Are you looking to buy real estate in the Space Coast area of Florida also known as Brevard County? Whether you’re a first-time homebuyer, a seasoned buyer, or an investor, the process of searching for a suitable property can be daunting. With more properties to choose from coming on the market every day, it can be hard to know where to start.
To make the process easier, here are some helpful tips for buyers looking in the Space Coast – including the barrier island areas of Merritt Island, Cape Canaveral, Cocoa Beach, Satellite Beach, Indian Harbour Beach, Indialantic, and Melbourne Beach; as well as the mainland areas of Titusville, Cocoa (including Port St. John), Rockledge, Melbourne (including Viera & Suntree), Palm Bay, and Grant-Valkaria.
- Research the Local Market: Before you start your home search, it’s important to get an understanding of what’s available in the area. Research the local market to familiarize yourself with the different types of homes available in the Space Coast real estate market along with current prices and trends.
- Set a Budget: Setting a budget is essential when it comes to real estate searches. Knowing how much you can afford will help narrow down your options and ensure you don’t waste time looking at homes that are out of your price range. At this stage of the buying process, speaking with a lender and getting pre-qualified can be useful in understanding any challenges that may lie ahead. Pre-qualification is typically done without a hard credit check and can usually be completed in a matter of minutes or hours.
- Getting Pre-Approved: Pre-approval is the next step in the loan process and typically involves a thorough review of a borrower's financial information, including a hard credit check. During pre-approval, the lender evaluates the borrower's creditworthiness and determines their maximum loan amount and interest rate. An offer that is accompanied by a pre-approval is typically taken much more seriously by a seller than one that is accompanied by a pre-qualification. It also helps to speed up the loan process since the lender has already reviewed the borrower's financial information and given a more concrete loan amount and rate.
- Consider Your Needs: When choosing a home, it’s important to consider your needs. Think about the size, features, and amenities that you need, and make sure to look for homes that meet those requirements. Making a list of “must haves” versus “nice to haves” will be an invaluable resource for anyone assisting with your search.
- Use Online Resources: Technology has made searching for a home a more self-sufficient process and has also enhanced the value and knowledge a seasoned licensed professional provides. Take advantage of online listings and websites to view photos, read descriptions, compare prices, and more. When utilizing the Zestimate as a resource though, please keep in mind the popular home valuation tool is not always accurate due to a number of factors, including the fact that it relies on automated algorithms, public records, and user-submitted data. This means that the Zestimate may not take into account all of the factors that can affect a home's value, such as its size, condition, and location. Additionally, the Zestimate can be affected by errors in public records or out-of-date information. This is true of the technology used to create all AVMs (Automated Valuation Models).
- Hire a REALTOR®: Consider hiring a REALTOR® in the area you’re doing your home search, which is typically at no cost to the buyer, however, some may wish to charge a fee at closing (a practice I personally do not subscribe to). A great REALTOR® will be focused solely on your best interests and will be an invaluable tool to help narrow down your search and will provide valuable advice and guidance throughout your entire home-buying journey.
Most importantly, for those who are not familiar with our area, keep in mind that renting before settling on a specific area can sometimes help you narrow down your search to an area of our beautiful Space Coast that may not necessarily be where your search began. Our area offers many short-term rental options, especially in the off-season, that can help a buyer not feel so rushed when looking for “the one”.
By following these tips, you should be able to find the perfect home in the Space Coast. Let me know if I can assist with your home search!