Are you looking to buy a home in Florida's scenic Lake County? As seasoned Lake County real estate agents with The Loretta Maimone Team, we want to provide insider guidance to help buyers navigate the local market. Use these tips to make informed decisions and end up with your dream home!
The Lake County real estate market remains strong for both buyers and sellers. Over the last 5 years, the median home sales price has increased nearly 40% to over $300,000 as of 2022. Home values continue rising at nearly 10% annually. Yet Lake County remains extremely affordable compared to other parts of Florida.
High demand stems from Lake County’s desirability for those looking for a nature-filled lifestyle, retirement living, or an easy commute to Orlando/Ocala. The population has ballooned 20% this past decade. As the secret gets out about Lake County’s charm and value, more buyers compete for limited housing inventory.
For buyers, this means acting quickly on the right home and avoiding overbids. Work with a local real estate agent to tap into new listings and off-market opportunities first. Though competition is stiff, a knowledgeable agent can still help you find and negotiate a great deal.
In a sellers’ market like Lake County’s, it’s imperative buyers have financing in order before house hunting. Work with a lender to get pre-approved for a mortgage in your price range. This shows sellers you’re serious and ready to move quickly.
Pre-approval involves fully documenting and verifying your financials and credit score. This allows your lender to determine the loan amount and terms you qualify for. The pre-approval letter states this for the seller’s assurance.
The Loretta Maimone Team partners with lenders familiar with Lake County’s diverse neighborhoods and home types. They can advise you on loan products and down payments needed for areas you’re interested in. Having them in your corner makes for an easy process.
The most desirable Lake County homes often get multiple offers within days or even hours of hitting the market. Competition is especially fierce in certain price points and communities. To compete, you’ll need to move decisively when you find “the one.”
As soon as you view a home you like, let your agent know. They can prepare and submit your offer ASAP while the listing agent is fielding showings and calls. Well-priced homes in good condition won’t last long!
In high-demand areas, buyers sometimes waive inspections and appraisals to make offers stronger. However, this does come with financial risk. Discuss these strategies with your agent based on the home’s specifics.
No matter what, try to remain nimble and responsive throughout the negotiation. Communicate through your agent to authorize any changes quickly. In multiple offer situations, the first to agree to terms usually wins out.
When multiple buyers bid on a home, sellers will often ask for each party’s “highest and best” offer. Unfortunately, bidding wars can result in buyers overpaying in the heat of the moment. Discuss your ceiling price beforehand with your agent so you don’t overextend financially.
Some ways to make your offer more appealing without paying too much:
Agree to flexible closing dates or leasebacks to suit the sellers’ needs
Waive minor repairs below a cost threshold
Pay non-refundable due diligence fees the seller keeps regardless
Penalize yourself if you back out improperly from the contract
Pay closing costs and other fees that don’t impact sale price
Determine which concessions make sense for your position before negotiating. Your agent can provide perspective on local norms.
Above all, know your budget limit based on the home’s objective value and don’t exceed it simply to “win” out of emotion. There will be other home options that make financial sense for you.
Lake County encompasses very diverse areas and communities, all with distinct pros and cons. As outsiders, home buyers may focus on popular retirement areas they’ve heard about like The Villages. However, other neighborhoods may better fit your needs and budget.
Work closely with your Loretta Maimone Team agent to understand the characteristics of different cities and villages before deciding where to buy. We’ll educate you on topics like:
- Key for families with children
- Pools, golf, marinas, clubhouses, etc.
- For amenities and maintenance
- Add to annual costs for roads, water management, etc.
- Growth potential impacting home values
- For commute convenience
- Available within the area
- Presence of hospitals and medical offices
- Indicator of safety
Don’t assume you know an area until looking at details like these. Some of Lake County’s lesser-known communities offer hidden value compared to more obvious locations. Let us guide your research.
The most popular Lake County communities have very low housing inventory. Well under 6 months of inventory is considered a sellers’ market, while some areas hover at just 1-2 months currently. This makes new listings in desirable neighborhoods extremely scarce.
The best way to find these new listings is through an agent with access to MLS data the moment its posted. The Loretta Maimone Team can send you listings matching your criteria as soon as they hit the market. This allows you to view fresh inventory and make competitive offers ahead of the masses reading weekend open house ads.
In addition to the MLS, agents develop relationships with builders and homeowners in target neighborhoods. We keep our ear to the ground on off-market opportunities through past clients, professional networks, etc. With our insider connections, we can put you in pole position to buy one-of-a-kind homes before they officially list.
Buying a home is always complicated, but Lake County’s high-demand real estate market poses particular challenges. From bidding wars to neighborhood intel, you need expert guidance to find and secure the right property.
The Loretta Maimone Team has over 15 years assisting Lake County home buyers and sellers. Our in-depth knowledge of the area’s communities, new developments, market conditions and trends is invaluable for buyers. We represent your interests in negotiations firmly but fairly.
As your agents and advocates, you can count on us for:
Access to new listings first
Area & neighborhood research
Guidance on offer strategy & negotiations
Personalized tours based on your needs
Communicating with sellers’ agents & escrow
Overseeing inspections & appraisals
Problem-solving of issues that arise
We simplify the process through excellent communication and customer service. Our past clients rave about our support helping them land their perfect Lake County home.
Contact The Loretta Maimone Team today to tap into our local real estate expertise. We can’t wait to show you all the fantastic options waiting for you and find your dream home!
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