The market for Sarasota homes is hot right now, and many people are considering relocating to the area. If you’re thinking about surveying the market for Sarasota luxury homes, this article has all the tips and tricks you need to prepare for the process and set yourself up for success. By the time you’re done reading, you’ll have a better understanding of what you’ll need to do to buy a home in the area, and you’ll have increased clarity about what your first steps should be.
1. Review the local market
2. Understand the timeline
3. Talk with multiple lenders
Many buyers in the luxury market can and will pay cash for the full purchase price of a home. However in some scenarios it can make sense to finance part or all of your home purchase, so if that’s the case it’s important to speak with more than one lender because not all lenders will offer you the same interest rate. Make sure you give yourself enough time to consider multiple options and see who will offer you the best deal. Each lender will ask you questions about your debt-to-income ratio, and they may want to see recent pay stubs or tax returns. They use this information to determine if you are a good candidate for a loan. Once they run your numbers, they may offer you pre-approval for a loan at a certain amount. It’s helpful to have a pre-approval letter before you begin shopping for homes. Some realtors will only work with clients who are pre-approved for a loan, and many sellers will not agree to sell their home to a buyer who doesn’t have a pre-approval letter.
4. Start looking at homes
Perhaps you’re only casually shopping for homes right now. If that’s the case, you can look at online home listings to get a feel for what features and amenities you want in your new home. If you’re further along in the process, you can begin attending open houses or scheduling in-person private showings with your realtor. You can also talk with your realtor about what your needs and preferences are, and as they hear about homes that are available that meet your expectations, they can pass along the information and help you schedule a showing if you want to see the home.
6. Get ready to close
Once you agree to a deal with the seller, you will spend the next several weeks preparing for closing. Several important things will happen during this time. First things first, you will need to schedule an inspection of the home to check for any structural or mechanical issues. If you have an option period in your contract, you can renegotiate the deal or walk away entirely if there are serious concerns about the home’s condition. Your home will also get an appraisal before closing to confirm that it is selling for a fair market price. Finally, both you and the seller will communicate with the title company during the days and weeks leading up to closing. The title company will do a thorough investigation of the home’s history to confirm the seller is the only party who has a legal claim of ownership of both the home and the land itself.
7. Work with a great realtor
*Header photo courtesy of Kim Ogilvie