Frequently Asked Questions
We're here to help. Below are the questions we hear most often from buyers and sellers exploring Sarasota, Longboat Key, and the surrounding area. Don't see your question? Reach out anytime.
🏝️ Buying Questions
What is earnest money, and how does it work?
Earnest money is a deposit made by the buyer to show serious intent to purchase a home. It’s typically 1% to 3% of the purchase price and is held in escrow. If the deal closes, it’s applied to your down payment or closing costs. If the deal falls through due to a contingency, you usually get it back—otherwise, the seller may keep it.
What credit score do I need to buy a home?
Most lenders look for a credit score of at least 620 for conventional loans, though FHA loans may allow for scores as low as 580. A higher credit score typically means better interest rates and more favorable terms. Before starting your home search, it's smart to check your credit report, correct any errors, and take steps to boost your score if needed.
How much should I budget for closing costs as a buyer?
Closing costs typically range from 2% to 5% of the home's purchase price. These costs include lender fees, title insurance, appraisals, and pre-paid items like property taxes or homeowners insurance. It's essential to get an estimate from your lender early in the process so you can plan your finances accordingly and avoid any last-minute surprises.
Is it better to buy a new construction home or an existing home?
New construction offers modern layouts, energy efficiency, and less immediate maintenance. You may also have input on design finishes. However, it can come at a premium and sometimes with delays. Existing homes often have established landscaping, more character, and desirable locations. The right choice depends on your timeline, budget, and lifestyle preferences.
What's the difference between a fixed-rate and an adjustable-rate mortgage?
A fixed-rate mortgage keeps the same interest rate throughout the life of the loan, offering predictable monthly payments. An adjustable-rate mortgage (ARM), on the other hand, starts with a lower rate that adjusts periodically based on market conditions. Fixed-rate loans are ideal for long-term stability, while ARMs may suit buyers planning to sell or refinance within a few years.
Can I use gift money for my down payment?
Yes, you can use gift money from a relative or approved source for your down payment, but lenders will require a gift letter stating that the money is not a loan. The donor may also need to provide bank documentation. Each loan type has specific rules, so it's best to coordinate early with your lender to ensure a smooth process.
Should I wait for interest rates to drop before buying a home?
Not necessarily. While lower rates can improve affordability, waiting could mean missing out on the right home or dealing with higher prices due to increased demand. If you find a home that fits your needs and budget today, it might be better to buy now and refinance later if rates improve. Timing the market perfectly is nearly impossible—it's more important to focus on what works for you financially and personally right now.
What's included in a home inspection, and do I need one?
A home inspection covers the condition of major systems—roof, HVAC, electrical, plumbing—as well as structural integrity, windows, doors, and appliances. It's not legally required, but it's highly recommended. It gives you negotiating power if issues are found and can prevent unpleasant surprises after you move in.
What's the difference between pre-qualification and pre-approval?
Pre-qualification gives you a quick estimate of what you might be able to borrow based on self-reported financial info. Pre-approval is more robust—it requires documentation, credit checks, and income verification. With a pre-approval in hand, sellers know you're a serious buyer, which strengthens your offer and helps you move faster once you find the right property.
What should I look for during a final walkthrough before closing?
During your final walkthrough, ensure that the home is in the agreed-upon condition, all negotiated repairs have been made, and no new issues have popped up since the inspection. Check that appliances, lights, plumbing, and HVAC systems are working properly. It's your last chance to confirm everything is ready before closing day!
How long does it usually take to close on a home once an offer is accepted?
On average, it takes about 30 to 45 days to close after your offer is accepted. However, the timeline can vary based on the financing type, the lender's speed, inspection results, and any title or appraisal issues. Staying organized and responsive during this period helps keep things on track—and working with an experienced agent ensures no detail gets overlooked.
What are closing costs, and how much should I expect to pay?
Closing costs are the fees and expenses—outside of the property price—that buyers pay to finalize a real estate transaction. They typically range from 2% to 5% of the home's purchase price. These costs include loan origination fees, appraisal fees, title insurance, and more. Understanding these upfront helps you plan your budget with confidence.
What is an escrow account, and why do I need one?
An escrow account is a separate account where your lender holds funds to pay property taxes and homeowners insurance on your behalf. Instead of getting hit with large annual bills, a portion of your monthly mortgage payment goes into escrow, ensuring these critical expenses are covered automatically and on time. It's a safety net that protects both you and the lender.
Is Longboat Key a good place to buy a second home?
Longboat Key is one of Florida's most sought-after locations for second homes thanks to its quiet beaches, luxury condos, and strong rental potential. With limited inventory and rising demand, owning a home here is both a lifestyle upgrade and a smart investment.
What are the typical condo fees in Sarasota and Longboat Key?
Condo fees vary by community, but most range from $500 to $1,200/month. They typically cover building insurance, maintenance, landscaping, and community amenities. Some Gulf-front condos may have higher fees due to reserves and storm protection costs.
Can I buy a Florida home without being physically present?
Yes, we specialize in helping out-of-state and international buyers purchase homes sight unseen. From virtual tours to remote closings, we handle every detail so you can buy with confidence — even from across the country.
How competitive is the Sarasota housing market in 2025?
Sarasota remains a hot market, especially in coastal communities like Longboat Key and Siesta Key. While prices have stabilized slightly from their peaks, demand from second-home buyers and retirees keeps inventory tight. Strategy and local insight matter more than ever.
🏡 Selling Questions
Should I get a pre-listing home inspection before selling?
A pre-listing inspection can uncover issues before your home hits the market, giving you the chance to make repairs proactively. It builds trust with buyers and can prevent surprises that might derail negotiations. While optional, it’s often a smart move in competitive markets where transparency adds value.
How should I handle multiple offers on my home?
Receiving multiple offers is a great position to be in, but it requires careful evaluation. It's not just about the highest price—consider contingencies, financing strength, closing timelines, and buyer flexibility. We'll help you compare all offers side-by-side and negotiate terms that align with your goals, ensuring you make the most informed decision possible.
What documents should I gather before listing my home?
Before listing, gather your deed, past utility bills, property tax records, mortgage documents, HOA information, and any warranties or manuals for major appliances or systems. Having this information ready helps streamline the process, builds buyer confidence, and can help prevent delays once an offer is accepted.
What should I do if my home isn't selling?
If your home has been on the market longer than expected, it may be time to revisit pricing, staging, or marketing strategies. Evaluate buyer feedback and local competition. Small adjustments—like new photos, targeted ads, or even a price tweak—can make a big impact. Staying flexible and proactive is key to turning interest into offers.
Can I sell my home as-is, or do I need to make improvements first?
You can absolutely sell your home as-is, but understand that it may limit your buyer pool or impact your sale price. Making basic updates—like fresh paint, minor repairs, or improving curb appeal—often yields a better return and helps the home stand out. We can help you assess which updates are worth it and which to skip, based on your goals and the current market.
What are the risks of overpricing my home?
Overpricing can backfire by causing your home to sit on the market too long, making it seem undesirable. It can reduce showings, attract fewer offers, and ultimately lead to price reductions—sometimes below what you could have achieved with a realistic starting price. Strategic pricing based on current market data is essential for a successful sale.
What's the best time of year to sell my home?
In Florida, the prime time to list is typically between January and April, when snowbirds and vacation buyers are most active. However, local market trends, inventory levels, and your personal timeline matter more than the calendar. A well-prepared home can sell any time of year—especially when marketed with a strong strategy behind it.
How long will it take to sell my home?
The timeline varies depending on market conditions, price, and property condition. In Sarasota and Manatee counties, well-priced and well-presented homes often go under contract in 30 days or less. High demand neighborhoods may move even faster. The right marketing strategy makes all the difference.
Do I need to disclose known issues with my home before selling?
Yes. Sellers are legally obligated to disclose known material defects that could affect a property's value or safety. This builds trust and can protect you from potential legal trouble down the road. Transparency goes a long way in today's market—and buyers appreciate when a seller is upfront and honest from the start.
How can I make my home more attractive to buyers?
Start by decluttering and deep-cleaning every room to create a fresh, inviting atmosphere. Focus on curb appeal by tidying up the landscaping and adding a pop of color with flowers. Neutral paint colors, minor repairs, and staging key areas like the living room and kitchen can make a huge difference. A little effort upfront often leads to quicker sales and better offers.
What are common costs I should expect when selling my home?
As a seller, you can expect to pay real estate commissions, title insurance, prorated property taxes, and possibly costs for repairs or closing concessions if negotiated. There may also be attorney fees depending on the state. Having a clear understanding of these expenses up front helps you plan better for your next move—and we're here to guide you through every step!
Should I make repairs before listing my home?
In most cases, yes. Tackling minor repairs—like fixing leaky faucets, patching drywall, or touching up paint—can make a huge difference. Buyers notice details, and a home that feels "move-in ready" sells faster and for a better price. Major repairs, however, should be evaluated carefully with your agent to determine if they'll deliver a return on investment.
Is staging my home really necessary before listing it?
Staging isn't just about making your home look pretty—it's about creating an emotional connection for buyers. A well-staged home can sell faster and for more money because it highlights your home's strengths and minimizes any perceived flaws. Even small touches, like fresh flowers or decluttering, can make a big impact.
When's the best time to sell a home in Sarasota?
While homes sell year-round, the sweet spot is typically between January and April, when snowbirds are in town and buyer activity peaks. However, with the right strategy, we can help you get top dollar any time of year.
What upgrades give the best return before selling in Florida?
Kitchens and bathrooms offer the strongest ROI, followed closely by hurricane-impact windows and fresh paint. We'll help you make cost-effective improvements that attract buyers — without overspending.
How do hurricanes affect property values or insurance rates in Sarasota?
Areas close to the Gulf may have higher wind or flood premiums, but proactive communities and updated infrastructure help mitigate risk. We'll walk you through storm preparedness, policy comparisons, and how insurance impacts your buying or selling power.
What makes Team Renick different from other agents?
We don't just show homes — we guide your entire journey. As a client-first team with deep Sarasota roots, we offer unmatched local insight, full transparency, and service you'll never forget. It's why we say: Real estate done right. Every time.
Have a question we didn't cover?
Give Mike Renick a call at 941-400-8735 or visit our contact page.
