Getting into the real estate market for the first time can be very stressful. It is important to have a general understanding of what you should expect so you don’t encounter any unforeseen challenges. Buying a new home can actually be a fun experience if you have the proper expectations.
1) Contact a Realtor. There are a lot of real estate agents out there, but what you’re looking for is a Realtor that specializes in working with buyers. A Realtor is different than a real estate agent in that they have certain guidelines and codes of ethics that may not apply to just real estate agents. You may not want to call the listing agent for a property you’re interested in. Remember that they have the seller’s interest in mind, not yours.
2) Get pre-approved. It is very difficult to start your search without knowing your purchasing power. This is affected by your income, your credit score, down payment, and loan programs that are available to you. It’s a good idea to work with a direct underwriter that understands your budget and your goals.
3) Know What You Need. Do you know what you need versus what you would just like to have. Your wants and needs are important to consider when looking at real estate. It is very easy to lured in by your wants and forget what you really need. Some of your needs may be proximity to work, certain number of bedrooms or baths or being in a specific school district. Common wants would be granite counter tops, pool, stainless steel appliances. It’s possible to change your wants over time, but your needs should be your primary focus.
4) Know your market within your price range, criteria and area. This goes out to all of the San Diego first time home buyers. Don’t listen to the national media; you’re not buying into a real estate market that is conforming to the rest of the nation. San Diego is one of the first counties to get in this housing mess, and there are segments of our market that are already among the first to get out. Look at the sales inventory and sold properties within the last 90 days to determine what kind of market you’re in. Luxury home buyers are still in a buyer’s market, while entry level home buyers are in a very aggressive seller’s market. Ask your real estate consultant to provide you with this data.
5) Focus on your location. Location is the most important factor in purchasing a home. You probably knew that already, but remember it next time you are wooed by the granite countertops, the stainless steel and the extra 1,000 square feet. You can upgrade your home but you can’t upgrade the location of your home.
6) Get the best deal you can. Talk with your buyer’s agent about what comparable properties have recently sold in the area so you get an idea of your prospective home’s value. Make an offer based on the type of market you’re in and the motivation you have in purchasing that specific home. If your not willing to lose the home, then act accordingly and let your agent know that you want to put your best foot forward.
7) Caveat Emptor, Buyer Beware. Always do your due diligence to make sure you know what you’re buying. Hire a home inspector to do a physical inspection of your property, and follow his recommendations for any further evaluation of the home. Regardless of how handy you may be or how much money you want to save, get a home inspection.
Funding and close of escrow. Once you have signed all of your loan docs, removed your contingencies, and signed and reviewed all disclosures you are ready to close on your new home. If you are not moving on your own, research reputable moving companies and schedule them well in advance. After you have funded and recorded with your county, you are ready to move in.
Interested in a Carlsbad home? Get access to all of the homes available on market updated daily, community information including maps, school information, real estate blogs and more by going to Carlsbad real estate
Comments on this entry are closed.