With the pandemic continuing to affect nearly every aspect of the economy, many people in Florida have been concerned about volatility in the real estate market. Yet, recently released figures show that the housing market in Florida is actually pretty strong. In fact, home closings were up nearly 14% in the third quarter compared to the same time period last year. Median sale prices are up by more than 13%, too.
Many of these positive signs can be attributed to supply and demand. Since construction has slowed during the pandemic, home values have risen and many buyers have turned to existing homes. While increased home closings and rising home prices can be a good sign, it does mean that buyers might need to take extra precautions.
What to watch out for when buying an existing home
Buying a home of any kind can be stressful and confusing, but you can simplify the process while minimizing your risks. Here are some things that are particularly important to take into consideration when buying an existing home:
- Title: You’ll want to make sure that an appropriately thorough title search is conducted to ensure that the seller has the legal right to sell you the home.
- Undisclosed defects: A seller has to disclose known defects. If they fail to do so, then you might be justified in backing out of a purchase agreement or taking legal action.
- Easements and other restrictions: These obligations can really affect your enjoyment and use of your property, so you need to be fully aware of them and what they mean for you before moving forward with a transaction.
Don’t risk going it alone
Trying to navigate the real estate world can be discombobulating. Fortunately, you don’t have to face the challenges of real estate on your own, and doing so could actually put you at a disadvantage. Instead, consider working with an attorney who knows the ins and outs of the process and who can ensure that your interests are properly represented and protected.