Well, you’ve been thinking of purchasing your first house in California this or next year? Congratulations! You’ve made a significant step in your life!
Everyone knows that California can be challenging to own real estate because of high taxes and prices, especially if you live in San Francisco, Los Angeles, or Silicon Valley. However, rates are at their lowest point in history, so if you want to buy your first home, now is the right time to do it.
Here are our top advice for first-time homebuyers, whether you’re just thinking about purchasing a house or have been browsing online for a while:
Attend open house days
Rather than calculating everything over again and worrying about the details, go to open homes on the weekends to get a sense of what’s going on in the housing market. Are you perplexed and unsure where to begin? An expert local agent can assist you in curating listings. The goal is to locate a good fit for you and whom you can trust to advocate for you as a buyer.
Consult with family and friends
There is nothing more valuable than gathering as much information as possible from friends and family members who have gone through the home-buying process. Only keep in mind that it’s just a beginning point, and you’ll eventually need help from a professional real estate agent, such as the ones you may find on Zero Down.
Hire a real estate agent
Some people prefer to do their house hunting on the Internet, while others hire full-service real estate brokers to guide them through the process. In any scenario, a real estate agent may always be of assistance. The best part is that you don’t have to pay any commissions as a buyer – usually, the seller is responsible for those fees.
An experienced real estate agent can save you time, effort, frustration, and money when buying a home. Agents know all about the homes for sale in your area, including their features, condition, location, and market value. They have access to records on past transactions, including how long homes stayed on the market before being sold. Agents will bring you up-to-date information about local trends that could affect your home purchase.
Carefully compare purchasing with renting.
Make sure purchasing makes financial sense. Renting rather than buying makes sense in certain places. Property prices are so high that you might realize they won’t produce the sort of financial returns you need. This is true for many cities and towns. It could be complicated to find tenants, maintain the property or make a profit.
Also, make sure your home purchase will increase in value over time. Even if you don’t want to rent it out, the property should still be expected to go up in price at least slightly faster than inflation.
Try to avoid short sales and foreclosures.
Foreclosed properties and short sales may provide some of the finest discounts, but buyers beware. Several unique requirements apply to these residences, and it might take up to six months for everything to work out. Again, it may or may not work for you; besides, get advice from a real estate professional before bidding on these sorts of intricate deals.
When looking at foreclosed properties, there are some things that potential buyers should be aware of. First, it’s again essential to know that these properties are considered to be in pre-foreclosure status. The owner’s lender has started the foreclosure process but has not yet completed it; these properties also may or may not have been seized by the bank that holds the mortgage. A person can purchase a foreclosed property through an auction if the homeowner has defaulted on the mortgage. The bank that holds the mortgage typically auctions off these properties to recoup some of their losses.
Investigate the mortgage options
Several websites may assist you in obtaining a mortgage. In addition to your bank or credit union, ask your real estate agent for recommendations. You need to do your homework before relying on any single source for obtaining a mortgage. Instead, look at several different companies to get the best rate that will meet your financial needs.
Reliable companies will show you the rates and fees for each loan, providing you with assistance in deciding which loan is best for you. In addition, mortgage rate comparison companies will often have advertisements that promote certain lenders they deal with or whose services they offer.
It’s a good idea to figure out how much house you can buy before you start looking. It’s as easy as going to your local bank office and consulting with a mortgage expert. Getting pre-qualified, on the other hand, isn’t enough in this ultra-competitive market. By taking that step and being pre-approved, you’re signaling to realtors that you’re serious about purchasing a house, and they’ll go above and beyond to assist you in finding the dream home. Learn the difference between being pre-qualified and being pre-approved for a loan.
A conclusion about buying a home can be summarized in two words: healthy caution. You should always go through the process with an experienced real estate agent who knows what they’re doing so that you will have no regrets when it comes time for closing on your new house!
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