Wondering Which Home to Buy? Turn to a Professional for Knowledgeable Advice, Says Florida Realtors(R)

News provided by

Mar 08, 2010, 10:35 ET

ORLANDO, Fla., March 8 /PRNewswire/ -- Lower sales prices, stable interest rates and the recent extension and expansion of the federal income tax credit have created a great market for buyers throughout Florida, according to 2010 Florida Realtors® President Wendell Davis, a broker and regional vice president with Watson Realty Corp. in Jacksonville.

With home sales on the rise throughout Florida, buyers today face many difficult questions: Is now the right time to invest in a home or condominium? How do I know if a home I like is really a good value? Am I better off purchasing a property in foreclosure that needs repairs, or should I buy a more expensive home in "mint" condition? Can I qualify for a mortgage loan? Do I qualify for the federal tax credit -- up to $8,000?

"In today's fast-changing market, buyers benefit from a Realtor's training, experience and expertise," says Davis. "By drawing on their knowledge of the local real estate market, housing trends and home values, they help buyers avoid potentially costly mistakes and keep the process running smoothly. A Realtor can guide buyers at every step of the transaction, saving them time, money and aggravation."

Unlike a real estate licensee who has simply met the state's licensing requirements to do business in Florida, a Realtor takes the profession to the next level by voluntarily agreeing to act under, and abide by, a Code of Ethics and by becoming a member of the local, state and national Realtor boards/associations, says Davis. "Realtors must agree to a set of professional principles, serve clients fairly, and maintain a high level of knowledge about the process of buying and selling real estate."

A recent survey from the National Association of Realtors® (NAR) indicates the need for advice from a skilled real estate professional. NAR's 2009 "Profile of Home Buyers and Sellers" found that first-time buyers made up 47 percent of all home sale transactions -- an increase from 41 percent in the 2008 study and the highest on record since the survey's inception in 1981.

The report also found that 87 percent of buyers used a real estate professional, up from 77 percent over the past four years. Eight out of 10 homebuyers who used the Internet to search for a home purchased through a real estate agent, in contrast with 63 percent of non-Internet users. Most buyers reported that the biggest benefit to using a Realtor was the help they received to understand the process.

A Realtor in Florida can provide a homebuyer with a full complement of services:

Identify suitable properties for your lifestyle and wallet.
Provide information about neighborhoods, communities and condo developments.
Determine the right price range -- how much home you can afford to buy.
Offer advice about the personal and financial data needed to apply for a home loan.
Answer your questions about real estate values, taxes, utility costs, city or county services and facilities, and potential zoning changes.
Discuss the pros and cons of buying a property in financial distress.
Help you negotiate the purchase, including factors like price negotiation, financing, terms, date of possession, repairs, and furnishings or equipment.
Assist you in finding qualified professionals to do property investigations and provide written reports.
Provide guidance through the closing process to make sure the transaction completes smoothly.

As Davis says, "Buying a home is a huge commitment and a major financial investment. With a Realtor involved, a buyer can relax, knowing the purchase is in safe, knowledgeable, capable and caring hands."

Florida Realtors®, formerly known as the Florida Association of Realtors®, serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 115,000 members in 67 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.

Editors' note: Buying a home is generally the biggest investment an individual, couple or family will make. Taking steps to safeguard that investment by using a Florida Realtor® -- a trained professional who voluntarily agrees to act under a Code of Ethics -- makes sense in today's challenging market. This series looks at some of the benefits offered in choosing to work with a Realtor, first as a homebuyer and then as a home seller. The third article provides tips on how to find a Realtor.

SOURCE Florida Realtors