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How to buy real estate in Southwest Florida.
Buying real estate in Southwest Florida is a little different than most areas. Southwest Florida, and Fort Myers Beach in particular, is considered a destination. People from all over the US come here to vacation or retire. Therefore, property values are driven by buyer demand for sunshine, warm weather, and proximity to the Gulf of Mexico. Any market supported by discretionary income will typically outperform more traditional markets. Buyers should be aware of several basic issues when entering any real estate market and even more so in this market. 1. Have your own financial house in order ! Looking for a house/condo to buy before you are ready to move ahead is frustrating to all parties. Have a letter of approval from your bank. This letter will summarize your financial relationship with the bank as well as the general loan amount you are approved for. Any offer you submit will be much stronger when accompamied by this letter. If you need to sell something in order to finance the next purchase it is wise to have that first property listed and priced aggressively. 2. Establish a relationship with a Realtor in the area in which you wish to purchase. Do not jump from office to office hoping to pit one agent against another. If you are not happy with the agent you are working with tell that agent you are moving on and they need not invest additional time on your behalf. On the other hand, be honest and open with your agent. Tell him/her exactly what you are looking for and your loan approval amount. Many buyers ask their agent for a list of properties which meet their criteria in order to do a drive-by. This allows the buyers to decide which listings are of interest and will justify setting a showing appointment with the agent. While this adds a step to the buying process it actually saves time by allowing the buyers, at a time convenient to them, to do a casual once-over and thus reduce the potential list of homes to just a few. 3. Have your agent provide you with some in-depth marketing stats covering the homes still on your list. It should include comps, days on market ( DOM ), ratio of listing prices to sales prices, price reductions, etc. This allows you to decide the relative value for each listing and a sense of what would constitute a reasonable offer. Avoid the temptation to low ball every listing just to see if anyof the sellers are desparate. More often than not this strategy is seen as offensive and often makes the sellers prefer not to work with you on the price. 4. Do your homework. Have your agent explain the local sales process in detail so that you know what is expected of you and in what time frames. Many real estate contracts have time limits during which buyer or seller must perform certain tasks. Missing a deadline can mean losing a deal, loss of deposits, court actions, etc. As the buyer you need to be aware of your responsibilities and be prepared to meet them in a timely fashion. 5. Enjoy your new home !
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Contributor's Note
Bill Gillhespy is a licensed Realtor with Century 21 Tripower Realty on Fort Myers Beach, Florida.
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