What to Know Before Buying a Coconut Creek Home

There’s no question that buying a home can be a stressful process. In order to have a stress-free experience, it’s important to educate yourself on the ins and outs of the home buying process. From researching the local market to conducting a home inspection, here’s everything you need to know before buying a Coconut Creek home.

Research the local market

When it comes to buying a home, it’s essential to start by researching the local market. Currently, the housing market is a seller’s market, which is defined by Investopedia as “a market condition characterized by a shortage of goods available for sale, resulting in greater pricing power for the seller.” In real estate, a seller’s market occurs when a low housing supply means high demand – and that’s exactly what’s happening right now. In fact, research by the National Association of Realtors found that at the end of December 2021, inventory fell to a record low. Although this may initially seem overwhelming, don’t get discouraged! Even if it takes time, you’ll be able to find a Coconut Creek home that you love.

Make a list of what you want in a home

It’s time to sit down and make a list of what you want in a home. After all, purchasing a home is most likely one of the largest purchases you’ll make in your life, so you want something that fits both your needs and wants as closely as possible. Your list should include basic details, such as the number of bedrooms, ideal size, and top neighborhoods.

If you’re not sure where to begin, looking at real estate websites can help give you an idea of what’s available in Coconut Creek. In fact, research by the National Association of Realtors found that 97% of prospective buyers used the internet to search for a home. This is a great way to get an idea of the local housing market and what types of homes and neighborhoods you do—or don’t—like. Keep in mind that the process of finding your dream home can often take weeks. In fact, the average homebuyer will visit ten homes over ten weeks before they find “the one.” With that in mind, you might want to retain some flexibility in this list.

Hire a realtor you trust

Attempting to navigate the home buying process on your own can be stressful – especially during a seller’s market. To avoid this, it’s critical to hire a realtor that you trust to help guide you through the process. Hiring a trusted local agent is especially important when it’s your first time buying a home.

If you’re unsure whether hiring a realtor is worth the extra cost of commission, the answer is a resounding yes. Real estate agents have in-depth knowledge of the market, including current real estate trends. Another perk of working with a real estate agent is that they learn about properties first, often before the properties hit the MLS. These professionals will help locate homes that meet your needs and are in your price range, as well as arrange times for you to visit the properties. Once you’ve decided to make an offer, they’ll advise on how much to offer, getting a loan, completing paperwork, and negotiating the entire purchase process.

Get your finances ready

Don’t wait to make sure that your finances are in order. This can often make or break homebuyers, especially if it’s your first time navigating through this complex process. As the saying goes, cash is king. If you’re able to offer cash for a home, this will prompt the sale to close faster since there’s no need to get a lender involved. Cash eliminates the need to go through the bank to apply for a mortgage, which means that there’s no underwriting process to wait for. Because of that, sellers understand that there’s a lower probability of a deal being delayed or falling apart. In summary, cash saves time for everyone involved, including both the buyer and the seller.

If paying in cash isn’t an option for you, then make sure to get pre-approved for a loan before placing an offer on a home. In many instances, sellers may not want to consider an offer that is not accompanied by a mortgage pre-approval. When getting pre-approved, it’s worthwhile to shop around a lender and compare interest rates from multiple lenders. This will help ensure that you get the best deal available to you.

You’ll also want to make sure that your proof of funds is in order. These documents show the seller that you have the liquid funds available to cover the costs associated with buying a home, including the down payment, escrow, and closing costs. If you’re uncertain about which documentation to provide, your realtor will be able to help you determine what documents will suffice.

Make an offer

Once you’ve found a house that you've fallen in love with and are ready to throw your hat into the ring, don’t wait! During a seller’s market, homes sell quickly, which means that you’ll want to work with your realtor to make an offer quickly. Your agent will be able to help you establish how much money you want to offer for the house, as well as any conditions or contingencies you may want to ask for.

Your offer should be in the form of a purchase and sale agreement. Your agent will help draft this for you, and you’ll sign it before it’s officially submitted. Remember, this document becomes legally binding if the seller accepts your offer. Upon submission of your offer, the seller will then accept or continue to go back and forth until you’ve either reached a deal or decided to call it quits.

There might be a bidding war

Considering how red hot the housing market is, there’s a chance that you’ll find yourself caught in a bidding war. A bidding war occurs when two or more prospective buyers compete for ownership of a property through incrementally increasing bids. Understandably, this can be a stressful process, but there are ways that you can help prepare for this, such as having your finances in order and working with a seasoned real estate agent.

Keep contingencies to a minimum 

In order to have the best chance of getting your offer accepted, it’s a good idea to minimize your contingencies as much as possible. Contingencies are factors that have to be met before a sale is finalized. Simply put, they are “walk-away” clauses that let you back out of a deal if certain conditions are not met. While they’re a standard part of the process during a seller’s market, listing multiple contingencies during a seller’s market might lower your chances of getting a home. Be sure to talk in-depth with your real estate agent to determine what contingencies, if any, are an absolute must include in your offer.

Don’t overlook home inspections

While buying a home can often be a hasty process, don’t underlook the importance of getting a home inspection. Home inspections will educate you on any problems that your home has, so you can move forward with your decision while being well-informed. Just because a home may look like it’s in stellar condition doesn’t mean that it is. Remember, looks can be deceiving, so home inspections are always a good idea.

Get to know Coconut Creek

If you’re moving to Coconut Creek and are new to town, be sure to spend some time getting to know the area. Known as the “Butterfly Capital of the World,” this well-planned city is known for its unique environmental friendliness. It’s even been highlighted as one of the “Best Cities to Live in the World” by Money Magazine.

The town is located between Ft. Lauderdale and Boca Raton and is home to just over 60,000 residents. Residents can take advantage of easy access to Interstate 95, a short drive to many of the state’s most famous beaches and historical, cultural, and recreational attractions.

Meanwhile, if you’re currently a resident of Coconut Creek, it’s still worthwhile to do some research to determine what neighborhood you’d like to move to. Are you waiting to look for a new property in your current neighborhood or find a new neighborhood? Similarly, consider what is important for you to have – such as schools, churches, parks, or access to shopping. Whether you’re new to the area or upgrading to a larger house in Coconut Creek, you’ll soon fall in love with all this charming town has in store.

Looking for Coconut Creek real estate?

Whether you’re looking for a short-term rental or a forever home, Mahriah can walk you through the process from start to finish and help you find a place that’s right for you. With years of experience in the real estate industry and deep knowledge of Coconut Creek real estate, Mahriah and her team can help you find a house that truly feels like home. If you’re looking for Coconut Creek houses for sale, contact Mahriah Tucker today.

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A true professional whose dedication to successfully guiding clients throughout every aspect of the home buying or selling process has made her an extremely sought-after agent.
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