The market for South Tampa homes is competitive right now. The average property will only be on the market for a few weeks. Some properties will even get multiple bids. Therefore, if you want to give yourself the best chance of locating your dream home in South Tampa, you need some understanding of the market, and how to navigate it. Here are some tips to guide you in the home buying process in South Tampa that will place you in a better position for success.
Connect with a Lender
Unless you intend to make an “all-cash” offer, you must engage a lender to offer financing for your home purchase. Talk to a lender early on to allow yourself enough time to speak with several lenders and compare interest rates to decide which is best for you.
If you are not happy with the interest rates the lenders offer, you can also try to improve your credit score. It is difficult to improve your credit score quickly, but you will notice a huge improvement if you commit to paying your bills and using a smaller amount of your total credit balance every month.
Set Aside Some Cash
You cannot buy a home only using funding. Thus, you must have some cash reserves available to complete the transaction. The amount of your down payment will vary depending on your loan type.
Most loans demand the buyer to put down at least 3% of the total home’s cost. Making a bigger down payment will result in a lower monthly payment because less interest will be charged over the course of the loan. Additionally, you must have enough cash on hand to pay your portion of the closing expenses.
Establish The Type of Home You Want
After obtaining a pre-approval letter, you can search for properties in your price range. As you look at different homes for sale in South Tampa, you will better understand what features and amenities are most important to you.
You can also begin arranging in-person showings and attending open houses. It is never wise to purchase a home without first inspecting it. If you cannot make it for the showings and open houses, request your agent do it.
Make a Competitive Offer
Given the market’s current condition, you are unlikely to have much success negotiating an offer far under the seller’s asking price. Homes sell fast, and you may face competition from other buyers interested in the same home as you.
Your agent can help you draft an appealing initial offer. They can advise on using elements other than the asking price to make your offer attractive, such as offering to cover part of the seller’s closing costs or wavering various contingencies.
Prepare for Closing
When you reach an agreement to buy a property, you will spend 4-6 weeks preparing for the closing. It is important to schedule an inspection soon after agreeing to a contract. The inspector will provide you with a detailed report on its condition.
If your contract includes an inspection contingency, you can renegotiate the price or walk away if you discover major structural or foundational issues. Do not miss this step!
Tour South Tampa Homes for Sale with Dan Kempka
Now that you know your way around the homebuying process in South Tampa, it is time to explore the local market. As an expert in the South Tampa real estate market, Dan Kempka will guide you through the intricacies of inspections, budgeting, insurance, and neighborhoods with ease. Dan also has access to a wide pool of listings, so you will have no shortage of homes to pick from. Reach out to Dan Kempka today to get started on your South Tampa homeownership journey!