Located in southeastern Florida, West Palm Beach is one of the most amazing cities to live in. And with its sunny weather, amazing outdoor activities, and thriving art and culture scene, it has all you need to enjoy a great life.
Buying your first home in West Palm Beach can be an exciting, yet daunting experience. Ensure home buying success by keeping these top tips in mind:
- Find an area that fits your lifestyle
West Palm Beach is home to a variety of great neighborhoods and communities that will fit every lifestyle. Whether you want to wake up to panoramic views of the ocean or you’re looking to live the ultimate golf course lifestyle, you’ll find your ideal neighborhood here.
Aside from focusing on the home and its features, take a closer look at the community itself and what it offers. Explore the neighborhood and see the nearby schools, shops, entertainment options, and recreational offerings. Actually visiting the neighborhood not only gives you precise information, you’ll get a good feel for the place.
- Hire a local real estate expert
Once you have a location in mind, it’s best to work with an agent who specializes in that particular area. Since you are buying a home in West Palm Beach for the first time, a local real estate agent can guide and provide inside information on your chosen area.
A real estate agent is also there to make the home buying process as smooth and simple as possible. They will be there to guide you through the negotiation and closing process, which presents many challenges for seasoned buyers let alone first time ones.
- Know your financing options
As a first-time buyer, you may need a hand when it comes to financing your home purchase. There are different types of mortgages, from conventional mortgages to fixed-rate mortgages. If you’re able to go for a bigger, more luxurious home, jumbo loans are also an option.
Florida has several programs to help buyers with their first home purchase. Buyers are only eligible for these programs if they haven’t owned a home in the last three years and the income and credit score requirements are met. These first-time home buyer programs in Florida, which vary by county and city, range from down payment assistance to funding for home repairs.
Some of the financing options provided by Palm Beach County are the First Mortgage Loan Program (FMLP) and Purchase Assistance with or without Rehabilitation, and Housing Rehabilitation. West Palm Beach, in particular, offers up to $60,000 in down payment and closing cost assistance through their Home Purchase Assistance Program.
- Understand the local real estate market
Knowing the current real estate market of the area you plan on buying in gives you an idea of what to expect. Are you in a buyer’s market or a seller’s market? What is the average price of a home in your preferred location? How long does a home for sale stay on the market?
West Palm Beach, in particular, has been a seller’s market for a while now. The low mortgage rates and number of out-of-state competition has decreased housing inventory and driven up the prices of homes.
Ask your real estate agent to assist you in evaluating the local real estate market. You can also search for available real estate market reports online or check out different news, websites, or social media outlets.
- Make a competitive offer
In a seller’s market like West Palm Beach, crafting a competitive offer is key. The most important step to creating a winning offer is research.
One of the factors that you have to evaluate are the real estate comparables or “comps.” Real estate comps look at recently sold properties that are similar in terms of location, size, condition, and features. Searching for similar properties in the same neighborhood can provide insight on the home’s market value and how much you should be offering.
Aside from real estate comps, other ways to to get an advantage over the competition is to understand the seller’s needs. Whether they’re looking to sell fast or are worried about certain home selling costs, understanding their motivation to sell can help your offer stand out.
Ready to buy a house in Ibis? The Telchin Group are the go-to experts to call when it comes to finding your first home in this award-winning West Palm Beach country club community. Reach out to us today at 561.301.0249 or at Eric(at)TheTelchinGroup(dotted)com.