Friday, April 28, 2017

Buying a Home in Florida: Well, it is the same house.... Is it really?

Some houses are created (built) equally.  But the structure alone is not the entire picture when buying a house.

Many times I read about the same product being sold under a different name for a tremendous price difference.  I think of this when it comes to store brands versus the better known private label.   But is it really the same product?

Lets assume for a minute that the same steak served at  Ruth's Chris Steak House is served at say, Longhorn's.  Would it be priced the same?

Likely not.  Why?

Because the location offers something a bit different.  It could be in the way of amenities, surroundings, service, experience, etc.

So when it comes to a house there are some builders in Brevard County, Florida (and elsewhere) who construct the same model home but in different locations.  And the prices vary.

The reason is simple....what the location offers.

The question for home buyers to answer is... which is more important? 

In the end, when it comes to value, there is one overriding consideration - location.

If the location saves a buyer money with acquisition, expect to also not sell for as much as the "same house" located in Viera (or wherever) when it is time to sell in five years.

Ready to buy a home in Melbourne, Florida?  Call or text me at 321-693-3850 for help.

Thursday, April 20, 2017

Number One Rule When Buying or Selling a Home

There has been tons of information written about how to buy a home as well as how to sell a home.  At the bottom of this article are posts to even more!

So what is the number one rule when buying or selling a home?  Short and succinctly put...

Buyers are liars and sellers too!

No, I am not calling everyone a liar but rather trying to make a very important point.

The point is.... due diligence.

Due diligence is defined as the care a reasonable person should take before entering into an agreement or a transaction with another party.

Sellers need to make sure prospective buyers are qualified buyers.  Unless a prospective buyer has the ability to buy your home they should never be allowed in your home.

Sellers do not assume the buyer's agent has asked for proof of ability to purchase.  Sure it seems most of the time a prospective buyer's agent would be professional enough to work with real qualified buyers.  

And when the offer comes make sure the offer is accompanied by a mortgage pre-approval letter.  Some offers may come with only a pre-qualification letter off the Internet.  Anyone can get a pre-qual letter, serious home buyers get a pre-approval letter from a quality lender.

Another area of reasonable care a seller should not skip - safety and security.  Almost all buyer prospects are strangers - even to their own real estate agent.   Protect yourself by hiding/removing valuables, personal documents, medications, firearms and other similar items that can grow legs!

Buyers make sure you have inspections conducted.   There is a requirement in Florida that sellers disclose issues that affect the value of property which are not readily visible.  But sellers forget issues - especially if they have lived in a house for 30 years!  Sometimes sellers intentionally "forget." 

Buyers should remember this little rule... sellers disclose, buyers verify!

The above comments regarding due diligence are not all inclusive but rather submitted to make the point.... use care. 

Whether seller or buyer your Florida real estate agent should guide you in the direction/process when it comes to due diligence.

Below are some additional articles on buying and selling a home in Florida.
 Ready to buy a home in Florida? Call or text me at 321-693-3850 for assistance!

Tuesday, April 11, 2017

Buying a Home in Florida: Will a "Dear John" Letter Help?

Anyone who has researched home prices and the Florida real estate market is aware of the tight inventory.  Current inventory in Brevard County, Florida is about 90 days within median days on the market around 30 days.

Median days on the market means half the homes that list for sale are gone within 30 days - very often just days!

It also means that quite often there are multiple offers.  What makes the difference when sellers have multiple offers from which to choose?

So what should a buyer do when presented with a multiple offer situation?  

Seriously consider offer price.   No, it is not always the highest price but the price must be reasonable, realistic and reflect a buyer's level of real interest.

What is a realistic offer?

A realistic offer has many components including reasonable price, only contingencies necessary, appropriate time line and appropriate documentation.

What are the necessary contingencies?  

Every situation is different but my opinion is every offer should include these three contingencies: inspection, financing and appraisal.

The first one, property inspection, is what I like to call a get out of jail free card.  There is no pass or fail with inspections. If a buyer does not like the results, cancellation is easy as long as time frame and procedure is followed. Remember, with real estate contracts time is of the essence.

The financing contingency is common sense - if no loan approval, no purchase.

While the appraisal is usually part of the loan process in the case of a cash buyer it is always prudent to have an appraisal performed.  What buyer wants to pay more for the property than it is worth in the opinion of an independent appraiser?

What is meant by the appropriate documentation?

Besides the usual contract and addenda for the offer there are additional supporting documents such as the mortgage pre-approval.  In the case of a cash buyer it would be proof of funds. 

Lastly, in the case of multiple offers it could include something as simple as a letter to the seller.   I have had clients use this on occasion and it has worked.  Sellers have told me that the reason the buyer was chosen was the letter.

Will a "Dear Seller" letter seal the deal 

While there is no guarantee you never know. Sometimes an honest, open letter to a seller may be more valuable than a few more thousand in the price.  You never know!

The key to buying a home in Florida (or any other place) is having a local, knowledgeable, experienced real estate agent in your corner.

Considering buying a home in Viera, Florida?  Call or text me at 321-693-3850 for assistance.  Just have questions about the area?  I will help!

Thursday, April 6, 2017

Homes For Sale in Melbourne, FL (Viera) - Fairway Lakes at Viera - Market Update April 2017

The Fairway Lakes development in Viera offers gated, golf course living on one of Brevard County’s most desirable course – Duran Golf Club.

Fairway Lakes at Viera homes are built by some of the most desirable custom builders around – like Christopher Burton Custom Homes, Arthur Rutenberg, and Viera Builders.

Fairway Lakes at Viera is convenient to Viera High School, shopping and restaurants at The Avenues Viera, Viera Hospital, Brevard Zoo and much more.  Fairway Lakes offers a central location with easy access to I-95 with Orlando less than an hour away.
What is currently for sale in Fairway Lakes at Viera? 

Currently there are six homes listed for sale in the Fairway Lakes at Viera gated community.  List prices range from $499,000 to $739,000.  Five of the homes are listed at or above $575,000.  These are all larger homes offering over 2,800 sq.ft under air to almost 3,900 sq.ft.

While a few of the homes currently for sale at Fairway Lakes were built in 2007 the others are 2013 and newer construction.  If a Fairway Lakes home is in your future there is plenty to choose from including golf course direct, lake front, two - three car garages, in ground pools and more!

What recently sold in Fairway Lakes at Viera?

Over the past six months there have been nine homes sold in Fairway Lakes. In he past month (since March 1, 2017) there have been four homes sold in Fairway Lakes.  These homes included
  • 3007 Lamanga Drive  - 2007 built 3 bedroom 2.5 bath 2 car garage with 2.234 sq ft under air home sold for $410,000.
  • 3107 Lamanga Drive - 2014 built 4 bedroom 3.5 bathroom 2 car lake front garage home with 3,115 sq. ft. sold for  $510,000.
  • 6795 Arroyo Drive - 2007 built 4 bedroom 3.5 bath 3 car garage lake front pool home with 2,989 sq.ft under air sold for $572,500.
  • 6786 Arroyo Drive - 2007 built 5 bedroom 5 bathroom 3 car garage lake front pool home sold for $675,000 in March 2017.
Want more information on homes for sale in Viera, Florida?  Call or text me at 321-693-3850.