T-Minus 386 Days: Eight Questions Answered By A Real Estate Agent

We had a chance to talk with a second real estate agent. We have decided to use one real estate agent to help us with the areas around Orlando (Apopka, Winter Garden, Clermont, etc) and another to help us with the properties along Rt. 27 (Davenport, Haines City, Winter Haven. This discussion was with the second agent.

1. Should we consider a long distance new build?
Custom builds are a lot of work, and you really want to be in the area to make sure everything goes OK. A custom build is where you get your own property, your own builder, and use your own plans. On the other hand, a standard build into a subdivision is very possible.

2. How long does it take for a new build?
Right now, because of COVID, everything is backed up. I would plan 6-8 months. That means if you want to move in june/July? You should be making your new build decision in November of this year.

3. Who are the builders in the area?
Lennar is a builder in southern Florida, but they do reach into this area at places like Haines City. Lennar doesn't have a lot of housing plans to choose from. You'll find others have more choices. Lennar's financial year ends in November, which is the best opportunity to get a good deal.

4. How does a new build work if we have a house to sell?
The builder will want $1000 to hold the lot. Then 20% during construction. At a defined point during the construction, they will ask for half. The money goes into an eskrow and is used at closing to purchase the house.

5. What is an Inventory Home?
When a developer is building out a neighborhood, they'll build some extra houses even if they aren't sold yet. Those are for people who can't wait to have their home built and need something right away. We can get the best deals and the most leeway with inventory homes versus new construction.

6. What is a Resale Home?
A resale home is something previously owned and, for whatever reason, the owners need to sell it. Some of these homes are only a few years old. One of the benefits of a resale home is that you'll usually get a pool without having to pay $50-60K to have the pool built. Resale homes go quickly, so, they won't wait on a contract contingent on you selling your old home. It is possible, but difficult.

7. How fast do houses resell in Florida?
Right now they are selling in 14 to 30 days. The house gets posted and it doesn't sit on the market very long. When you see something you like, you need to move fast.

8. What are your thoughts on gated communities?
Gated communities are nice  but they still have crime. They give you a nice sense of security, but, you just have to realize that if someone want to commit a crime in the neighborhood, they will.