Fort Lauderdale Real Estate News

Protect yourself against storm damage by asking the right questions before closing on a home.

For newcomers and locals alike, South Florida offers a treasure trove of gorgeous beaches, beautiful homes and spectacular shopping and dinning opportunities. This time of year, however, the threat of serious property damage from relentless tropical storms and hurricanes are a harsh reality — and enough to make some homeowners question their purchase.

But dealing with unfavorable weather in South Florida shouldn’t be a factor that prevents a buyer from purchasing real estate in Fort Lauderdale or elsewhere in the state. In fact, there are plenty of precautions homebuyers can take to protect themselves against the onslaught of brewing trouble in the tropics.

 While Florida building codes go a long way to protect homeowners by requiring reinforced roofs, strong garage doors, impact-resistance glass or window shutters in remodeled homes, it’s important to keep insurance in mind throughout the entire purchasing process.

New homeowners should get replacement coverage to cover property damage and make sure their policy defines exactly what will be covered in the event of a hurricane or serious storm. Most standard home insurance policies cover the damages that hurricane-force wind and lightning causes under the wind and hail portion of the policy. Purchasing flood insurance is also a good idea since the damages from a flood are not covered in a standard homeowner’s insurance policy.

Be sure to carefully examine the home-inspection report before closing and use it as a maintenance checklist. Go through the list and inspect all areas of the home, including bathrooms, laundry room, kitchen, roof, electrical system and plumbing. A lot of small problems can easily be dismissed and overlooked when purchasing a home because buyers become so focused on closing the deal. Being proactive is key.

A knowledgeable Realtor should be able to assist you in finding proper resources, such as a licensed home inspector, that will guide you through the process. Most importantly, don’t be afraid to ask the inspection company questions, such as how long it has been in business and how well your home should hold up in the event of a hurricane or flood.

In terms of homes for sale in Fort Lauderdale and surrounding markets, it’s likely prices will drop in the next several weeks as the state feels the effects of another active hurricane season. Buyers should continue to check with their agents to see what deals are available as many frustrated sellers and anxious lenders are looking to get rid of their bank-owned homes and excess inventory of condos.

In South Florida, hurricane season not only means stocking up on supplies and being prepared, but it also means getting your finances in order in the event a great deal on a new home arises.

For more information about buying or selling your home in Fort Lauderdale, contact John Sabia today at 954-850-2397 or visit the #1 Fort Lauderdale Real Estate website.

Don’t Base Your Investments on National Indicators

While it may appear like you’re seeing the same home prices and sales in your local market that are being reported in neighboring counties and states, it’s important not to lose sight of the details specific to your market. Markets can vary widely from city to city, neighborhood to neighborhood or, as in the case of Fort Lauderdale condos such as Las Olas River House, Las Olas Grand,WaterGarden, Symphony, Las Olas Beach Club or L’Hermitage; building to building.

Keeping market-specific details, such as price trends, volume and inventory, in mind when buying or selling residential real estate in Fort Lauderdale and elsewhere, is the key to evaluating real estate deals.

Unfortunately, the media has a tendency to generalize and summarize what’s taking place in the real estate market and often times, both buyers and sellers end up making critical decisions based largely on prices and sales. For real-time state of the market, they should be looking at sales volume and inventory trends, which will show how active or soft a particular market is.

To be successful in this industry, you should never look at real estate through a wide-angle lens. Get a more lucid picture of what’s taking place in your local market by breaking it up and examining the details.

You can probably come up with a slew of characteristics that differentiate various neighborhoods within your local market such as Bay Colony, Coral Ridge, Las Olas, Harbor Beach, Rio Vista, Wilton Manors and Victoria Park.

It’s critical for buyers and sellers to understand these characteristics and, in turn, communicate their buying or selling needs with a real estate professional. In order to get the best advice, service and consultation, buyers and sellers need to be particularly selective when choosing an agent that is most knowledgeable about their local market and will be able to best meet their needs.

On a similar note, buyers and sellers should not get too hung up on waiting for the housing market’s bottom. Many buyers, who are now sellers, missed all the signs of the market’s top and it’s highly likely that buyers may also miss the so-called bottom — if they wait around to read about it in the news.

It takes a good four to six months for statistics to report the start of a recovery and it will be too late by the time it hits the media. While it’s easy to see a bottom coming, it’s impossible to pinpoint when it will happen exactly. People that are fortunate to buy at the bottom won’t realize their good fortune until it’s passed.

Making sure you do your homework when purchasing a home is a no brainier, but all too often people make investments based on what the media reports. One size fits all doesn’t apply to the real estate world.

If you are considering buying or selling real estate in Fort Lauderdale, Florida, contact John Sabia at 954-850-2397 or visit the #1 Fort Lauderdale Real Estate website.