Not everyone knows how long the homebuying process can take. As there are several parts that go into the preparations and process, there can be variables that can make it take longer for some than others. Here is a closer look at the timeline of what needs to be done.

Home Buying Steps

Search – This part of the process can really vary and can take longer these days given the extreme void of inventory. However, the average person takes a couple of months of searching properties that come available and fall within their criteria. 

Offer – Once you have located the home of interest then it is time to act quickly! Submit your offer and then begin negotiations. This usually takes a couple of days. If your offer is accepted then you will move to inspection usually within a week.

Contract to Closing – After your satisfactory home inspection then you move to entering the contract with all of the terms and conditions along with putting down the down payment. From this point to closing is usually between 30 and 60 days. During this time you will process the mortgage, have a home appraisal done, do a title search and lock in home insurance to begin the day of ownership.

How to Speed Up The Process

Preapproval – Get this done before you have even begun looking at homes. Not only will this eliminate some properties outside of your budget, but having a pre approval letter in hand will mean you can submit an offer on the very first property you see if it is a great fit.

Paperwork – Your loan approval involves gathering up all of your important documents such as pay stubs, taxes and the like. As these will need to be current, make sure you have everything on hand so that your approval process goes as quickly and smoothly as possible.

Closing Costs – Your lender shall provide you with a good faith estimate of what your closing costs will be. It is important that you have these funds available but also ready to pay when that time comes. It is wise to prepare early enough to make sure you have what is needed. 

There is no question that when you purchase a home there is a lot that you need to think about. Especially if this is your first time at the rodeo, you will want to make sure you are well prepared by asking all of the necessary questions so there are no surprises. Here is a list of some of the most important things to ask and consider as you get started. 

Preparation

Budget – You must establish a budget for what you are most comfortable with spending but also for how much a lender will qualify you for. Connecting with a mortgage agent is the first thing you should do.

Downpayment – Some first time buyers take advantage of programs where they can put little down in the way of 3.5% to 5%. However, it is worth noting that if you put less than 20% down then you will be required to also pay PMI (private mortgage insurance). 

Closing Costs – This is an important mention – many people get focused on the “downpayment” and forget about closing costs which are separate and somewhat substantial. These are your recording fees, prepaid items such as insurance and taxes and the like. Your lender should be able to give you a good idea of what to plan for this.

Moving Expenses – Aside from hiring movers and vans, take a look at any other fees that may be involved such as move in/out fees depending on your community.

Furnishings – If you are moving into a larger space than what you have, you should consider setting aside a budget for necessary furnishings that you will need.

Questions About A Particular Home

Neighborhood – Check the area for what is nearby for services, transportation as well as any plans that may be in the works for future development. Visit it at various times of day and talk with neighbors to get a real sense of what it is like.

Schools – This is of course of interest to those who have children, but knowing about the local schools and how they rank is also of importance to your home’s resale value.

Repairs – This is something that if it is not obvious then it will be uncovered when you perform a home inspection. It is key to hiring a professional so that you know what will be needed for repairs and that you can budget for them.

Roof – Also something that will be examined at a home inspection, but asking how old the roof is as well is a good indication of when replacement will be needed.

Appliances – Asking about the age of appliances and if any still have warranties is a good question so you know how to handle repairs/replacement. 

What is included – Before you assume the washer/dryer is staying, be sure to ask. Usually appliances and window treatments will stay but you should absolutely confirm if anything is being excluded. 

Comps – Before you put in an offer, make sure that you know what is selling nearby and for what. See what is most appropriate for a dollar amount of your offer with this factual information. Appraisers will be looking at comps too!

Why are sellers moving – Finally, it is always interesting to ask why a seller is selling. It may be for reasons that are personal and unlike your situation, but nevertheless it could be helpful to learn why they are ready to leave.

The past year has certainly imposed significant changes on our homes and what we look for in them. With working remotely we have seen people flocking to their vacation homes, relocating or buying second homes. All of this has collectively led to increased demand for housing in locations such as here in Fort Lauderdale. 

The National Association of Realtors (NAR) has stated for example, “Sales in vacation-home counties increased 48% on average year over year in the third quarter; overall, 81% of vacation-home counties saw a year-over-year sales increase.”

If you have been debating about selling your vacation home then acting quickly may be to your best advantage. Homes in areas like ours are not staying on the market for very long as they get swept up by those looking to purchase in vacation areas. NAR also states that most vacation homes are selling in less than one month. 

Regarding pricing, that is also something that is on the rise. Homes across the country and across the board are still seeing the rising trend when it comes to price. Specifically for vacation homes, NAR recently shared “In the third quarter, prices in vacation-home counties rose by about 32% year over year. Seventy-nine percent of these counties experienced year-over-year price gains. NAR defines a vacation-home county as one in which seasonal housing accounts for at least 20% of stock.”

The bottom line is if your vacation home has been just sitting empty, possibly not getting as many renters as you usually have, or if you simply want to sell it so you can trade up or take it off your worry list, now may be the ideal time. Demand is high, so you’re in the ideal spot to get a stronger return on your investment today.  

The past year has changed how a lot of us feel about our home and what is most important to have in them. As we all spent more time at home a lot of home improvement projects were taking place. As a result of all of this, certain home upgrades have become increasingly more popular than others. Here is a closer look at some that have been trending as of late.

Closet Organization

With more time at home regularly accessing belongings, organization is key. Homeowners have been doing purges of items that they no longer want or need and implementing some organization systems. There are several ways to do this with some investing in a full-on professionally installed closet system to one they can create themselves. This could include anything from putting up shelves or bins themselves or even moving a smaller dresser into a closet.

Sanitize Station

With no surprise the addition of a sanitizing station has become more popular. Often by the entry door you will find an area designated for one to remove outer wear, masks and using wipes and/or hand sanitizer. For those who had mud rooms these rooms have just been further enhanced. 

Smart Lights

In the interest of increasing convenience, smart lights have seen an increase in popularity. These lighting systems can be controlled by either your voice or your smartphone. For short money you can swap out your current light bulbs with these smartbulbs. 

Banquettes

For several reasons kitchen banquettes have seen a rise in popularity. For larger kitchens they make for a more intimate and cozy setting. For smaller kitchens they save on space as well as offer great storage space for under the seating. For every kitchen they introduce the opportunity for more decorative materials to be used for aesthetic interest. 

Buying a home sight unseen may seem like a crazy idea or like something that doesn’t happen often, but it sure does. Especially with the events over the past year when buyers have been relocating to areas like Fort Lauderdale where they can work from home and enjoy the outdoors more comfortably all year round. While the purchase of a home without physically seeing it in person may seem challenging, it is possible to do it successfully if you follow some of these important steps.

The Right Agent

Working with the right agent is always important in any transaction, but especially when you need to rely on them even more in this type of situation. Make sure you select an agent who knows and specializes in the exact area that you are interested in. Do your research to see their past sales, testimonials and where they do business so you can confirm they are a good fit. 

Ask Questions

If you have a thought of a question or concern, start to make a list. You can never ask your agent too many questions. While you may seem like you might be overwhelming it is always better to cover important details up front rather than have unexpected surprises when your deal comes together. 

Leverage Technology

These days there are so many tools available to us for home searches. Make sure you use everything that is at your fingertips as you get a good feeling about a home of interest. Some listings have virtual or 3D tours which is amazingly helpful to see a home’s rooms and layout. If not, your agent could do a video chat with you. Also, try doing a Google Street View of the address so that you can get a sense of the location and immediate surroundings.

Use Floor Plans

Many listings also have floor plans available for prospective buyers these days. However, if not then your agent could help with getting you some rough measurements of the key rooms that you wish to mock up a layout for. It is helpful to get a sense of size but it is also important to know what furniture will fit.

Inspect It

An inspection is always important but when you aren’t touring the home in person then it is crucial to lean on an expert. Even if you are buying with cash and don’t necessarily need an appraisal or inspection for financing it is still wise to do for insurance purposes and to know exactly what work the home may need. 

Once you have decided that you want to move and sell your home, then comes time for the work. It is common knowledge that you will need to get it in tip top shape, but that can also require some financial investment as well. While you may need to shell out a few dollars for things like sealing your driveway or replacing broken fixtures, the good news is that there are several things that you can do that are no cost to you that make a big impact on prospective buyers. 

Neatness

Getting out the vacuum, mop and putting things away properly does not cost you a dime. Focus on your primary rooms and make sure there are no belongings or stacks of papers gathered on kitchen counters, bookshelves or coffee tables. Bathroom counters should also be clean and clear as well as closets being neatly organized. You don’t want anyone thinking the home is tight on space if it looks like your closets are not accommodating.

Furniture Arrangement

After you have cleaned and decluttered, now take a look at the home’s flow. Visit room by room and see that your furniture is placed where each room allows buyers to freely walk through without bumping into things and appears as large as possible. 

Channel Buyer Mentality

Step outside of your home and then walk back in with fresh eyes…and nose for that matter. Does the home look and smell clean? Check up and down to make sure from baseboards up to ceiling fans are dusted and clean. Don’t forget to wash the windows too for allowing in all of the natural light. 

Setting The Table

It may sound silly at first, but rather than a big empty dining room table, consider setting even just a couple of pace settings. Staging a room so it is inviting such as putting out nice placemats, your best flatware, dishware and linens will warm things up. Finish off with a decorative centerpiece or table runner. 

Let The Outdoors Inside

You can do this a few ways. After of course you have all blinds open for each showing, make sure you have some of what is best about our tropical Fort Lauderdale location, the outdoors. Many homes have flowers in their gardens that can be cut and placed into arrangements indoors. Additionally, for those of you who have fruit bearing trees, a bowl of lemons placed on the kitchen counter can also be a cute and colorful idea.