Market Benefits New Homeowners

FLORIDA'S REAL ESTATE MARKET IS HEADING IN AN UPWARD DIRECTION, LEANING HEAVILY INTO A BUYER'S MARKET. ACCORDING TO THE BROKERAGE WEBSITE, REDFIN ABOUT 98,000 HOMES HAVE BEEN SOLD IN THE FIRST 4 MONTHS OF THE YEAR. BUT FOR MANY LOOKING INTO BUYING A NEW HOME HIDDEN COSTS AND UNEXPECTED CHARGES MIGHT BE THE DIFFERENCE IN FINDING THE HOME OF YOUR DREAMS OR A MONEY PIT WAITING TO HAPPEN. IF YOU'RE LOOKING TO BUY A HOME FOR THE FIRST TIME IN FLORIDA, HIDDEN COSTS CAN CERTAINLY BE A BARRIER TO MAKING ENDS MEET BROKER LEAST MCMAHON FROM ACHIEVE. A REAL ESTATE SERVICES JOINS US NOW TO TELL US MORE. THANK YOU FOR JOINING US IN STUDIO. >> THANK YOU FOR HAVING ME. >> CAN YOU FIRST EXPLAIN WHAT THIS ACHIEVE A REAL ESTATE SERVICES? WHAT IS THAT? >> WE ARE REAL ESTATE BROKERAGE LOCATED OFF OF COLONIAL BOULEVARD AND WE'RE HERE TO SERVICE ALL OF SOUTHWEST FLORIDA. WHETHER YOU'RE BUYING OR SELLING A HOME. >> COULD YOU WALK US THROUGH WHAT SOME OF THESE HIDDEN COSTS ARE THAT FIRST TIME HOME BUYERS MAY NOT BE AWARE OF OKAY. >> FIRST-TIME HOMEBUYERS WHEN THEY START THE PROCESS, THERE'S ALWAYS THE INSPECTION AND THAT BECOMES YOU PAY THAT UPFRONT. AND YOU'VE GOT APPRAISAL COSTS. THESE ARE SOME OF THE FIRST STEPS THAT ARE UNEXPECTED. THEN SOME OF THE NEXT ONES ARE WHEN THEY ARE IDENTIFYING A PROPERTY OF MOST INTEREST. IT'S ABOUT ARE THEY IN A FLOOD ZONE? WHAT DOES THE INSURANCE LOOK LIKE FOR THAT PARTICULAR HOME IN THAT PARTICULAR AREA? WHAT ARE THE AGE OF THE ROOF? WHAT POTENTIAL AGE OF THE HVAC? THOSE CAN BE THINGS THAT YOU WANT TO LOOK AND DO A DEEPER DIVE INTO BECAUSE THEY BECOME ACTORS LATER ON. >> AND WE ALSO THINK OF H.O.A. FEES, THOSE AND TAXES, ALL OF THAT IN AGGREGATE REALLY MAKE THE COST HIGHER THAN WHAT ONE MIGHT INITIALLY THINK. WHEN YOU'RE JUST LOOKING AT THE COST OF THE HOUSE, CORRECT? YES, YOU HAVE TO THINK BEYOND THE SCOPE OF JUST THE MORTGAGE. AND AND WHAT THAT ALSO INCLUDES. >> AND WHAT ARE YOU SEEING AS FAR AS THE PRICE POINT? >> THAT IS ATTRACTIVE TO THIS FIRST TIME HOME BUYERS IN SOUTHWEST FLORIDA, SPECIFICALLY AT RIGHT AROUND THAT 300, YOU KNOW, IDEALLY, THEY LOVE TO BE UNDER 300, BUT THE LOW THREES TENDS TO BE AROUND THE MAX PRICE POINT AND IT CAN BE ACHIEVED. IT JUST DEPENDS ON THE LOCATION THAT THEY'RE PRIMARILY INTERESTED IN. WHAT KIND OF PRODUCT ARE THEY INTERESTED? AND I MEAN, ARE THEY SPECIFICALLY LOOKING FOR SINGLE-FAMILY? WOULD THEY CONSIDER MAYBE A TOWNHOME OR CARE IT HOME HAS THERE FIRST-TIME HOME PURCHASE. >> THE FACT THAT YOU CAN GET INTO A HOME AT THAT PRICE POINT NOW VERSUS 2, 3, YEARS AGO JUST SEEMS SURPRISING. BECAUSE WE USED TO HAVE SUCH HIGH PRICES JUST TO EVEN GET INTO INTO THE MARKET IN 2021. 2022. >> WHAT? WE HAVE LESS INVENTORY. YES. AND AND SO WHEN YOU HAVE SIGNIFICANTLY LESS INVENTORY AT THEN, OF COURSE, WELL, YOU'LL SEE A SPIKE IN PRICING AND LESS PRICE. >> AND RIGHT NOW, THIS IS CONSIDERED PRETTY MUCH A BUYER'S MARKET. WE ARE STILL A BUYER'S MARKET. YES, WE ARE STILL A VERY GOOD BUYER'S MARKET. SO IF A BUYER IS IN THE MARKET OR EVEN CONSIDERING >> PURCHASING A HOME NOW IS REALLY THE BEST TIME TO DO SO >> WHAT WOULD YOU RECOMMEND FOR A FAMILY OUT THERE THAT SAYS, HEY, THIS IS IN THE NEXT FEW MONTHS. I'M GONNA BUY. WHAT WOULD YOU RECOMMEND THAT THEY START DOING WITH THEIR BUDGET? >> BEATRICE WILL TEAR BUDGET AND LOOK AT YOUR BUDGET. LOOK AT WHAT YOUR FORTE ABILITY IS YOU. THEY MOST OF THEM ARE RENTING. SO THAT IS A GOOD STARTING POINT. MAYBE PERHAPS THEIR RENT IS $1500 A MONTH. THEY'RE COMFORTABLE WITH THAT AND THEN START ENGAGING IN CONVERSATIONS WITH, YOU KNOW, A REAL ESTATE PROFESSIONAL AS WELL AS A MORTGAGE PROFESSIONAL AND DO A DEEPER DIVE. AND, YOU KNOW, BE OPEN ABOUT IT AND THIS WAY WE CAN PLUG IN ADDITIONAL COSTS AND REALLY SHOW THEM WHAT BIG PICTURE LOOKS LIKE.