Daytona Beach Mortgage News

Mortgage rates are very low right now, but it can be very difficult to qualify for a conventional mortgage. A stellar credit score and 20% down payment is needed for many conventional loans. Government guaranteed mortgages, such as a VA, FHA or USDA mortgage are a better option for many people.

The major advantages of the government guaranteed loans are low to no down payment and a lower credit score won’t automatically disqualify a borrower.

USDA loans can be made with no down payment and a credit score as low as 620. Not only that, but the loan can be for 103.5% of the appraised value. Up until now, there’s been no mortgage insurance, but that’s going to change as of October 1st. There is a funding fee with government loans and the new USDA funding fee will be 2.0%. The funding fee is down from 3.5% to help cover the new annual 0.3% mortgage insurance premium (MIP).

Another change to USDA loans will be changes to the eligibility maps. Since the last changes, suburban areas have creeped into the program and it’s expected that many of these areas will loose their eligibility. However, that doesn’t mean that a lot of towns around larger cities won’t be eligible. Towns of about 25,000 have been eligible in the past. We suspect that will remain with the new changes.

It’s a good idea to check out your eligibility for government guaranteed loans. They can keep money in your pocket by reducing your down payment and rolling closing costs into the loan. We suspect that much of Flagler county and Palm Coast homes will be eligible with the new changes.

It’s probably a really good time to consider buying a home if you’re going to finance. These loan rates will not hold. We suspect that when loans are freely available, the rates will explode. It’s interesting to note that rates are incredibly low, but few people qualify. One about 20% of Daytona Beach homes purchases are purchased using conventional mortgages. Case buyers account for about 55% and government loans and other forms of financing account for the rest.

How Inflation Affects Buying a Daytona Beach Home

Daytona Beach Home Buying and Inflation

Inflation affects the housing market in the long-term by causing home values to increase. In the short-term, it’s not so easy to determine its affect. Buying now allows you to get a fixed monthly mortgage payment that will never increase as the price of homes rise because of inflation and growth.

We know that inflation has been affecting us at the gas pump and the food store and that many other goods and service prices are rising. Most economists are predicting moderate long-term inflation, but then most economists missed calling the real estate bubble bursting, and oil prices doubling.

We believe that inflation is a serious consideration. Here’s why:

  • The declining dollar makes foreign goods more expensive and we import upwards of 70% of manufactured products
  • The US government continues to borrow more money and increase the deficit to finance the war in Iraq and bailouts of financials institutions and soon home owners
  • Fuel prices, even after the recent drop, have doubled since January 2005
  • Interest rates have been artificially depressed by Federal Reserve Actions over the past several years.

Long-Term Advantage of Buying Now

Normally, with inflation rising and interest rates low, it would be a no brainer to say buy now to protect yourself and the value of your money. The factor that complicates matters is that with just about everything else rising in price, home values in many markets continue to fall. The Daytona Beach homes market has been affected by price declines that vary by price range, but we’ve lost 9% over the past year – based on median values. The problem is that these numbers are a poor reflection of the value of any single home. Additionally, homes in the lower price ranges have been selling more than homes in higher ranges. It’s not a good number, but it’s the best we have.

So, yes, we have inflation and deflation happening at the same time. The best time to take advantage of buying a home to protect against inflation is when home prices are rising. That’s not happening.

So what do you do?

There comes a time when you must make a decision, and the decision that you must make is whether you believe in the long-term economic strength of the United States in general and Daytona Beach in particular. Do you believe in the long-term, that home values will stop falling? Most people know that prices will eventually begin to rise. The question of our day is — When?

Buying a Home or Condo in Daytona Beach Now


  • Good values
  • Low Interest Rates
  • Choices
  • Competition among buyers
  • Long-Term Home Appreciation especially if inflation rises


  • Short-Term Prices Drops
  • Price Stability
  • Economic Instability

If you buy now and inflation rises, here’s how you benefit:

  • Lock into a low rate – don’t do an ARM when interest rates are rising. With a conventional fixed rate mortgage, your mortgage payment is fixed while the value of the home rises.
  • You will pay the same flat dollar rate with cheaper dollars – while everything else is rising in price, your mortgage payment remains the same. At a 3.5% increase in inflation, the value of the home would double in 20 years. At 5%, it would double at 14+ years. That’s just from inflation, if area growth continues, it will appreciation must faster.

Additionally, there’s no guarantee that mortgage rates will stay at today’s low rates. Mortgage Rates have increased about .6% since early May and we believe they will rise further. You can check current rates at

If you are qualified to buy a home, and you plan to do so in the near future, consider doing it now. We are getting closer and closer to the bottom of the market. Don’t believe everything you hear and read in the national and local media. Prices in lower price ranges are no longer falling significantly and we have reached a pretty steady level of sales that is close to our pre-boom levels. All real estate is local and Daytona Beach is no different. Trying to time the bottom of the market exactly may be a fool’s game.

The Daytona Beach real estate market is still a buyer’s market, but is close to balance in several price ranges. Please contact me for additional information and opportunities in this market.

What Home Buyers Must Consider Now If Financing

Decling Home Prices and Rising Mortgage Rates

Daytona Beach Homes have declined over the past few years. There are a lot of homes on the market and it’s been a buyers market for a while now. Buyers have been in a great position, but, rising mortgage rates are threatening to close the window of great opportunity.

Wachovia Elimates Deals With Mortgage Brokers

Wachovia announced yesterday that they lost $9,000,000,000 in the second quarter, that’s 9 billion over a three month period. Now, a good deal of this loss, over $6 billion, is from writing off bad loans. They are also cutting 6,350 jobs.

However, more important to Daytona beach home buyers who will be financing is the Wachovia announcement that, as of July 25th, they will no longer be working with mortgage brokers. This is a trend with banks that they are basically bringing home loans in house. What does it mean?

I believe as I wrote yesterday, that the banks will be taking control of home lending and that rates will rise because of inflation, government spending and economic conditions. The banks will need higher margins to market, originate and service these loans in-house, and, the rate at which banks are willing to lend needs to rise before the banks will begin loosening tight credit.

Basically, the banks, with their high costs of operation and staggering beauracracies, will need to add more margin between the rates at which they can borrow and the rates at which they loan money to make enough profit.

Right now, you need very good credit to get a loan. In addition, the debt to income ratio must be below 36% (at least) and significant down payments are being required. Banks must loan money to make a profit. They are very cautious. Some are taking advantage and restructuring their business operations and business models. When this is done, and the margins increase, the banks will loosen credit some, but expect that significant down payments to continue.

What to Do Now

Simply, review your situation and consider two things:

  1. Home Values
  2. Mortgage Rates

Home prices have been declining, but an increase in mortgage rates from 6% to 7% on a $200,000 on a 30 year conventional loan, results in a $130.00 per month increase in payments. Mortgage rates have increased from 5.8% in early May to 6.5% today (up from 6.42% on Monday and 6.19% last Monday).

The question is – will prices fall faster than payments go up? Inflation causes home prices to rise, but not immediately. If you are planning to buy a home and finance, we may be in the final period of falling prices and low mortgage rates.

Pay close attention to mortgage rates. You can check out rates at If you are on the fence, consider acting now while mortgage rates are still historically low.

First Time Home Buyers – Use Pro Secrets

First Time Home Buyers Smart Strategies

Assure that your first time home buying experience is a good one. Use the same strategies that professional investors use to your advantage. Don’t let your first home purchase turn into a nightmare.

We are going to discuss a few points that will protect you now and into the future. First, it is very important that you put location above price. Why? Because unless you are one of the rarest of the rare, you will be selling that home within the next few years. Pros don’t buy to lose money.

Buy to Sell?

First time homes are also called starter homes because as income and family size increases, people move from that first home into homes are larger size. In the excitement of buying the first home, selling the home is not a prime consideration. It needs to be. You will be selling that home and the goal should be to buy a home that will appreciate in value so that you have more equity to put into your new home and cover the cost of selling. It might seem weird, but when buying that first home, buy to sell!

Two Rules of Buying for Appreciation

Rule 1 – buy where homes are appreciating. Rule 2 – always remember rule 1. Given the choice, buy less home in an area that is appreciating than more home in an area that is appreciating slowly or not at all. Buying a town home in a fast appreciating popular area is better than buying a single family larger home in an area that is rundown and not appreciating. Daytona Beach Homes for Sale appreciation has not been uniform and after the bubble burst, prices did not fall the same in all areas. Ask your real estate agent for appreciation numbers for the area. If the area is appreciating at 5% a year, then buy in an area that is appreciating faster, not slower. Buy in the fastest appreciating area that you can afford. Pros buy where they can get the fastest appreciation.


Everybody involved in the purchase of your new home will have more experience negotiating than the first time home buyer. Ask your real estate agent how much inventory in months is on the market in your area. If it’s more than six months, it’s a buyer’s market and you will have more room to negotiate. Less than six months means more competition and possibly less room to negotiate, but this doesn’t mean you shouldn’t do it anyway. In the Daytona Beach Real Estate Market, home inventories are at 44 months and the average home sold is at 10% off the listing price. You can negotiate:

  • Price
  • Repairs
  • Appliances
  • Fixtures
  • Furniture
  • Lawn Mowers
  • Sellers contribution to your closing costs

Professional investors will discount the offer price by needed repairs or required replacements like carpet, air conditioners, or anything else that they can use. Make any contract you offer contingent on a home inspection. If the inspection reveals items that need attention, replacement or repair, negotiate the repairs or a reduction in price. Also, get pre-qualified for a mortgage. You are in a much better position to negotiate if you do.

Add Sweat Equity

If you get a price reduction for repairs and replacements, and you can make the repairs yourself, do it. You are adding sweat equity that you will be able to cash out later when you sell. Yes, pros work to get reductions that are greater than the repairs will cost.

Use Assistance Programs

Many communities have first time home buyer programs that offer down payment assistance, loan guarantees and other benefits for first time buyers. A professional investor will use everything that they can. If a government agency is giving grants, they will take advantage of it. Your real estate agent should be able to point you to these programs.

Get the Right Real Estate Agent

Finally, you should find a real estate agent that is willing to explain everything that is happening during the process. If the agent doesn’t have the patience or desire to tell you what’s going on, get a new agent. You are the customer and deserve the necessary attention to make you feel comfortable with the process. The agent you select should be familiar with first time home buyers programs so that you can take advantage of all benefits available to you. As a Daytona Beach real estate agent, I’ve worked with many first time buyers and can help if you are in our market. I’ve also worked with professional investors and can offer you guidance in getting the best possible deal.

5 Tips to Finding Your Dream Home Quickly

From time to time we offer posts of value to our Daytona Beach Real Estate readers and clients from expert sources. Marc Rasmussen with SKY Sotheby’s International Realty in Sarasota, Florida contributed this article.

5 Tips to Finding Your Dream Home Quickly

  1. Figure out what you want. Sit down and really figure out what type of home you want. What suits your needs? Make a list of your absolute necessities and then another list of your desires in order of importance. You generally cannot have everything you want. Typically, sacrifices have to be made in almost every price range. This list will help you when you discuss your desires with your Realtor.
  2. Arrange your financing. You might find your dream home quickly but you won’t be able to buy it if you don’t have the cash or financing. While there are a lot of properties for sale the good properties in good locations with proper pricing see action. I wrote an offer for some clients last week on a home in Sarasota and there were 2 other competing offers.
  3. Hire a good Realtor. Do your homework and find a great Realtor. A good agent can save you a ton of time and numerous headaches. Referrals are a great way to get an agent or look on the web and do some research. Don’t assume the highest producing agent is the best one for you. Sometimes, they make horrible buyers agents. On the flipside, be careful hiring a newbie. If they don’t know the market you could get bad advice. Explain what you are looking for and your agent can narrow your options.
  4. Do some research over the web. There are so many wonderful real estate websites now. You can see virtually all properties for sale on the computer with descriptions, photos and locations. Once you have consulted with your Realtor do some homework on the internet to see what homes are for sale in the areas that fit your requirements and budget.
  5. Do some driving. Get a list of potential neighborhoods in your price range from your Realtor or make one from your research over the internet. Take a drive through the list of neighborhoods. There will be locations that you absolutely do not want to live in. There is no point in seeing homes in those areas. You will save yourself a bunch of time by doing some drive bys.

Marc Rasmussen
Realtor with SKY Sotheby’s International Realty
Sarasota Real Estate

Real Estate Short Sale Can Save You 20 to 40 Percent

Is Real Estate Short Sale a Great Investment?

August 17, 2008 Update

There has been so much interest in the short sale process that we’ve created two videos to explain the short sale process and requirements from both the buyer’s and seller’s perspective.

Daytona Beach Real Estate Short Sale Buyers Video

Daytona Beach Real Estate Short Sale Sellers Video

These videos contain a wealth of information and are worth the time to view them.

There has been a tremendous interest in the national real estate debacle recently. The national and local media present articles everyday, and Most of these articles are focused on the negative affects of the bubble bursting, without focusing on how to profit from the situation.

Making an offer in a preforeclosure situations is one of the ways that you could profit. To understand more about foreclosures and the different phases, read Daytona Beach Foreclosed Homes. Florida has been particularly hard hit by mortgage defaults and late payments and in my local market, the number of Daytona Beach short sale offerings is increasing.

Understand that this is not a get rich quick opportunity, you may be able to purchase a home at a significant discount by making an offer on a short sale home.

What is a Short Sale?

Simply, short sales are when a mortgage lender is offered less, often much less, than the mortgage balance for a home before the foreclosure is final. The bank does not own the property at this point, just the mortgage lien, so the home must be for sale through the owner of the property. The owner must agree to the short sale as well as the bank. Many preforeclosure homes are on the market. The bank gets money without completing the full foreclosure process and the home owner keeps a foreclosure off their credit record.

Before a home is formally and legally foreclosed it is said to be in pre-foreclosure. This is the period before the foreclosure is complete and could take some time, in some states up to a year. It is the period between when a home owner misses the first payment and the final foreclosure. What’s important to understand is that the foreclosure process is very expensive for the bank or mortgage company. Foreclosure costs as high as $40,000-$50,000 and higher have been mentioned in the national media.

The problem for the bank is that the initial cost of foreclosing is not the end. Now the foreclosed home is added to the already saturated homes market and they need to sell in a market where very few homes are selling while maintaining the home and paying insurance, taxes and maintenance. That’s why they’re interested in receiving offers that are for less than the value of the mortgage.

The Short Sale Process

In many cases, you don’t know when a home on the market is behind in payments. There are some services that indicate when the home in in foreclosure, but that doesn’t mean it’s on the market or that the owner will cooperate with a short sale offer. The Daytona Beach MLS does not state whether a home is a candidate for short sales unless the agent entering the information enters the information in the comments. This is where the work comes in. The best option is to engage a real estate agent who can find properties for you in the price range where you want to make a offer.

The best way to understand the process is to use an example. An offer was made last week to a bank for $250,000 on a home with an outstanding mortgage balance of $425,000. The offer has been presented to the lender and now we wait for an answer. The bank will take some time to make a decision. That make take weeks. They will consider the offer and compare any other offers. The lowest offer will not always win out. A cash offer with quick closing may trump a slightly higher offer with financing and a later closing date.

You will need to find a property or properties to make offers. This may take some time and will mean some work. Let the real estate agent do most of the work for you. Be specific on what you are looking for and don’t accept anything else. Treat this process as a business transaction.

How low should you go? There is no certain answer as each situation will be different depending on the property and the bank. The banks are not stupid and will not give away the property. They have formulas that they use including appraisals and local market conditions to determine what they will accept.

My advice would be to make a short sale offer somewhere around 65% of the price that homes were selling for at the peak of the bubble. That’s very loose guidance, but there’s a good reason behind it. Home prices have fallen over the past two years and there are predictions that they may fall further. Now, depending on the underlying market, offering 65% of the bubble high, you are protecting yourself on the projected extreme downside. If your local market has not been hit hard by the real estate shock, then you will need to adjust for your actual price decrease. Again, talk to a real estate agent to understand you local market and for short sale guidance. If you go lower you risk nothing other than being rejected.

Real Estate Investment Opportunity

The situation is that for now, there are more homes in a preforeclosure position than there are people who are willing to make an offer. Also, we are in a cycle and home prices will eventually begin to rise again in most markets. In markets where prices fall 25% and you purchase a property at 35% or lower, you will be in a position to realize significant gains in a short period. Yes, a short period because prices will begin to rise within two to three years, maybe much sooner in many markets.

During the period where you are waiting for prices to rise, you can use the property as a rental property and take advantage of the tax benefits of deducting interest, taxes, expenses and depreciation.

There are tremendous short sale opportunities in many real estate markets nationwide. The Daytona Beach real estate market is one of these markets.  The process requires patience and discipline, but you can make a very wise investment that could result in significant profit over a few years time. If you are interested in a Daytona area short sale opportunity, give me a call at 386-566-7503 to discuss options and opportunities.

Daytona Beach Home Buyers – Remember 1980s Interest Rates

Daytona Beach Home Buyers – Remember 1980s Interest Rates?

Yes, I’m a Realtor and would benefit from a market rebound, but I believe it’s more important to put this on the table for consideration than to hold back because it might seem overly promotional.

We have been looking at all the economic indicators, paying close attention to the media, listening to all the economic pundits to make sense of the Daytona Beach Real Estate market. We have decided it’s all off target!

The problem is that the same people and institutions that got us into the mess are now telling us what’s going to happen next. We have decided to take a different approach – the common sense approach. When we do that, we believe that the number one issue we need to consider is not the issue that’s being commonly discussed.

Number 1 Concern for Daytona Beach Real Estate

The number 1 concern for home buyers in Daytona Beach is long-term interest rates. When we apply common sense here’s what we consider:

  • The US national deficit is already over $9 trillion
  • We are still paying heavily for the war in Iraq
  • We are still paying for the war in Afghanistan
  • The dollar has declined over against the Euro from $0.84 per euro in March 2006 to just over 0$.64 yesterday.
  • Gas prices have risen from $1.43 per gallon in June 2003 to to over $3.22 per gallon today.
  • The $150 billion stimulus package will be paid with borrowed money
  • Washington is still in denial that the economy is in trouble
  • The Federal Reserve has artificially forced short-term interest rates down

We are not concerned in this discussion about why or how we got to where we are. Our concern is how does all this affect buying a house, and the timing of buying a house. What do the factor shown above tell us.

  1. The US government is borrowing, borrowing, borrowing
  2. The US Central Bank is borrowing in attempts to keep the dollar from getting weaker against international currencies
  3. We as a federal government do not budget for financing wars. It is paid with borrowing
  4. Gas prices and transportation costs are not part of the Consumer Price Index – inflation is much higher than stated
  5. Foreign investors have already discounted the dollar for our inflationary borrowing practices
  6. Interest rates are being artificially suppressed

Our common sense conclusion is that interest rates will begin to rise and will push mortgage rates up and up.

So, if you are on the fence about buying a home in Daytona Beach because home values may decline here’s some simple math.

Financed amount = $200,000
Mortgage Payment at 6% interest = $1,199
Mortgage Payment at 7% interest = $1,331
Mortgage Payment at 10% interest = $1,755

Let’s say that you will stay in the home five years and that you buy now for $220,000 and finance $200,000.  The home drops in value 10% and is worth $198,000 at the end of 5 years, unlikely, but let’s go with it. If you borrow now at 6% and interest rates go to 7% next year what’s the affect:

Home drop in value = $22,000
Extra mortgage payment over 5 years at 7% = $7920

This seems to say wait for the price to drop, but what happens when interest rates go to 10% or above as they did in the 80’s when mortgage rates were 15% and more.

Home drops $22,000
Extra mortgage payment over 5 years at 10% = $33,360 WOW!

The question now becomes how much of a gambler are you? We may be wrong. Common sense may not apply, but with markets, sins are always paid for in the end.

Your Decision

My advice is to watch what is happening very carefully. If you have a solid reason for buying a home in the Daytona Beach area now, please consider these points carefully. We can develop a strategy to assure that we are paying at or below market to protect the downside home price risks, while allowing you to protect yourself against rising interest rate risks. Call me at 386-566-7503 to strategize about your options.

Daytona Beach Real Estate Taxes

Daytona Beach Florida Real Estate Taxes

Property taxes have become an increasingly important part of home buying decisions. Recent increases in property taxes in many areas of the country means that knowing the property tax you will pay for your new home or condo is critical.

Daytona Beach is located in Volusia County. Daytona Beach Property taxes vary in Volusia County by municipality or “taxing authority.” The millage rates ($ per thousand) vary from 16.45533 in Debary to 22.56859 in Oak Hill. Daytona Beach Property taxes vary from 19.416 to 20.839.

How to Calculate Your Estimated Property Tax

How do you calculate your estimated property tax? You don’t! I’ve included a Volusia County Property Tax Calculator on my Daytona Beach Real Estate web site. Simply input your estimated purchase price, determine whether you will use a homestead exemption (Florida full-time resident), select the municipality and hit the calculate button. The estimated tax will display.

Please use this tool for estimation only. It’s not 100% accurate, but close. There are other exemptions that you may be eligible for. Check with the Volusia County Property Appraisers Office for more details.

Call me at 386-566-7503 if you need assistance or more information. Be sure to visit the Daytona Beach Real Estate Blog often.

Daytona Beach Florida Real Estate Buyers Strategy – Part 2

Daytona Beach Home Buyers Strategy Guide

In the Daytona Beach Home Buyers Strategy Guide – Part 1, we talked about determining why you are considering buying a new home or condo. If you haven’t read the first part of the series, please do so and return here.

Now that you are clear on your overall purpose for buying, we need to determine the criteria you will use in considering homes and condos. There can be a lot of pieces to your criteria, but the major considerations are:

  • Price
  • Age
  • Neighborhood / Location / Sub-Division
  • Home Type (Ranch, Two Story, etc.)
  • Schools
  • Size
  • Number of Rooms
  • Number of Bedrooms
  • Number of Bathrooms
  • Pool
  • Garage
  • Land / Yard
  • A/C / Heating System
  • Fees

These are the basics and this is what is generally shown by the listing agent. There may be a bit more descriptive information in the listing including porches, out buildings and so on. This is the information that will be available in all the search sites including, and such. The search features on my Daytona Beach Real Estate site are pulled from the same source. It should be noted that the information available is only as good as the agent entering the data. There is a big difference in the details and accuracy from agent to agent.

The considerations above are all related to the physical details of the home or condo and are important, but, they only get you part of the way. Before you start looking at property, you need to go a little farther.

Home Buying Financial Consideration

First, if you will be financing your home, you need to determine the monthly payments that you are willing to make. These payments should include the mortgage payments and monthly escrow payments for property insurance and taxes. Once you determine that monthly payment, you need to be sure that you can qualify for a mortgage at that level from a bank or mortgage company. Note that the mortgage is only one of three parts of the payment, so factor that in. You may qualify for more financing than you need, or you may need to adjust your price ranges based on a lesser qualified amount. I have a Mortgage Calculator on my site that you can use to help determine what that portion of the monthly payment would be. Taxes and insurance require a bit more research, but can be estimated for different. For instance, homes on the mainland in the Daytona Beach area will generally pay less for insurance than homes on beachside because of higher wind and flood premiums near the beach.

Many times people are not aware of the total cost of home ownership before setting out to look for their new home or condo. Real estate agents like me are aware, or should be aware, of costs in the area. Put us to work if you need help. Call me at 386-566-7503 and I will be glad to help you with this important part of the process.

Regardless of whether you are financing or not, you will need to set a price range. After that it’s time to dream.

Time to Dream

Dreaming means describe exactly what you are looking for in a new home or condo. The more detail you have, the easier it will make the process. I remember when we bought our second home in Florida. We weren’t clear on what we were looking for and looked at over 50 homes. Our agent didn’t help us much with the process and we were very tired and frustrated by the ordeal.

What do you want? A penthouse condo on the beach? 10 acres with room for horses, a stable and a five bedroom brick ranch home with a giant kitchen with lots of windows? A little bungalow from where we can walk to the beach? A townhouse with very little maintenance so you can lock and leave without worry?

Then put in the details that are important to you. A few years ago, when homes were on the market for a very short time, it was much more difficult to find exactly what you want. Today, there are over 6600 homes and condos on the market in the Daytona Beach MLS, so there is a much better chance of finding something that meets your major non-negotiable requirements and many of your nice to have features.

What’s Next?

And that’s the next step, look at everything you’ve come up with and classify each factor as must-have, non-negotiable or nice to have. Then you will contact a real estate agent and put them to work. That’s the next article in this series – how to hire and manage a real estate agent.

One final word. As a buyer, you don’t pay for the real estate agent. The seller pays commissions. Using the right agent will make the process much easier. We have information based on experience and local knowledge. I’ve been at this for 11 years in the Daytona Beach real estate market, so I’ve have local information that I’ve paid for in hard work and through selling hundreds of homes. Give me a call at 386-295-2049 and put me to work for you.

Daytona Beach Real Estate – New Home Buyer Beware

Daytona Beach Real Estate – New Home Buyer Beware

The Daytona Beach Florida real estate market is saturated with homes of all kinds – condos, existing residential homes, and new homes. There many great opportunities. We hear builders now advertising great deals on homes and in some cases this is true.

You may visit the builder’s sales office to look at homes and see what kind of deal you can make. If all goes well, you may sign a contract and be on your way to a being new home owner. Here’s what you need to understand, when you walk into that sales office, everyone works for the builder in some way. They will always have the builders best interest in mind.

Now, I am in no way suggesting that all builders are going to take advantage of you. Most will not. However, if there is a dispute, who is in your corner?

Of course, I am a real estate broker/agent. So, what I say could be considered biased, but you need someone other than the builder and their representative to look after your interest. Working with a Realtor or real estate agent is not going to cost you money, but you can get an added layers of expertise to avoid the pitfalls of the new home buying process.

If you are not going to use a real estate agent, then have the contract and all correspondence reviewed by a good real estate attorney before signing, or make the contract contingent on a legal review.

I have been working in the Daytona Beach real estate market for over a decade. I started my career in new home sales. I know most of the builders in the area. Give me a call at 386-566-7503 to discuss buying a new home. You can also search for new homes at my Daytona Beach Homes website.

Don’t hesitate to call and ask for a recommendation for a real estate attorney.