Many prospective homeowners in the Tampa Bay area, covering St. Petersburg, Clearwater, Tampa, and other Pinellas County cities, are holding off on their buying decisions due to housing market uncertainties. While timing the market isn’t always advisable, it’s natural to feel cautious.
If you’re considering a future home purchase in the Tampa Bay region, here are three actionable steps to take this week to prepare:
1. Talk to a lender
Though many homes in St. Petersburg and Clearwater are snatched up by cash buyers, a majority of us will require a mortgage. Start by reaching out to a trusted local lender. If you need referrals, ask family, friends, or your chosen real estate agent. Your real estate agent is an excellent resource for recommendations like this.
Although the initial consultation is typically quick and involves some number crunching and a list of paperwork you may need to submit, you’ll hopefully find a lender who will take some time to walk you through the process. Check out “The Smart Way to Shop for a Mortgage Lender.”
Some lenders can also counsel you on improving (or maintaining) your credit score over the next couple of months until you’re ready to buy. If not, read up on the process at MyFico.com.
Requesting loan preapproval offers real benefits, including saving time by not wasting it looking at homes you can’t afford.
In addition, “Sellers are looking for pre-approved buyers. Many prefer to entertain offers only from pre-approved buyers,” according to the pros at Capital Bank Home Loans, and we agree that this is true for the Tampa, St. Petersburg, and Clearwater areas.
Finding out where your finances stack up in home loans is always a good idea, so this is an important step.
Preapproval from a lender is imperative, especially if you are close to being ready to buy.
During your initial consultation, which might involve financial evaluations and understanding mortgage requirements, ensure to:
- Inquire about current interest rates specific to Tampa Bay.
- Understand the difference between government-backed loans and traditional ones.
- Decide between fixed or adjustable-rate mortgages.
- Learn about down payment assistance programs for Florida residents.
Want to see our recommendations for local lenders and other professionals? Check out our Preferred Vendors page to see who we love to work with and learn a bit more about them. We only recommend vendors who provide top-notch service.
2. Talk to a Tampa Bay Real Estate Agent
Retaining a real estate agent to help you buy a home is never too early. We are happy to offer you counsel on what to do right now to make you market-ready should the occasion arise sooner than you’d thought.
Having a conversation with a real estate agent, especially one experienced in the Tampa Bay area, can be enlightening. They can offer insights into the St. Petersburg, Clearwater, and Tampa markets, and provide guidance on becoming market-ready. Here at Bayside Home Connections, we take pride in constantly expanding our knowledge about the Tampa Bay real estate market, and we LOVE to use that knowledge to serve you! We are happy to answer any questions you may have, big or small, so feel free to Contact Us any time.
Then, be sure to regularly visit our social media platforms and blog. We post a lot of educational content that you may not find elsewhere.
Some questions you may need the answer to when we get together:
- Which banks or lenders are best for the homebuyer
- Can you set up your home search criteria on the website so that you can regularly search for homes for sale?
3. Start Your Online Search
Getting a head start on your property search in St. Petersburg, Clearwater, and surrounding areas will make you more familiar with the Tampa Bay housing landscape. Use online platforms to scout neighborhoods, compare prices, and understand the kind of homes available. If you choose to search for properties on our website, BaysideRE.com, you will have access to the most up-to-date information pulled directly from the Multiple Listing Service (MLS). Complement this by driving through potential neighborhoods in St. Petersburg, Clearwater and other parts of the Tampa Bay area.
Taking these preparatory steps can be highly beneficial when you’re ready to dive into the vibrant Tampa Bay real estate market.
Eager to discuss your Pinellas County home aspirations? Reach out for a chat. We’re passionate about helping you find the perfect home in Tampa Bay!
