Attention all Buyers: Follow These Tips for a Successful Florida Home Loan Purchase

Hey, potential home owners, can you feel that shift? The Florida real estate market is beginning to favor buyers, as decreased demand is leading to a reduction in home prices.

• Don’t let the asking price be your guide

Many sellers are clinging to bloated price tags that are based on what homes were fetching at the peak rather than what’s realistic today. To gauge local conditions, you want to know how many houses are for sale and how long the average house has been sitting on the market today versus a year ago.

Without doing this research “you’re just shooting in the dark,” says Lyle Martin, co-founder of Assist-2-Sell, a discount realty firm. “The home could be totally overpriced, or it could be a steal.”

• Take your time

In the heat of the Florida housing boom, home shoppers committed to properties within minutes of touring them. Although sellers still have the upper hand in some markets, in most, time is on your side.

Some of the things you can use the extra time to delve into more deeply: the school system; zoning issues that could change the value of homes in the coming years; the job picture; and recent property tax increases, as well as the outlook for more.

Once you’re ready to make an offer for a Florida home mortgage loan, don’t be hasty. Hire a professional to conduct a careful inspection - and follow up by getting estimates for dealing with any problems he uncovers: repairing a leaky roof or replacing an old furnace. All this is part of the cost of carrying a house and you need to factor it into your budget before you know what you can really afford to pay.

• Ask for extras

Sellers who won’t budge on the asking price may be willing to make other concessions. This is especially true when you’re buying from homebuilding companies, which need to keep prices stable to avoid angering recent purchasers. To move product these days, they’re throwing in all sorts of upgrades.

In January the National Association of Home Builders found that 41 percent of builders were offering freebies, up from 32 percent six months earlier.

Locally, many steps are being taken to make the purchasing process as attractive as possible. In order to ratchet up demand, lenders are offering various deals to potential owners. For example, the 50-year Florida home loan is growing in popularity.