The road to homeownership can be exhilarating, but also complicated. For any successful real estate transaction to occur, several vital steps must be executed, which include choosing a REALTOR® who can help guide you through the process to contacting a reputable lender to establish your borrowing power, and selecting a home, then closing escrow and preparing for the move into your new home!
What do I want?: Take the time to figure out what type of property you want to buy. From single-family and multi-family homes to condos and co-ops, there are many different options on the market and it’s important to choose the type that best fits your needs. Figuring out the town or neighborhood you want to live in is equally important. While a property might have all of the amenities you’re looking for, factors like crime rate and proximity to highways can impact the overall home-owning experience. A good idea is to list out and prioritize your needs (e.g. large backyard, great school system) before you begin your search.
What can I afford?: The rule of thumb is that you should never spend more than 30% of your monthly income on a mortgage payment. An alternate rule states that you can afford to buy a property that runs about two-and-a-half times your annual salary.
Am I financially prepared?: A few months before you start searching for a home, review your credit history and make sure it is in good standing. You’ll also want to get pre-approved for a home loan, which will put you in position to make a serious offer once you find the right property.
Get Pre Approved: Your pre-approval amount should be based on the monthly payment amount you are comfortable making. This is where your lender comes in to help you find out what you should be shopping for in purchase price. Buying at the top of your price range will likely leave you “house poor,” which means you’ll be able to make the mortgage payment and cover recurring expenses, but then you’ll have little or nothing left for recreation or other projects. So instead of buying at the top of your approval level, buy within your comfort level: a level where you’ll still have sufficient money left over for other things.
How do I make the best bid possible?: This is where you want an expert like Dan Marconi to guide through this process. Your opening bid should be based on the sales trends of similar homes in the area. Before making your offer, Dan will research and review the selling prices of comparable properties and you will come up with an offer plan.
Dan and his team of real estate professionals will represent and negotiate on your behalf, the purchase of your new home. Our goal is to help you buy the right home for you at a very fair price. Our knowledge of the market and area will be put to use to help you find the perfect home.
Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.