Aqua Lagoon Home Just Listed

October 27th, 2024 Posted by Matt

September Sarasota Housing Trends

The latest September Sarasota housing trends showed real estate slowed a bit with 743 properties sold for over $592 Million in the county, including North Port, Sarasota, and Bradenton areas.

Sarasota’s luxury real estate market remains strong, with 103 properties selling for $1 million or more in September, including a stunning $21,244,000 luxury waterfront condo on the Gulf of Mexico. Ninety percent of the top 10 sales were new construction luxury highrise condominiums on the Gulf of Mexico.

Additionally, Florida’s economy continues to thrive, with state revenue outperforming projections driven by robust sales tax receipts and strong investment returns. Despite recent storms, the insurance market remains resilient. Thanks to reinsurance measures, Florida’s insurers are well-prepared to manage current and future storm impacts.

The luxury real estate market in Florida is equally robust, with affluent buyers actively investing in high-end properties. In a recent discussion, billionaire investor Jeff Greene and CNBC’s Robert Frank highlighted the ongoing appeal and potential of real estate investment in Florida, pointing to its strong upside for growth.

Lee County September Housing Market Report

The Lee County September Housing Market reports showed 1,250 properties sold for $578 Million during the month in Bonita Springs, Cape Coral, Captiva, Estero, Fort Myers, Fort Myers Beach, Miromar Lakes, Sanibel, and surrounding areas.

The luxury market slowed slightly in September, with just 50 properties sold at or above $1 million, down from 85 in August. The highest-priced sale was a waterfront single-family home on Bonita Beach for $6,500,000.

Seventy percent of the top 10 sales were direct beachfront properties on the Gulf of Mexico or had direct gulf access. The other thirty percent of the top ten highest-priced home sales in Lee County were in golf communities. These golf homes sold in Bonita Bay, Palmira and Miromar Lakes. The luxury golf homes sold ranged from $1,920,000 to $2,695,000.

Overall, Florida’s economy remains strong. Once again, the state’s general revenue collections exceed expectations, thanks to a boost from sales taxes and investment earnings. Despite the recent storms, the state’s insurance market is solid. Due to reinsurance in place and available, the state’s insurers have the capital to handle all the recent storms and another.

Furthermore, Florida’s luxury market remains steady. Wealthy buyers continue to invest in high-end homes. Additionally, in a recent interview, billionaire investor Jeff Greene and CNBC’s Robert Frank discussed the upside of real estate investing in Florida.

Are you ready to invest in Southwest Florida?

Lee County September Housing Market Report – Single-Family Homes

September 2024 versus September 2023 Single Family Home Highlights:

• Closed sales decreased 4.8 percent, going from 1,083 transactions down to 973 sales.
• Pending sales increased 0.9 percent, up from 1,019 last September to 1,028 this September.
• Inventory increased 31 percent to 6,691 properties for sale, compared to 5,107 homes for sale last year.
• New listings decreased from 1,619 to 1,568, a 3.2 percent decline.
• Median days on market increased to 57 days, a 35.7 percent increase, versus September of 2023.
• Single-family home inventory ended September with a 5.8-month supply of homes available for sale, up from a 4.73-month supply in September 2023.

While the inventory of single-family homes was up over last year, it remained similar to the prior month. Inventory increased slightly from 6,628 homes for sale in August compared to 6,691 single family homes on the market in September. Ultimately, the month ended with a 5.8-month supply of homes for sale, up slightly from a 5.7-month supply in August.

Once again, the median sales price decreased slightly compared to the same time last year. In the same way, the price decreased from $390,000 in August down to $382,900 in September. Thus, from a buyer’s perspective, there is more room to negotiate prices.

Additionally, prices vary by neighborhood. A key factor is the available inventory within the neighborhood. As inventory increases, prices tend to decrease, giving buyers more opportunities.

The number of days from listing a home to a contract increased slightly from 55 days during the previous month up to 57 days in September. Once again, it was still a notable increase over the prior year when it was just 42 days. So, if you are considering selling, it’s critical to price your home competitively from day one. Not sure what your home is worth? Call, email, or text us for a FREE market analysis – 239.370.0892.

If you are planning to buy a property, now is a good time to start using our automatic property alerts to monitor the communities you are most interested in. Not sure which communities fit your lifestyle? Contact us, and we’ll help you target the neighborhoods that offer the amenities and lifestyle you would like to enjoy.

Lee County September Housing Market Report – Condos and Townhomes

September 2024 versus September 2023 Condo Highlights:

• Condo sales decreased 27.3 percent, from 381 real estate transactions to 277 sales.
• Pending sales decreased 21 percent from 381 last September to 301 this September.
• Inventory increased 50 percent up to 3,311 condos for sale compared to last September when there were only 2,208 units for sale.
• New listings decreased from 674 down to 597, which was an 11.4 percent drop.
• The median days to contract was 90 days, representing a 125 percent increase versus September of 2023.
• Condo inventory ended September with an 8.3-month supply of properties available for sale, a 72.9 percent increase over last year.

There was a minor increase in available inventory compared to the prior month. Inventory increased 1.7 percent compared to August, a net increase of 56 condos for sale. It is common for there to be minimal changes in inventory over the summer months as Sellers consistently take their property off the market for summer and relist during the fall.

Ultimately, Lee County finished the month with an 8.3-month supply of condos for sale, up from an 8-month supply during the prior month. So, it remains a buyers’ market, and it is likely we will see more inventory as we head into fall. On the other hand, if you are a seller, you should assess the other properties available to ensure you are in line with the current market value.

 

Once again, the days on the market increased month-over-month from 85 days in August to 90 days in September. Similar to the single-family market, the days on the market were well above last year’s average of 40 days for a property to go to contract. Ultimately, the DOM is still well below the traditional 120 days for a property to go to contract.

 

Also, the median condo price ended the month at $300,000, which was down from the prior year when it was $329,000. Additionally, the median price decreased from the prior month when it was $319,000.

 

Finally, 64 percent of condo transactions were cash sales, up from 60 percent during the previous month. Therefore, if you plan on leveraging a loan for your condo purchase, be aware that you’re still competing with cash buyers.

 

If you are a buyer, whether you plan to purchase now or sometime in the future, it may be time to take a closer look at homes for sale in neighborhoods that might fit your criteria. To stay up to date, sign up for automatic property alerts.

Are you unsure if you should sell? We will provide you with the latest market data for your neighborhood and help you decide if it makes sense to list your property. If you decide to move forward, we will determine the optimum selling price together.

Southwest Florida September Housing Market Reports

2024 Lee County September Real Estate Activity – Single Family Homes

2024 Lee County September Real Estate Activity – Condos

Naples Golf Guy Monthly Market Report – NEW!!!

Recently Listed Golf Properties

Ready for a Florida Vacation Home or Second Home?

If you’re ready to find your dream home or condominium in Southwest Florida, we invite you to explore our website for comprehensive information about the local communities. For golf enthusiasts, we specialize in real estate within golf communities.

With over 200 different golf communities in the area, navigating the various membership options, golf course designs, and amenities can be overwhelming. We will provide you with a curated list of the top private golf communities that align with your lifestyle.

Considering new construction? Remember that the contractor’s real estate agent represents the builder’s interests, not yours. Our representation can help you save money and negotiate for extras.

We also handle all contract negotiations through paperless transactions, ensuring a smooth process from offer to close.

Results You Can Count On

The Naples Golf Guy Team will provide extraordinary customer service that emphasizes detail. Professionalism, integrity, and discretion are not goals; they are standards. We collaborate with our sellers to design and implement a customized marketing campaign to present your property to the world. For buyers, we will help you find the community that will offer the ultimate Florida lifestyle in Paradise.

About Naples Golf Guy

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Contact Matt:  Matt@NaplesGolfGuy.com

or at 239-370-0892

October 26th, 2024 Posted by Matt

What Are the Benefits of Living in a Gated Golf Community?

Living in a Gated Golf Community in Southwest Florida: The Ultimate Lifestyle Upgrade

Southwest Florida is a dream destination for those seeking sun, tranquility, and an active lifestyle. But for many, living in a gated golf community is the ultimate way to experience everything this region has to offer. These exclusive neighborhoods provide more than just luxury homes. They deliver an unmatched lifestyle, blending world-class golf, resort-style amenities, and a secure, private environment.

Here’s why living in a gated golf community in Southwest Florida is a lifestyle upgrade that appeals to retirees, professionals, and families alike.

1. Exceptional Golf at Your Doorstep

For golf enthusiasts, living in a gated golf community means having immediate access to some of the best courses in Florida. Many communities are designed around championship courses, allowing residents to play without having to leave home. Whether you’re a seasoned player or someone looking to improve your game, these communities offer the convenience of practicing your swing or playing a full round whenever the mood strikes.

Golf isn’t just an amenity—it’s a way of life in these communities, where residents can join golf leagues, clinics, and social events, making it easy to meet like-minded neighbors.

2. Resort-Style Amenities for Every Interest

Beyond golf, gated communities in Southwest Florida provide an array of resort-style amenities that cater to every interest. Think sparkling pools, tennis and pickleball courts, fitness centers, and wellness spas—all designed to elevate your everyday living experience. Many communities also feature clubhouses with restaurants, bars, and event spaces, so you can enjoy a social scene without ever leaving the neighborhood.

Living in a gated golf community feels like being on vacation year-round, with everything you need for relaxation, recreation, and socializing just steps from your front door.

3. Security and Peace of Mind

One of the most significant benefits of a gated community is the added layer of security. Gated entrances, security personnel, and surveillance systems ensure that residents can enjoy their homes with peace of mind. This is especially appealing to seasonal residents, snowbirds, or retirees who value the safety and privacy these communities provide.

The controlled access and emphasis on security create a safe, family-friendly environment where everyone can relax and feel secure.

4. A Strong Sense of Community

Living in a gated golf community means more than just access to amenities—it’s about becoming part of a tight-knit, vibrant community. Many neighborhoods host a variety of social events, from golf tournaments to holiday celebrations and fitness classes, fostering a friendly, connected atmosphere. It’s easy to form lasting friendships with neighbors who share similar interests and lifestyles.

For retirees and snowbirds, this sense of community is especially appealing, offering built-in opportunities to stay active and social, while newcomers quickly feel at home.

5. Beautiful, Well-Maintained Landscapes

Imagine waking up to views of manicured golf courses, sparkling lakes, and lush greenery every day. Gated golf communities in Southwest Florida are known for their pristine landscapes and well-maintained common areas. This attention to detail not only enhances the community’s aesthetic appeal but also increases property values, making your investment wise.

HOAs typically take care of landscaping and exterior maintenance so you can enjoy the beauty of your surroundings without the hassle of upkeep.

6. Proximity to Southwest Florida’s Best Attractions

Living in a gated golf community means you’re never far from the best of Southwest Florida. Whether it’s world-class beaches, shopping, dining, or cultural attractions, residents enjoy the convenience of being close to everything the region offers. Many communities are strategically located near downtown areas, airports, and top-rated healthcare facilities, making them ideal for those who value easy access to everyday essentials.

Whether you’re spending a day on the water, exploring nearby cities, or enjoying local restaurants, you’re perfectly positioned to take full advantage of Florida’s Gulf Coast lifestyle.

7. Strong Property Values and Investment Potential

Southwest Florida’s real estate market remains strong, and gated golf communities are no exception. These communities are highly desirable due to their combination of luxury living, amenities, and location. Properties within these neighborhoods often retain their value and appreciate over time, making them a smart long-term investment.

With demand for secure, amenity-rich living on the rise, owning a home in a gated golf community could be both a lifestyle upgrade and a savvy financial decision.

Why Choose Gated Golf Community Living in Southwest Florida?

Living in a gated golf community in Southwest Florida offers an unparalleled blend of luxury, leisure, and security. From golf enthusiasts to those seeking an active, social lifestyle, these communities cater to a wide range of preferences, all within a beautiful and serene environment.

If you’re ready to explore the benefits of living in one of these exclusive neighborhoods, we’re here to help you find the perfect home that matches your lifestyle and needs.

Looking for your dream home in a gated golf community? Contact us today to explore available properties in Southwest Florida’s finest communities and start living the life you’ve always imagined!

October 23rd, 2024 Posted by Matt

The Benefits of Using Your Equity To Make a Bigger Down Payment

Did you know? Homeowners are often able to put more money down when they buy their next home. That’s because, once they sell, they can use the equity they have in their current house toward their next down payment. And it’s why as home equity reaches a new height, the median down payment has too.

According to the latest data from Redfin, the typical down payment for U.S. homebuyers is $67,500—that’s nearly 15% more than last year, and the highest on record (see graph below):

Here’s why equity makes this possible. Over the past five years, home prices have increased significantly, which has led to a big boost in equity for current homeowners like you. When you sell your house and move, you can take the equity that gives you and apply it toward a larger down payment on your new home. That’s a major opportunity, especially if you’ve had concerns about affordability.

Now, it’s important to remember you don’t have to make a big down payment to buy your next home—there are loan programs that let you put as little as 3%, or even 0% down. But there’s a reason so many current homeowners are opting to put more money down. That’s because it comes with some serious perks.

Why a Bigger Down Payment Can Be a Game Changer

1. You’ll Borrow Less and Save More in the Long Run

When you use your equity to make a bigger down payment on your next home, you won’t have to borrow as much. And the less you borrow, the less you’ll pay in interest over the life of your loan. That’s money saved in your pocket for years to come.

2. You Could Get a Lower Mortgage Rate

Providing a larger down payment shows your lender you’re more financially stable and not a large credit risk. The more confident your lender is in your credit score and your ability to pay your loan, the lower the mortgage rate they’ll likely be willing to give you. And that amplifies your savings.

3. Your Monthly Payments Could Be Lower

A bigger down payment doesn’t just help you reduce how much you have to borrow—it also means your monthly mortgage payment may be smaller. That can make your next home more affordable and give you a bit more breathing room in your budget.

4. You Can Skip Private Mortgage Insurance (PMI)

If you can put down 20% or more, you can avoid Private Mortgage Insurance (PMI), which is an added cost many buyers have to pay if their down payment isn’t as large. Freddie Mac explains it like this:

“For homeowners who put less than 20% down, Private Mortgage Insurance or PMI is an added insurance policy for homeowners that protects the lender if you are unable to pay your mortgage. It is not the same thing as homeowner’s insurance. It’s a monthly fee, rolled into your mortgage payment, that’s required if you make a down payment less than 20%.”

Avoiding PMI means you’ll have one less expense to worry about each month, which is a nice bonus.

Bottom Line

Down payments are at a record high, largely because recent equity gains are putting homeowners in a position to put more money down.

If you’re thinking about selling your current house and moving, let’s work together to figure out how much home equity you have right now, and how it can boost your buying power in today’s market.

October 22nd, 2024 Posted by Matt

What Are the Benefits of Living in a Bundled Golf Community?

The Benefits of Living in a Bundled Golf Community: Why It’s the Perfect Lifestyle Choice

Are you dreaming of life on the greens, surrounded by luxury amenities and a tight-knit community? Living in a bundled golf community could be the lifestyle upgrade you’ve been searching for. These communities offer more than just a home—they provide a built-in social network, resort-style amenities, and of course, unlimited access to top-notch golf. Let’s explore the benefits of living in a bundled golf community and why it’s become a popular choice for homebuyers seeking an active, resort-style lifestyle.

1. Unlimited Access to Golf

One of the most attractive features of a bundled golf community is unlimited golf access. In most of these communities, membership comes bundled with the purchase of your home. So, there are no additional initiation fees or memberships to buy. Every homeowner is automatically a golf member, and you can hit the course as often as you’d like without worrying about extra fees.

This setup is ideal for avid golfers or anyone who wants to improve their game without the limitations of traditional golf club memberships. With the freedom to play whenever it suits you out of season, you’ll get the most out of your new lifestyle. During season, you can play 2 to 3 times per week.

2. Resort-Style Amenities at Your Fingertips

Bundled golf communities are more than just golf—they offer a variety of resort-style amenities that enhance everyday living. Think pools, tennis courts, fitness centers, and on-site dining, all within the neighborhood. You can enjoy a vacation-style atmosphere every day without leaving home. Many communities also offer social clubs, fitness classes, and wellness programs, helping you stay active and connected with neighbors.

Whether you’re looking to relax by the pool or enjoy a friendly game of pickleball, there’s something for everyone in these luxurious communities.

3. A Tight-Knit, Socially Active Community

Living in a bundled golf community means joining a built-in social circle. With shared amenities and a focus on recreational activities, you’ll have endless opportunities to meet like-minded people and form lasting friendships. Many communities host social events, from themed dinners to holiday parties, creating a warm and welcoming environment.

For retirees, young professionals, and families alike, this sense of community offers a great way to make connections, stay active, and enjoy a fulfilling lifestyle.

4. Low Maintenance, High Reward Living

Many bundled golf communities are designed with low-maintenance living in mind. Homes are often part of homeowners’ associations (HOAs), which manage common area upkeep, landscaping, and exterior maintenance. This means less time worrying about your property and more time enjoying the perks of community living.

For seasonal residents or retirees, this is a major benefit. You can come and go with peace of mind, knowing your home is well taken care of, and when you’re on-site, you can focus on enjoying your lifestyle instead of managing upkeep.

5. Strong Investment Value

Real estate in bundled golf communities tends to hold strong value. Golf courses and resort-style amenities enhance a neighborhood’s appeal, making these properties desirable for homebuyers. Because membership is bundled with the purchase of a home, demand remains high for properties in these communities.

Additionally, the growing popularity of bundled golf communities means you’re not only investing in a luxurious lifestyle, but also in a property with long-term market potential.

6. Convenient Location and Access to Surrounding Areas

Many bundled golf communities are strategically located near vibrant downtown areas, shopping, dining, and healthcare facilities. This offers residents the best of both worlds—a peaceful, private retreat within a short distance of everything they need. Whether you want to explore the local area or enjoy the quiet beauty of your community, you’ll appreciate the convenience of being close to urban amenities.

Why Bundled Golf Communities Are a Lifestyle Game-Changer

Living in a bundled golf community is more than just a place to live. It is a lifestyle that combines recreation, relaxation, and social connection. From unlimited access to premier golf courses to a thriving social environment, these communities offer a resort-style experience with the comforts of home. Whether you’re an avid golfer or simply seeking a vibrant and active community, a bundled golf community could be the perfect fit for your next home.

Ready to Explore the Bundled Golf Community Lifestyle?
Contact us today to learn more about available properties in these sought-after communities and start living the lifestyle of your dreams!

October 21st, 2024 Posted by Matt

Two Fort Myers Beach Lots for Sale

Two Fort Myers Beach lots right next to each other just hit the market! Located within 125 yards of the sandy white beaches of the Gulf of Mexico. Buy one lot or both!

Why an Agent Is Essential When Buying a Newly Built Home

For some buyers, there’s a misconception that newly built homes aren’t made to last or fall short of the quality you can find in older homes. Unfortunately, this is turning some buyers away from what may be one of their best options in today’s housing market. As Builder Online says:

“As resale inventory remains limited and the price spread between new and resale homes narrows, new homes are increasingly an attractive value proposition for buyers, with incentives such as rate buydowns a way to help address ongoing affordability challenges.”

So, is there any merit to the myth? Let’s break down the best way to make sure you feel good about looking into new home construction. That way, you’re not missing out on such a great option today.

Choosing the Right Builder

The key to making sure you get a quality newly built home is to choose a good builder. Reputable builders adhere to strict building codes and standards, use advanced construction techniques, and often offer warranties that cover structural issues for several years. That’s why the Mortgage Reports offers this advice:

“When embarking on the journey of buying a new construction home, one of the most important steps is selecting the right builder. This decision can significantly impact the quality and satisfaction you derive from your new home.”

And while you could dig into research about all the builders in your area, there’s an easier option to get the job done: lean on a pro. When you work with a local real estate agent, they already know about the builders and the new home communities under construction in your area.

Beyond that, maybe they’ve even worked with other buyers who opted for a home in one of those neighborhoods. Here are just a few of the things your agent will help you with:

1. The Builder’s Reputation: Your agent will help point you toward builders with strong reputations and positive reviews from previous buyers. Additionally, your agent will make sure the builder is licensed and insured. Membership in professional organizations, such as the National Association of Home Builders (NAHB), is also a good sign of a builder’s commitment to industry standards.

2. Their Model Homes: Your agent will also be able to tell you if the builders have model homes you can tour. And when your agent walks through the model with you, they’ll draw your attention to the little details that matter most. Things like the quality of finishes, layout, and overall feel of the home.

3. Builder Warranties: Your agent will also be able to help you navigate any builder offers or incentives. Reputable builders often provide warranties to cover major structural elements of the home for a significant period of time. This is a testament to their confidence in the quality of their construction.

4. Getting Inspections: Even with new homes, inspections are crucial. Your agent will coordinate the inspections with licensed professionals to ensure the home meets safety and quality standards before you move in.

Agents Are the MVP When You’re Buying a Brand-New Home

Maybe that’s why data shows homebuyers unanimously scored their agents higher than their builders when looking back on their recent purchase:

So, you don’t need to worry that they just don’t make them like they used to. By working with a knowledgeable real estate agent to choose a reputable builder, you can feel confident when buying a newly built home today. As Realtor.com says:

“If you are interested in buying a new construction . . . You need your own real estate agent from the get-go. Even if it seems like plug and play to sign up with the builder’s on-site agent, you’re going to want someone representing your side of the deal.”

Bottom Line

If you’re considering buying a brand-new home, don’t let misconceptions hold you back. Let’s work together to find a home you’ll love and be proud to call your own.

October 15th, 2024 Posted by Matt

Why a Condo Could Be Your Perfect First Home

If you’re looking to break into homeownership but the price of single-family homes has you second-guessing, you might want to consider a condominium (condo) or townhome. These types of homes often come with a lower barrier to entry – and that can help you start to build equity and enjoy the benefits of owning a home sooner.

Since they’re usually smaller than single-family homes, they can be easier on your wallet. While it’s not always the case, smaller square footage usually comes with a smaller price tag too. As a result, according to the latest data from Realtor.com, condos typically have a lower asking price than single-family homes (see graph below):

And here’s some exciting news: builders are focusing more on homes like these. The National Association of Home Builders (NAHB) says:

“The share of townhomes being built is at an all-time high.”

That means there’s a good number of options to add to your home search if you broaden it to include condos and townhomes. And you may even find something that works better for your budget.

So, if you’re comfortable with a smaller space and want to buy your first home before the spring rush, adding these types of homes to your search might be your answer.

The Perks of a Condo Lifestyle

Living in a condo has a bunch of other perks, too. Let’s look closer at why condos are appealing for first-time buyers:

• They help you start building equity. When you buy a condo or townhome, you build equity and your net worth as you make your mortgage payments and as your condo’s value goes up over time.
• They can be low maintenance. Condos are great if you want to own your place but don’t want to mow the lawn, shovel snow, or fix the roof. Your real estate agent can help explain any associated fees and details for the condos you’re interested in.
• They usually come with a range of amenities. Your condo might come with access to a pool, dog park, or parking. And the best part? You don’t have to take care of any of them.
• They create a sense of community. Buying a condo means you’ll be living close to other people, which is nice if you want a more close-knit feel. Many communities like these hold fun events such as barbecues and parties to help create that sense of connection among residents.

Remember, your first home doesn’t have to be the one you stay in forever. The important thing is to get your foot in the door as a homeowner so you can start to gain home equity. Later on, that equity can help you buy another place if you want something different.

Ultimately, owning and living in a condo or townhome is a lifestyle choice. If you want to see if it makes sense for you, talk to a local real estate agent.

Bottom Line

Ready to find a home that suits your goals? A condo might be the perfect fit for your first home purchase. Let’s connect today to start your search.

October 14th, 2024 Posted by Matt

What To Know About Closing Costs

Now that you’ve decided to buy a home and are ready to make it happen, it’s a good idea to plan ahead for the costs that are a typical part of the homebuying process. And while your down payment is probably the number one expense on your mind, don’t forget about closing costs. Here’s what you need to know.

What Are Closing Costs?

Simply put, your closing costs are the additional fees and payments you have to make at closing. And while they’ll vary based on the price of the home and how it’s being financed, every buyer has these, so they shouldn’t be a surprise. It’s just that some people forget to budget for them. According to Freddie Mac, this part of the homebuying process typically includes:

• Application fees
• Credit report fees
• Loan origination fees
• Appraisal fees
• Home inspection fees
• Title insurance
• Homeowners insurance
• Survey fees
• Attorney fees

Some of these are one-time expenses that are baked into your closing costs. Others, like homeowners’ insurance, are initial installment payments for ongoing responsibilities you’ll have once you take possession of the home.

How Much Are Closing Costs?

The same Freddie Mac article goes on to say:

“Closing costs vary greatly depending on your location and the price of your home. Typically, you should be prepared to pay between 2% and 5% of the home purchase price in closing fees.”

With that in mind, here’s how you can get an idea of what you’ll need to budget. Let’s say you find a home you want to purchase at today’s median price of $422,600. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $8,452 and $21,130.

But keep in mind, if you’re in the market for a home above or below this price range, your numbers will be higher or lower.

Tips To Reduce Your Closing Costs

If you’re wondering if there’s any way to inch that down a little bit, NerdWallet lists a few things that could help:

• Negotiate with the Seller: Some sellers are willing to cover part or all of these expenses — especially since homes are staying on the market a bit longer now. Sellers may be more motivated to compromise, and you’ll find you have a bit more negotiation power. So don’t hesitate to ask them for concessions like paying for the home inspection or giving you a credit toward closing costs.
• Shop Around for Home Insurance: Since rising home insurance is a challenge in many areas of the country right now, take the time to get a clear picture of all your options. Each insurance company offers their own policies and coverage, so get multiple quotes and see how they compare. Choosing a policy that provides reliable coverage at a competitive rate can make a difference.
• Look into Closing Cost Assistance: Just like there are programs out there to help with your down payment, options exist to get support with closing costs too. While they’ll vary by area, there are programs for various income levels, certain professions, and specific towns or neighborhoods too. If you want to learn more, Experian says:

“Your real estate professional should be able to steer you toward applicable programs, and the U.S. Department of Housing and Urban Development (HUD) maintains a helpful resource for finding homebuying assistance programs in every state.”

Bottom Line

Planning for the fees and payments you’ll need to cover when you’re closing on your home is important – and it doesn’t have to be a big surprise. With the right experts on your side, you can make sure you’re prepared. Let’s connect so you have someone you can go to for more tips and advice.

October 8th, 2024 Posted by Matt