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What Is a Spec HomeWith so many homes for sale in Winter Haven, FL, you might be wondering, who builds them all? The answer is likely a spec or custom home builder.

Put simply, a builder constructs a spec home with the intention that a buyer will eventually purchase it. The term “spec” is short for “speculative” since builders are banking on the fact that someone will buy the home they’re building. As the name (speculative) suggests, building one of these homes is a gamble and not a guaranteed profit.

 

How Common Are Spec Homes?

Generally, a healthy economy and a good market requires about 1 million new homes need to be built per year to keep up with the growth of new households and attrition as homes age.

Over the last few years, new construction homes for sale

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2 Myths Holding Back Home Buyers

In a recent article, First American shared how millennials are not really any different from previous generations when it comes to the goal of homeownership; it is still a huge part of their American Dream. The piece, however, also reveals,

Homes for Sale in Davenport FL

 “Saving for a down payment is one of the biggest obstacles faced by first-time home buyers. Dispelling the 20 percent down payment myth could open the path to homeownership for many more.”

 Myth #1: “I Need a 20% Down Payment”

Buyers often overestimate how much they need to qualify for a home loan. According to the same article:

“Americans still overestimate the qualifications needed to get a mortgage, resulting in qualified potential buyers not even

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Real estate agents only get paid for the results they produce. The only thing that happens for a Kissimmee real estate agent at the closing table is the reward for the hard work that came before. Simply put - if it doesn’t close, real estate agents don’t get paid.

Let’s look at what factors contribute to a real estate agent’s pay.

Education, Training, and Licensing

Time is a big factor for real estate agents. To begin with, before they can even sell their first home for sale in Kissimmee FL, they invest in training and educating themselves to get there.

Every agent has to get a real estate license, which takes a lot of time, money and energy. But it doesn’t end there. It also takes time and money to maintain a license.

Agents are required to

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What Are Real Estate TaxesBetween property, real estate, sales, and capital gains taxes, you’re likely to run in to at least one of them if you’re in the market to buy or sell a home.

Property Taxes

People ask “What’s my home worth” when it’s tax time because property taxes are based on value. Fair market value is the key and the more the home is worth, the more property taxes you have to pay.  The median property tax in Florida is $1,773.00 per year for a home worth the median value of $182,400.00. That is slightly below the median tax in the United States but it’s not insignificant. It’s also something you can’t avoid by ignoring it.

The taxman shall be paid so make sure you take care of it. If you have a mortgage, it’s possible the lender is collecting taxes (and

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Gallup polls continue to report real estate as the preferred investment choice for Americans, topping stocks and besting gold for another year in a row. Surprised that real estate beats out gold with American investors? Read on to discover four reasons why real estate investing is the safest choice.

With many advisors predicting the end of the bull market, investors with all of their eggs in the stock market basket could be headed towards losing the gains they’ve experienced over the last eight years or so. Real estate, however, is much less of a gamble and far more accessible for potential investors.

Low-risk

Unlike the stock market, which is unpredictable at best, real estate investors can make market predictions based on hard data to

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9 Steps to Buying a House

For most people, buying a house takes years of planning and preparation. The whole process can be overwhelming, especially for first-time homebuyers. Step-by-step, we’ll guide you through the important decisions that go into homeownership. When it’s over, you could have the keys to your dream house and the biggest investment you make in your lifetime.

1. Check your financial and credit history

Your financial history and credit score affect your overall loan options, and a higher credit score will usually get you a lower interest rate. To avoid any surprises down the road, know what your credit score is before you start the mortgage preapproval process. Most mortgage lenders like to see credit scores in the mid 700s

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Your home purchase is a big deal, but your down payment shouldn’t be. If you haven’t saved a significant down payment for a home, but you’re otherwise qualified to receive financing, we have you covered. Waterstone Mortgage offers a variety of no- and low-down-payment mortgage programs to help you achieve your goal of homeownership.

No Down Payment

USDA/Rural Housing Loans

  • FICO as low as 600
  • Home must be located in designated area

VA Loans

  • FICO as low as 600
  • No mortgage insurance requirements
  • Available for active-duty military, veterans, reservists and members of the National Guard, and some surviving spouses of veterans

Wealth Building Loan

  • FICO as low as 680
  • Financing through adjustable rate mortgage
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Everyone wants to know the right price to buy a new home There are homes that you can build according to your own needs or you might opt for a move-in ready home from a community developer. Sometimes new construction buyers can take more time than usual because of the many options and upgrades offered by the builder.

The 5 Amazing Ways to Help You Save Money On Your New Home

Here are five tips in which you can save money on new construction:

1. Call A Real Estate Agent

An experienced real estate agent can save you big bucks. Many individuals who buy property for the first time usually don’t use an agent and end up losing a lot of money. You don’t have to worry about the commission when its the builder who has to pay.

It is always

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Buying a home is often one of the most expensive endeavors one will take throughout their life, so it’s not surprising that saving for a down payment remains a major hurdle for many Floridians on their path to homeownership. But although a 20 percent down payment is considered ideal, it’s not actually as common as you might think, nor is it a necessity to buying a home.

The majority (52 percent) of buyers put down less than 20 percent on their new home.

Typically, you have to put between 3 and 20 percent of your home’s sale price down in cash to qualify for a conventional loan (30-year fixed mortgage), but there are exceptions. If you meet eligibility guidelines, you might qualify for a home loan with a  zero-down payment through Veterans Affairs

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