Real Estate Blog

Buying Real Estate in Florida

Many millions of Americans today are homeowners. Many statistics track the current state of the American real estate industry, and one state of particular interest in Florida. Along the coast and in areas such as around Miami or Ft Lauderdale, many upscale properties such as new construction homes, waterfront homes, condos for sale on the waterfront, and more can be found. For home buyers interested in this caliber of property, turning to realtors may be helpful, especially for newcomers to the state who may not be familiar with the paperwork involved. Real estate lawyers can also be hired, along with the help of realtors, to make the paperwork go more smoothly. What is there to know about the demographics and real estate scene of Florida?

Realtors and Florida Properties

The Sunshine State’s total population is right around 21.3 million people, and every year, many Americans are moving there, such as senior citizens looking for a retirement community with mild weather. By 2020, the state’s population may reach 22 million, and possibly 26 million by the year 2030. All those people need somewhere to live, so the coast is home to countless large apartments, condos, and neighborhoods of waterfront properties in attractive areas. Some of these properties are permanent homes, but buyers may also work with realtors to find appealing vacation homes as well. This is not an uncommon route to take. Back in spring 2017, around 9.26 million Americans belonged to households that owned a second home, such as vacation houses along Florida’s coasts. Around 42% of vacation home buyers also say that they will use that property for a family retreat during vacations.

How much will a house cost along Florida’s coasts? The numbers vary, but in general, the median price of a vacation house sold in the year 2016 came in at $200,000, which is 4.2% higher than the figures for 2015 and the highest median price since 2006. Spending all that money means that a buyer will definitely want to enlist the aid of realtors and real estate lawyers, among other professionals.

Buying a Property

There’s no hiding the fact that buying a piece of real estate is quite complex and takes some serious effort, but the aid of realtors and some basic know-how can make this endeavor more manageable. This is even true for finding properties along Florida’s popular beaches and waterfronts.

A home buyer can make use of the CMA reports that real estate agents can generate, or “comparative market analysis.” This involves using a program that will gather real estate prices in the area with a chosen property as a reference, and find the median price for properties of that type in the area. The report may factor in houses on the market, those that recently sold, or both, as the buyer requires. This helps the buyer know what a fair price may be, and avoid overpriced properties. Conversely, homeowners also use CMA reports to avoid setting a too-low price that costs them money or setting a too-high price that deters buyers.

A buyer can also look online to see photos of houses and condo units in the desired area and weed out properties that they will not want. But that is not the entire process; only so much can be learned online, so once the buyer narrows down the list, they can carry out some personal tours. Visiting a property in person is an excellent way to “get a feel for” a property, and check for any hardware damage or wear and tear. This may not be an issue for new construction homes, but older houses might have drywall damage, creaking floorboards, old windows with drafts, faulty electrical sockets, termite damage, or faulty plumbing. The outside counts too, and the homeowner should look over the house’s siding, gutters, roof tiles, foundation, patio or deck, and doors.

Condo buyers may also check to see what parking is available for their unit, as they may be surprised by how much or how little parking is available and where it is. The condo buyer may also look over the communal areas of the condo and see what their current condition (and features) maybe like.

Fort Lauderdale Real EstateBuying Real Estate in Florida