The Tampa Bay real estate market is transitioning and may offer buyers good opportunities. The increased inventory and potential for price corrections could make it a favorable time for those who are financially prepared and have a clear understanding of their needs.

It depends on the seller. Many sellers do not want their homes shown unless the potential buyer is pre-approved for a mortgage. At Synergistic Real Estate, we recommend pre-approval.

Yes. We have established relationships with many vendors, including mortgage lenders.

When purchasing a home, upfront costs and monies are required at closing. They may include, but are not limited to, the following:

Upfront Costs:

• Down Payment: This is a percentage of the home’s purchase price that you pay upfront. Depending on the type of mortgage and your lender’s requirements, it can range from 3% to 20% or more.
• Earnest Money Deposit: This is a good-faith deposit you make when submitting an offer on a house. It shows the seller you’re serious about buying the property. This money is typically held in escrow and applied to your down payment or closing costs at closing.
• Inspection Fees: A professional home inspection will identify any potential problems with the property.
• Appraisal Fee: Lenders require an appraisal to determine the home’s fair market value.

Closing Costs:

• Real Estate Agent Commission: It is negotiated in the exclusive buyer agreement.
• Loan Origination Fees: Charges by the lender for processing your mortgage.
• Appraisal Fee: Cost of the appraisal.
• Title Insurance: Protects you against any defects in the property’s title.
• Escrow Fees: Fees for the escrow company that holds funds and documents during the transaction.
• Recording Fees: Costs for recording the deed and mortgage in public records.
• Transfer Taxes: Fees for transferring ownership of the property.

Many costs can be negotiated in the offer.

No, the seller will pay their commission.

A community association is a private organization that governs a planned community, such as a condominium, townhome development, or neighborhood of single-family homes. For example, a Homeowner Association is considered a community association. The community developer typically creates these associations, which transition to the homeowners once a certain percentage of the units or homes are sold. They exist to maintain property values, provide amenities, and enforce rules and regulations.

Community associations typically handle the following:

• Maintenance of Common Areas: This includes landscaping, pools, clubhouses, and other shared amenities.
• Enforcement of Rules: They ensure that homeowners comply with the CC&Rs.
• Financial Management: They create and manage budgets, collect dues, and pay bills.
• Insurance: They maintain insurance policies for the common areas.
• Reserve Funds: They set aside money for future repairs or replacements, such as roofs or roads.
• Dispute Resolution: They often mediate disputes between homeowners.

Before purchasing a home, the real estate agent will procure the community association documents for the buyers to review.

CDDs are governmental entities with the power to issue bonds and levy taxes, while HOAs are private organizations.CDDs primarily focus on infrastructure and significant amenities, while HOAs enforce rules and maintain common areas. CDDs use assessments to repay bonds, while HOAs use dues to cover operating expenses.

Yes. It is essential to ask about property taxes, community association fees, utilities, repairs, and possible home upgrades.