You’ve probably heard someone invoke the idiom, “A penny saved is a penny earned.” It makes sense to seek the best deal when making any purchase, but looking for the most favorable terms is especially essential when buying a house.

The interest rate you obtain for your mortgage can make a significant difference in the total amount you pay for your home, according to Investopedia. For example, if you have a 30-year fixed-rate mortgage for $200,000, at a prime rate of 4.6 percent, you’ll pay $169,103 in interest over the life of the loan. By contrast, at a subprime rate of 6 percent, your interest will total $231,676 during that time.

While you can’t control some factors affecting mortgage rates (e.g., overall marketplace and economic conditions), you can take steps to increase your odds of receiving a lower interest rate. If you’re wondering how to get the best mortgage rate for your Florida home, here are some expert recommendations to consider.

1. Increase your credit score.

Lenders usually offer the best rates to borrowers with high credit scores, according to NerdWallet. The “good” score range starts at 690, and you’ll need 720 or higher to qualify as “excellent.” To boost your score, you should start by requesting free credit reports from all three credit bureaus (TransUnion, Experian and Equifax). Visit AnnualCreditReport.com to obtain your reports.

After that, you can increase your score by disputing any errors on the reports and paying off any debts that have ended up in collections. Additionally, NerdWallet recommends paying your bills on time, paying down any debts, and keeping your credit card balances low. Ideally, you should pay off your balance in full every month instead of carrying it over and accruing interest.  

2. Make the largest down payment possible.

It helps to save as much as possible for the down payment, according to Investopedia. Paying more upfront will, of course, lead to lower monthly mortgage payments and less interest paid over the life of the loan. Additionally, it could lead to better terms: For example, paying 30 percent instead of the typical 20 percent could potentially lower your interest rate by 0.5 percent or more.

3. Shop around and compare offers from several lenders.

The Consumer Financial Protection Bureau (CFPB) advises obtaining quotes from three or more lenders so that you can compare your options. Additionally, the CFPB warns that the rates might change between when you first speak to the lender and when you officially apply for a mortgage, so you should choose the best option based on official Loan Estimates, which you’ll receive after submitting your applications.

4. Don’t be afraid to negotiate.

After you have quotes from several lenders, the U.S. Department of Housing and Urban Development (HUD) advises negotiating for the best possible deal. The HUD recommends asking the lender to write out all the associated costs and requesting better terms if possible. Additionally, if you favor a specific lender but received an offer with more favorable terms from a competitor, you can show the first lender the better quote and ask them to match it, according to the CFPB.

To create and adjust your budget for buying a home, please take advantage of Avalon Suncoast’s free online mortgage calculator. This easy-to-use tool accounts for purchasing, amortization and financing. Note: Our mortgage calculator provides estimates and is not intended to provide the exact cost of your mortgage or taxes.  

The Avalon Suncoast team of real estate experts can help you find a house, condo, commercial real estate, or land in Southwest Florida. Get started by calling 941-235-7474 or emailing sales@avalonsuncoast.com.

The post How to Get the Best Mortgage Rate for Your Florida Home   appeared first on Southwest FL Real Estate.

In a previous blog entry, we covered the pros and cons of buying land and building versus buying a house. If you’ve mulled over the advantages and drawbacks and decided you’d be better off buying vacant land, the next step is exploring your options.

There are plenty of buildable lots and vacant land for sale in Charlotte County, Sarasota County and nearby areas in Florida. However, it’s important to do your research and understand vital aspects of the property before you move forward with a purchase.  

As you consider land for sale, don’t forget to account for these essential factors.

1. Type of land (raw, unimproved or improved).

There are three main types of land, and if you’re financing, your loan options and terms can depend on the category you choose, according to Bankrate.

• Raw land is untouched, without any power, sewage systems or roads. If you obtain a loan for this type of land, you’ll likely need to make a higher down payment and accept higher interest rates because of the risks for lenders.
  
• Unimproved land is missing some vital utilities but has basic amenities. This type of land can come with better financing terms than raw property but will still involve a larger down payment and higher interest rates compared to improved land.
  
• Improved land typically comes with the best interest rates and lower down payments due to its partially developed status, pre-existing utilities and access to roads.

2. Size.

The value of land can vary considerably depending on its size, according to the National Association of Realtors (NAR). Smaller plots frequently possess a greater unit value than comparable larger areas of land because of economies of scale. Subsequently, a 100-acre plot might be worth $10,000 per acre, while a 10-acre parcel of land in the same region is valued at $20,000 per acre. Other characteristics that affect land valuation include demand for property in the area and whether the area is rural or urban, according to NAR.

3. Zoning.  

You don’t want to purchase property with the intent of building your dream home only to find out that it’s zoned for agricultural use rather than residential. Bankrate advises researching regulations in the area, visiting the town or city hall, or going to the local zoning authority’s website to check for land use restrictions.

4. Access.

Check whether the property is accessible from public roads. If it isn’t, you might need to establish an easement to access it, as suggested by Bankrate. In real estate, an easement refers to a property right that enables an individual, business or other entity to enter property they don’t legally own for a particular purpose or within specific guidelines, according to Rocket Mortgage. In this case, the easement would allow you to travel across someone else’s property to access your land.   

5. Flood plain status.

If you’re planning on constructing a house, it’s vital to identify flood-prone areas and consider how that will affect your usage of the land, according to the REALTORS Land Institute (RLI). For example, flood plains aren’t usually suitable for conventional septic systems. 

6. Neighboring properties.

Before you decide that a plot of land is perfect and move forward with a purchase, you should visit the tax assessor’s website or otherwise source information on who your neighbors would be and their use of adjacent properties, according to the RLI.

7. Property taxes.

Look up property tax rates before making an offer on land for sale. Bankrate cautions that high taxes might make the lot unaffordable.

8. Property line location.

Prior to purchase, it’s vital to walk the property lines so you know where they are and if any neighbors encroach on the land, according to RLI. You should also have the property professionally surveyed.

9. Utility hook-ups.

Bankrate recommends checking the parcel of land for sewer, electricity and water hook-ups. If there aren’t any, you could end up paying a significant amount for installation.

10. The opinion of a professional appraiser.

It never hurts to get a professional opinion. Talk to your real estate agent to see if they can recommend a professional appraiser to determine the land’s value.

The Avalon Suncoast team can help you find your ideal house, condo, commercial real estate, or land in Southwest Florida. Start today by calling 941-235-7474 or emailing sales@avalonsuncoast.com.

The post Evaluating Land for Sale in Florida: 10 Key Factors to Consider appeared first on Southwest FL Real Estate.

What does the future hold for Florida real estate? You might find yourself pondering that question with 2025 just around the corner. While it’s impossible to say with 100 percent certainty what lies in wait for Florida real estate during the upcoming year, we can speculate based on the current state of the industry and insights from real estate analysts and experts.

Overall, the future still looks bright for the Sunshine State, thanks to the enduring appeal of its warm weather, tropical scenery and steady economic growth. Here are some notable Florida real estate trends to watch in 2025.

1. Florida housing markets will continue to be some of the hottest in the nation.

The Sun Belt dominates the top 10 housing markets for 2025 due to factors such as younger populations, recent sales growth likely to continue in the future, and significant inventory, including new construction, according to Realtor.com. Florida claims two of the 10 top markets for the upcoming year, with Miami-Fort Lauderdale-Pompano Beach ranking second and Orlando-Kissimmee-Sanford coming in sixth.

2. The Cape Coral-Fort Myers market will likely see substantial growth.

The Realtor.com 2025 Housing Forecast lists this Southwest Florida real estate market among the top 20 in the country. The Cape Coral and Fort Myers metro area ranks at No. 16, with a projected combined 2025 existing home sales and price growth rate of 22.8 percent. 

3. Continued population growth will bolster Florida markets.

As of April 1, 2024, Florida’s population exceeded 23 million people for the first time, according to the state Demographic Estimating Conference. From April 1, 2024, to April 1, 2028, the Conference projects that the state will average 319,109 net new residents per year, or 874 per day. This influx will fuel demand for Florida real estate, including single-family homes and condos.

4. Mortgage rates could stay high, depending on nationwide economic conditions.

If the U.S. economy remains robust and the new president implements proposed tariffs and tax cuts, Redfin economists predict that the Federal Reserve will only reduce its policy rates twice in 2025. Tax cuts will increase the nationwide deficit, and tariffs could exacerbate inflation, keeping mortgage rates at nearly 7 percent during the upcoming year. However, Redfin notes that mortgage rates could also dip if tariffs and tax cuts aren’t implemented as planned or the economy weakens. 

If you’re looking for your ideal house, condo, commercial real estate, or land in Southwest Florida, the Avalon Suncoast team is here to help. Explore your Florida real estate options today by calling 941-235-7474 or emailing sales@avalonsuncoast.com.

The post 4 Florida Real Estate Trends to Watch in 2025 appeared first on Southwest FL Real Estate.

We’ve all heard that good things come to those who wait, but if your house has been on the market for a while, you might wonder if there’s anything you can do to accelerate the sale.

As of August 2024, it took about 26 days for the typical home to go from listing to contract in the U.S., according to the National Association of Realtors (NAR). If your home has been on the market for considerably longer than that without securing a buyer, you might ask yourself, “Why won’t my house sell?” The answer to that question could involve a range of factors, from local real estate market conditions to your agent’s skill level and workload.

If your house won’t sell, here are some potential reasons why it’s still on the market and what you can do to accelerate the process.

1. It’s a buyer’s market.

Real estate markets tend to fluctuate between favoring buyers versus sellers due to economic circumstances and local real estate factors, according to Rocket Homes. It’s best to hold out until your local market favors sellers, if possible. However, if you can’t delay the sale, you should expect fewer interested buyers and be prepared to potentially lower your price.

2. The price is too steep.

Even if you’re in a seller’s market, asking for too much can repel prospective purchasers. Decreasing the price tag can speed up the sale of your house, according to U.S. News & World Report. It helps to evaluate comparable properties in your area to determine a reasonable amount, in addition to considering your home’s condition.

For more information on calculating an ideal price, please refer to this blog entry: “How to Conduct a Comparative Real Estate Market Analysis: 4 Key Considerations.”

3. Your house could use decluttering.

We recommend cleaning thoroughly and clearing any clutter to make your home as attractive as possible to potential buyers. Sort out your junk drawer and recycle any old magazines or newspapers. It can also help to get rid of or relocate items stored in closets to show off the full extent of the space – and don’t forget to toss or sell anything you don’t need in the garage.

In addition to eliminating clutter, you can increase the aesthetic appeal of your home with upgrades and renovations, according to Trulia. For example, new door handles, faucets and ceiling fans could help convince would-be buyers that the house is worth the price.  

4. The house doesn’t make a great first impression.

A lack of “curb appeal” can drive buyers away before they even set foot inside, according to Rocket Homes. When people show up to tour your home, you want to “wow” them right away. Some strategies to ensure your house knocks their socks off include lawn care and landscaping, painting the front door, purchasing a new welcome mat, and making sure the porch and entranceway are clean and clear of clutter.

5. Your real estate agent is overworked or lacks experience.

If marketplace conditions are favorable, the price is right, and your house is in excellent condition, the problem could be your real estate agent. Maybe they lack experience or have too many clients and haven’t had the time to launch the marketing campaign your property deserves. Switching to a new agent might jumpstart the sale, according to U.S. News & World Report. Online visibility matters, so you want an agent on your side who will properly promote your house via an online listing and social channels.

Note: Review the contract you signed with the first agent before switching to see if you’re obligated to work with them for a specific duration or if you will owe any fees for terminating the relationship.

If you want expert assistance from an experienced real estate agent to sell your Florida home, Avalon Suncoast is here to help. Our team can determine your home’s true market value, research recent sales stats, offer guidance on preparing your house for sale, and more.

Connect with us today by calling 941-235-7474 or emailing sales@avalonsuncoast.com.                    

The post Top 5 Reasons Your House Won’t Sell appeared first on Southwest FL Real Estate.

Before you list your property for sale, you’ll need to determine its value and ideal price. You don’t want to sell it for less than it’s worth, but you also don’t want to ask for an amount that’s too high and drive away all your prospective buyers.

That’s why it’s imperative to conduct a comparative real estate market analysis and consider the context of your local market to lay the foundation for a successful sale. Based on our real estate experience, here are some essential factors to consider to ensure you set a price that’s just right.

1. The cost of similar properties for sale in your region.

To identify a reasonable price for your property, you should review listings for comparable real estate in the same vicinity. That will give you a good idea of the standard amount to charge in your area.

2. The price of comparable recently sold properties.

In addition to looking at real estate currently for sale, you’ll also want to evaluate the cost of properties that have recently sold or are under contract for sale. Consider how quickly each property sold as well. If it got snapped up right away, maybe the price was too low. This will add context to your analysis and take you a step closer to identifying the right price to increase your odds of a successful sale.

3. The price of similar properties that failed to sell

Additionally, you’ll want to consider comparable real estate that didn’t sell during its listing period. These properties serve as a cautionary tale and will offer insight into your ideal price range.

4. The amenities offered by comparable properties.

Finally, you should evaluate your property’s amenities versus those of comparable real estate in your area. Factors like the presence of a community pool, homeowner’s association, or finished basement can significantly affect your home’s value. You should also take the age of your home, roof, air conditioning, and other essential elements and systems into account.

Combining all these factors with knowledge of your property’s condition will enable you to calculate its value and perfect listing price. 

If you fill out this form, the Avalon Suncoast team will conduct a comparative real estate market analysis of your property for you – free of charge or any obligations. You can also request your free analysis by calling 941-235-7474 or emailing sales@avalonsuncoast.com.

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