Buying in Today's Real Estate Market
Buying in Today's Real Estate Market
World Economic Scenario is changing due to the COVID-19 pandemic and everyone, including the Real Estate market, is affected. During this time, buyers will have more questions than ever about buying in today's real estate market and their ability to buy a new home. Despite the current changes in today's real estate market, there are still amazing opportunities available for both buyers and sellers.
What is happening in the South Florida Real Estate market?
Because of the recent changes that COVID-19 brought to the economy, it is somehow what we call 'a perfect storm' as homes are in more demand than ever before. Home buying activity is showing signs of pickup as more sellers, especially those sellers whose homes are on-demand, are willing to put their homes on the market. What are these on-demand homes? One of the most in-demand homes, as people are staying at home much longer are those homes that have a pool. As more people are working from home, more buyers are looking into homes that have a home office. Another change that the COVID-19 brought to the real estate market that benefited a lot of buyers is that the interest rates are at an all-time low. In fact, it has been the lowest in 50 years and this is something that buyers are currently taking advantage of. Lastly, more people have been migrating from the North to Florida, especially millennials. In fact, SmartAsset released that Florida is the top 4 states that millennials are moving into. They don't need to wait until retirement to move to Florida anymore. We are seeing a substantial increase in interest in Florida as Florida is also one of the nine states with no state income tax, therefore, attracting high-earning millennials to move into as well as our year-round amazing weather.
Now, let's talk about the strategy to make sure you get the right property and win in buying in today's real estate market.
Getting A Buyers Agent
First, you need to make sure you have a trusted buyers agent. The truth is your real estate agent does much more than answer your real estate questions and open doors with a special key. A professional real estate agent will be there every step of the way. Treu Group Real Estate have the experience necessary to navigate the complicated home buying process and solve common problems that arise in every real estate transaction.
Secondly, your real estate agent is a local professional. A buyers agent is someone who will work with the buyers to see the transaction for a successful closing. They have a network of professionals who will work as a team to help you through the entire home buying process. These include such professionals as lenders, title reps, escrow officers, transaction coordinators, home inspectors, contractors, and handymen, among others.
Most importantly, your real estate agent is your ally in the home buying process. They negotiate on your behalf – armed with experience and understanding of customary charges, costs, and terms. They will ensure that the price you pay for the home is fair for the condition and neighborhood. They will negotiate repairs, if needed, and make sure you are protected with the proper contingencies.
You may be wondering if getting a buyers agent will cost you more money and the answer is no. In fact, it is the seller's or the seller's agent to pay your buyers agent so just imagine how much you can benefit from what your buyer agent can provide you with your home selling journey.
Getting a Mortgage
The best step you can take to start your home buying planning is to find a good lender and meet to talk about your financial situation. Going to your local bank is not something Treu Group Real Estate would recommend as it will cost you more money. As mentioned before, a professional real estate agent has a team of professionals that could help you when it comes to applying for a mortgage. The lender will look at your income, savings, and credit and then talk about your needs. They will help you explore the loan options available to you and the down payment, saving reserves, and closing costs requirements.
With all the changes COVID-19 brought to the world, real estate remains one of the best investments one can have. Whether you are looking for the right real estate investment or finding your dream home, having the right professional matters. True Group Real Estate agents have been in the industry since 1989 and they've seen it all. It's important you have someone to guide you and help you win with buying in today's real estate market, who will be there with you every step of the way, and who will never take a 'no' when a 'yes' is possible. With a great real estate professional beside you, you can find the right home you’ve been waiting for during this time.
Have you decided to buy a home? See amazing properties listed for sale in Palm Beach County.