The Dinan Group’s Complete Home Buying Guide for Lakewood Ranch

If you’re thinking about searching the market for Lakewood Ranch homes for sale, there are a few things you’ll want to know about the homebuying process before you get started. This information will prepare you for success regardless of what the market is currently doing. By the time you’re finished reading, you’ll have a better understanding of each step of the process and you’ll know exactly what you need to do to get started.

Usually, you can expect to spend somewhere between three and six months shopping for a new home. You’ll need to set aside some time early on in the process to interview different real estate agents and secure a pre-approval letter. It’s important to take care of your funding early because some realtors and sellers won’t work with you unless they know you can acquire the loan that you’ll need to buy a home. Once you start seeing homes in person, it may take a few weeks to find a property you like. After you make an offer that gets accepted, you’ll schedule a closing date that is usually four to six weeks in the future. This may seem like a long time to wait, but you’ll need a chance to complete the inspection and the appraisal while your realtor and the seller’s agent work to finish the contract. Commit to remaining patient and diligent throughout the homebuying process and you’ll thank yourself after closing.

Many first-time homebuyers assume that all lenders will offer them the same interest rate. They are vaguely familiar with the Federal Reserve and the National Interest Rate, and they assume that all individuals and groups use this number in the loans they offer. While the Federal Reserve’s interest rate does serve as a point of reference, it’s not the only factor a lender considers when determining what interest rate they will offer you. Different lenders will offer different interest rates, and you can save yourself thousands of dollars over the life of your loan if you’re willing to take the time to speak with multiple lenders and see who can offer you a better deal. Try to set aside enough time to speak with three different lenders before making your final decision.

Once you find a realtor to work with and you have a pre-approval letter in hand, you can begin attending open houses and scheduling in-person showings. You may want to look at some listings online beforehand to get an idea of what types of homes are available in your price range. This will also allow you to determine what features or amenities are important to you and which ones you can live without.

When you see a home in person, remember that you aren’t just looking to see how many bedrooms the house has or what the curb appeal is like. You also should be looking for any potential damage or structural concerns the home has. If you notice any cracks in the wall or doors that don’t easily open and close, the home may have foundation issues. If you see paint bubbling on the wall or detect any unpleasant smells, there’s a chance that moisture is trapped inside the wall. Each issue would be costly to repair, and you may not want to take on that type of risk when purchasing a home.

This depends on a few factors. One thing you’ll want to consider is the current state of the market. Right now, the housing market across the nation is experiencing a slight recession. This is due in part to rapidly rising interest rates and rampant inflation. Buyer demand is not as strong as what it’s been in recent months, and sales prices are stalling as a result. However, this doesn't mean that you should expect a seller to accept an offer well below the asking price, especially if their home hasn’t been on the market for more than a few days or weeks. They are still likely to hold for an offer closer to their asking price in this scenario. Your realtor will advise you on how to best proceed in these situations. They will also help you handle any counter-offers the seller submits after your initial offer.

You’ll want to schedule an inspection soon after you initially agree to a deal. Some buyers will offer to skip the inspection to expedite the deal or make their offer appear more favorable to the seller. This is incredibly risky because it makes you responsible for the current condition of the home. Some of the most expensive repairs are due to issues that are nearly impossible to see without a home inspection. This is a step you won’t want to skip.

You’ll also need to work with an appraiser who can come and look over your new home to confirm that it is selling for a fair market price. Your lender will want to verify your home appraisal before issuing you the necessary funding to buy the home. If your home doesn’t appraise, you can bring more money to the table as a down payment so you don’t have to borrow as much or you can renegotiate the price with the seller.

The Dinan Group is a trusted resource for many people in the area who are shopping for Lakewood Ranch homes for sale. They have spent many years serving clients throughout the entire process of buying and selling their homes and have a strong understanding of what the market is doing on both a local and national level. They remain committed to serving each client with the utmost respect and care. Reach out to their team when you’re ready to take the next step toward buying your new Lakewood Ranch home.