If you’re looking for a new home in 2024, you might be feeling frustrated by the high prices and low inventory. According to a recent report by Florida Atlantic University, some of the most overpriced housing markets in America are in Florida and Georgia, where demand is outstripping supply and driving up prices. But don’t despair, there are still ways to find your dream home without breaking the bank. Here are some tips from Mitch Roschelle, a real estate expert and a Florida resident himself.
Know your budget and stick to it
One of the biggest mistakes first-time home buyers make is falling in love with a house they can’t afford. Roschelle advises that you should have a clear idea of how much you can spend on a monthly mortgage payment, and factor in other costs such as taxes, insurance, maintenance, and utilities. You should also have a realistic expectation of how much you can save for a down payment, and be prepared to pay closing costs and fees. Roschelle says that you should avoid stretching your budget too thin, as that could put you at risk of defaulting on your loan or losing your home if interest rates rise or your income drops.
Be flexible and open-minded
Another way to cope with the overpriced housing market is to be flexible and open-minded about your options. Roschelle suggests that you should consider different types of properties, such as condos, townhouses, or fixer-uppers, that might be more affordable than single-family homes. You should also be willing to compromise on some of your preferences, such as location, size, or features, and focus on the essentials that matter most to you. Roschelle says that you should not limit yourself to one neighborhood or city, but explore other areas that might offer better value and quality of life.
Work with a professional and act fast
In a competitive market, you need to have an edge over other buyers. Roschelle recommends that you work with a professional real estate agent who can help you find the best deals, negotiate the best terms, and guide you through the process. You should also get pre-approved for a mortgage, so that you can show sellers that you are serious and ready to buy. Roschelle says that you should act fast when you see a property that meets your criteria, as it might not stay on the market for long. You should also be prepared to make a strong offer, with a sizable earnest money deposit and minimal contingencies.
Don’t give up hope
Finally, Roschelle says that you should not give up hope, even if you face some challenges or setbacks in your home buying journey. He says that the housing market is cyclical, and that prices will eventually stabilize or decline as supply catches up with demand. He also says that there are always opportunities for savvy buyers who do their homework and have a long-term perspective. He says that buying a home is one of the best investments you can make, as it can provide you with security, comfort, and wealth accumulation over time.
Roschelle says that he speaks from experience, as he moved from New York to Florida himself, and enjoys living in the Sunshine State. He says that he loves FAU, his local school, and that he is not surprised by their report, as he sees the growth and potential of the region. He says that he is optimistic about the future of the housing market, and that he hopes to help more people achieve their homeownership dreams.
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