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Buying
a Home:
Right now, the Bay Area is a Seller's Market. This doesn't mean that
it is impossible to get into a home, but it does mean that you have
to be strategic about your search. Here are some tips for being a buyer
in a hot market:
Get pre-approved for your loan and be able to prove it. Pre-approval is not the same as being pre-qualified. Pre-approval means you have gone through the loan application process with a lender and s/he has pledged that s/he is willing to give you a loan up to a certain amount. It isn't exactly guaranteed financing (final financing decisions depend on the property you are buying) but it's about as close as you can get. Most sellers these days won't even consider you unless you are pre-approved. It is also helpful for you because you know what price range you can shop in. If you don't know how to get started with this, contact me and I can help you.
Have some cash ready for the earnest money deposit you will make with any offer. The more money you can offer for a deposit, the more serious the buyer will take you.
Be ready to move quickly. Houses move through the market quickly right now. If you are serious about wanting to buy a house, you need to be ready to look at houses when they are available and ready to make an offer without delays. This can be especially challenging psychologically for first time buyers who may want more time to make such a big decision. My best advice is to anticipate this and think your way through it ahead of time. This is not the market for people who aren't sure they want to buy and are just going to look around until they find the perfect property.
Look creatively. If one neighborhood is particularly hot and prices are rising, you might want to consider other neighborhoods. You might need to look at houses that need some repair instead of competing for the ones in "move in" condition. If single family homes are getting too expensive you might need to look into a condo or TIC. I can help you find creative ways to get into the market.
I wish you all the best in your search! Please feel free to contact me if you have any questions.
