that NAR Monthly provided.

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Bottom Line

There is a huge demand to buy homes but the inventory of Lakewood Ranch homes available still remains low. As you can see the range for Florida homes to sell is just around the middle mark at 46 to 90 days. If you are looking to sell your home soon, now is definitely the time. With limited inventory and a larger amount of buyers on the market, now is definitely the time to sell. Whether you are looking to move up or down, or just want a new place to call home, contact your Lakewood Ranch Real Estate team today and see just how we can help you to make your move that much smoother.

Top Ways to Stage Your Palmetto Home

February 4th, 2016

Top Ways to Stage Your Palmetto Home

You only have one chance to make a first impression, especially when selling your Palmetto home. As soon as a potential buyer views your online listing, you have only a few seconds to impress them. If your listing photos are underwhelming, you could quickly lose a sale.

Over 90% of Palmetto home buyers search for their next home online.  Eighty-five percent of those buyers say photos are the most important factor in deciding which homes to view.

Follow these real estate photography tips to stage your home for sale.

Accessorize smartly

One of the easiest ways to update a room is to accessorize it well. Design books on the coffee table or throw pillows can really update a space and make it shine.

But make sure not to over-accessorize

Accessorizing is important, but it needs to be tastefully — and minimally — done. Store all your extra stuff in a storage unit or your new home.

Ditch the props

Magazine spreads usually have giant bowls of fruit on display, but it’s probably best to leave props out. You can definitely hire an interior designer, but props can often become more of a distraction than an enhancement.

Pay attention to the bathroom

Attractive bathrooms are an important selling feature in a home. Clear everything off your sink top except for soap, buy a bright shower curtain, and make sure the toilet seat lid is closed. That last item makes a big difference in photos.

Don’t forget the small stuff

A few other photo prep tips:

-Hide your wires. TV cords and other cables look terrible in photos.

-Avoid taking photos with the TV on in the background.

-Move any vehicles and trash cans in the driveway out of the photograph.

-Avoid taking photos on bright days.

-Clean everything.

We’re not just talking about the counters and floors here. Everything in your Palmetto home should get a deep cleaning. Make sure to view your home with a critical eye while preparing for great photos!

What Is The Best Roof For Your Sarasota Home?

January 28th, 2016

What Is The Best Roof For Your Sarasota Home?

The roof on your Sarasota home usually does not get the attention it needs until a problem arises.

You should not wait until you find water leaking through the ceiling to learn about roofing essentials. This guide will help you choose the best roof for you!

Material matters

You should take the climate and the architectural style of your Sarasota home into consideration when choosing the right roofing material. If you select the right material, you might be on the road to saving yourself money in the future.

  • Asphalt shingles are easy to install, come in different colors, durable and the least expensive and most commonly used roofing option. An asphalt roof will last you at least 25 years or more.
  • Wood shingles and shakes offer a more rustic exterior and are popular in the Western U.S. regions. Some fire codes do not allow you to use this material. This option is twice as pricey as the asphalt option but still lasts you about 25 years.
  • Tile, clay, and cement are fire-resistant and extremely durable roofing material. They are popular in the Southwest but they are also expensive and will cost you three times what asphalt will cost you. On the bright side, your roof would last 50 to 100 years!
  • Slate is a natural stone that is the most durable out of all the roofing materials lasting you about 100 years or more! It’s also the most expensive and will cost you 12 to 20 times the price of asphalt.
  • Aluminum, steel, and copper are weather resistant, light weight, durable and fire resistant. Tile, clay or cement will cost you the same as metal roofing and will last about 35 years.
  • Synthetic, polymer, or composite simulate traditional roofing such as wood or slate. These options are durable, lightweight and cost about the same price as asphalt. These roofing options will last you up to 50 years.

Installation extras

Aside from the material you choose, you will want to install other safeguards to avoid potential damaging problems.

If you want your roof to last a long time, you want to make sure you have proper ventilation. If you don’t have this, moisture and heat can start to build up under the roofing which could cause rotting or structural damage.

You will also want to avoid leaks by placing a metal sheathing material under your roofing at the points where different materials meet.

Maintenance musts

Be sure to keep your area’s climate in mind when you’re picking out the material for a new roof. The climate can directly affect the lifespan and performance of any roof.

Start regularly inspecting your roof every year or after every major storm. These are warning signs to look out for:

  • Shingles that are curling or buckling.
  • Areas of the roof that are sagging or droopy.
  • If your roof is losing a lot of granules.

If you are ever in doubt or want advice on what roofing material to use, be sure to contact your local licensed roofing contractor for help.

Why Should You Move In To A Bradenton Home?

January 20th, 2016

Why Should You Move In To A Bradenton Home?

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Some Highlights:

-In a recent Harris Poll, Americans stated “change in weather” as their top reason for wanting to move.

-Being closer to loved ones was also listed often.

-41% would relocate for a better job opportunity.

Do You Know Which Bradenton Real Estate Obstacles Are Real?

January 14th, 2016

Do You Know Which Bradenton Real Estate Obstacles Are Real?

It has recently been revealed by a study done by Fannie Mae that many consumers are unsure what the minimum requirements are to obtain a mortgage.

Here is the break down on some of the Bradenton real estate perceptions and realities:

Down Payment

Perceptions

A lot of renters have said that the lack of the needed down payment is stopping them from buying a home. Fannie Mae report states that:

  • 40% of renters do not know how much of a down payment is needed
  • 15% of buyers think that a 20% down is needed
  • 4% of buyers think that at least a 10% down is needed

The Reality

The typical down payment for a first time buyer is 6% according to the National Association of Realtors.

Credit Score

Perceptions

Some renters think that the lack a good credit score prevents them from buying a home. Fannie Maereport states that:

  • 54% of renters do not know what credit score is required
  • 5% of renters believe you need at least a credit score of 740

The Reality

The average credit score on all loans is 722 and the average credit score on a closed FHA purchase is 687 according to Ellie Mae. Mortgages are given to some purchasers that have a credit score of 700 or less.

Back End Debt-to-Income Ratio (DTI)

Perceptions

Many renters think that they can’t buy a home because they have too much debt. Fannie Maereport states that:

  • 59% of renters do not know what is acceptable when it comes to DTI
  • 25% of renters believe you need to be at 25% or below.
  • 7% of renters believe you need to be at 39% or below.

The Reality

A back-end ratio that doesn’t exceed 36% of the borrower’s stable monthly income is what lenders like to see. There can be an exception based on credit score and other requirements that could bring that up to 45%.

Bottom Line

Don’t let your lack of knowledge keep you from buying a home! Talk to your local Bradenton real estate agent to day to see if you’re able to buy a home.

Why You Should Use Team Works Real Estate In 2016

January 7th, 2016

Why You Should Use Team Works Real Estate In 2016

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Some Highlights:

  • Contact a Sarasota real estate agent near you to help you with the buying or selling process today!
  • Team Works Real Estate can help you not only with paperwork but with negotiations and pricing.
  • For the additional paperwork completed alone, Sarasota real estate agents are worth every penny.

Top 5 Misconceptions About Palmetto Real Estate

December 28th, 2015

Top 5 Misconceptions About Palmetto Real Estate

If you’re thinking of buying or selling Palmetto real estate, here are some popular misconceptions that shouldn’t stop you from doing so.

Misconception: You don’t need a real estate agent to buy a home now that all the information is online

It is now more important than ever to have a Palmetto real estate agent when you’re looking to buy a home. If there’s no cost to you, then why not get someone that’s experienced and professional on your side?

Since buying a home is not a common transaction in your life, you need someone who studies and knows the market, understands what the process is and can help you interpret the data.

You’ll also want someone on your team that can help you navigate through the ups and downs and keep you on track.

Misconception: You need 20 percent down to buy a home

This is usually the biggest misconception when it comes to millennials that often have student loans and want to purchase a home.

Today, it is actually possible to get a loan with as little as 3% down. Yes, this is completely true!

Don’t forget, you’ll need verifiable income and assets and a great credit to back you up.

Misconception: My home’s value is whatever the appraiser says it is

What buyers and sellers agree on in an open market determines what the market value of a home is.

Apart from this, a homeowner can count on an appraisal for a bank refinance.

A home’s appraised value usually is below the market value. Views, fixtures, finishes and the neighborhood is taken into consideration and can affect your home’s appraisal.

Misconception: Spring is the best time to sell a home

Traditionally, spring has been a popular time to purchase a new home because they want to purchase a home before the following school year starts in September.

Today, not all buyers have kids. Some buyers are downsizers, baby boomers or single women and men. These are people who don’t care about the school year.

Remember that the best time to sell your home is when the inventory is low and that’s during the winter time. Selling later in the year is better because this is the time when buyers are still home shopping.

Misconception: You don’t need to have open houses to sell homes

A lot of people think that because online listings exist, they don’t need to have an open house. This is not true!

The more you make your house available to potential buyers with an open house, the better your chances are of selling your home.

Hosting an open house means you are letting potential buyers in your home and giving them a chance to fall in love with your home. Work your Palmetto real estate agent to get the most amount of foot traffic possible to your property during your open house.

Florida Home Equity Increasing

December 23rd, 2015

Florida Home Equity Increasing

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Some Highlights:

  • Almost 92% of homes in America have positive equity
  • 256,000 homes regained equity in the third quarter of 2015
  • Over 37 million homes have significant equity (defined as more than 20%)

Sarasota Foreclosures Dropping Substantially

December 17th, 2015

Sarasota Foreclosures Dropping Substantially

 

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Some Highlights:

  • US homes that are in serious delinquency are at 3.4%
  • there are 29 states that have a lower foreclosure inventory rate than the national average.
  • For the last 4 years, foreclosure inventory has went down year-over-year.