Buying an Winter Park Florida Home: FAQ's

Q: Can I get an idea of how much my home is worth from the Internet?

A: You can certainly get a range of your home's value by searching websites on the Internet, including the homes for sale on Winter Park's best real estate website. A lot of sites offer services that crunch numbers from historic public records of home sales and produce the statistics. Some sites even offer an actual estimate of your home value based on software appraisals. They rely heavily on historic home sales records in the area to calculate the estimate. However, it is impossible for a website or software to factor in the difference in subdivisions, amenities, view, floor plan, and more important market conditions. In today's market, it may not matter if your home is on conservation area and has a beautiful view of the pool if there are 10 bank owned foreclosures down the street priced well below market value. If you contact our Winter Park specialists, we can create a custom CMA (Comparitive Market Analysis) for your home value or get your free report here.

Q: What are the most common ways of finding out how much my home is worth?

A: A CMA (Comparative Market Analysis) or an appraisal are the most common ways to determine the value of your home. All of our Winter Park real estate agents are ready, willing and able to provide a CMA for free. A CMA is an informal estimate of value based on comparable sales in the subdivisions most comparable to yours. Our CMA gives you listing prices of current homes on the market as well as those that have sold. An appraisal generally costs a few hundred dollars, and is a certified Central Florida Appraiser's opinion of the value of a home. Appraisers review many of the same factors our Realtors do, including recent comparable sales, location, square feet, floor plan and view. Of course, we recommend saving the hundreds of dollars and going with a CMA from one of our trusted Winter Park Realtors. Thinking of selling? Obtain your free report and find out how much your Winter Park home is worth.

Q: How can I determine the value of a distressed property, like a short sale condo or bank owned foreclosure home?

A: If you are considering buying a foreclosure home that is bank owned, or a short sale home that requires lender approval, you need to be very dilligent about acquiring all the information on that home and subdivision. Some of the information you need to know is how much are the back taxes and home owner's association fees (monthly HOA fees) due? Is there money owed for utilities like water, title liens, etc... that you want to ensure are paid by the seller at closing? Is the homeowner's association stable, or are increased HOA fees likely? It also is important to thoroughly examine the property. If you are unable to get into a foreclosure property, contact one of our real estate specialists to schedule an appointment to view the foreclosed home. We have access to every foreclosure property on the market.

Q: Are Winter Park homes a good investment?

A: Winter Park has maintained its value better than other areas of Central Florida despite economic downturns and problems with some associations, primarily because of the town center that attracts buyers. Winter Park has condos, townhomes and single family homes. Condos have actually appreciated more over the past decade than homes and townhomes. At the same time, changing demographics have made condominiums more attractive investments for single home buyers, empty nesters when their children move out, and first-time buyers in expensive markets. This may be the opposite in Winter Park, because they tend to attract families. Another major factor for the value holding is location. Many times, you live in the suburbs and have to drive to the most desirable areas. With Winter Park, they have their own town center that offers most of the things you need to just walk to get groceries or dinner.

Q: How long will the home buying process take?

A: Once we have an accepted offer, the process to secure a loan, get a home inspection, order an appraisal and survey, and close with the title company generally take 30-45 days.

Q: How much will buying a home in Winter Park Orlando cost me?

A: Aside from the price of the home, you will only pay your closing costs which generally run about 2% of the purchase price. Our real estate services cost the buyers nothing. We are paid by the Seller after the property closes and you move into your new home!