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Five tips for buyers in Florida's residential real estate market

Whether you are a first-time homebuyer new to the game or a seasoned buyer looking to purchase a new home to better fit your current needs, there are many changing factors in real estate and 2016 proves to be no exception. Here are some things you may want to keep in mind as you proceed in your real estate hunt.

First, in this seller's market, a bidding war isn't uncommon. Multiple offers are a reality, and you may be tempted to push the envelope on your predetermined budget to "win" the house you want. Not only could this put your finances in hot water, this could also leave you in a perilous state when trying to eventually sell your house. An inflated price, far beyond its assessed value, could make a profitable future sale next to impossible.

Secondly, get a prequalification letter as opposed to a preapproval letter. Do your homework and know what you want versus what you need before you shop. Also, have your agent determine what the seller's priorities are and try to meet their needs.

If you are buying new, number three on your list of tactics to employ is to do your research on your builder. Builders may cut corners to save money and this could cost you. You can also hire an inspector during the building process to ensure things like the HVAC unit and all plumbing are up to code.

The fourth thing to consider as a buyer is going to be what you need to have in hand in terms of cash when closing. The costs can easily creep up and stop a sale in its tracks.

Finally, the fifth point concerns resale value. Is the neighborhood you are considering trending well? Things like new retailers in the area can factor into this potential upward momentum.

It is always a great idea to talk with a Florida attorney knowledgeable in real estate to help you make a wise financial decision in today's seller's market. With so many things to consider, taking a couple of extra steps may lend you a better sense of security in what may be one of the most important financial decisions of your life.

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