Guide for First-Time Homebuyers in California
April 22nd, 2021 by Administrator
Purchasing a property is exciting, but it’s by no means that simple. Many factors can impact the home you want to buy and how much it costs. If you don’t want the hassle in the home buying process, you should be well-informed about the steps to purchasing a house and the current real estate trends in California.
Crucial Information for Property Buyers in California:
- Property values are going up: In the coming years, houses in Golden State will rise by 8.4%.
- Mortgage rates are low: Mortgage rates average 2.34% for a 15-years mortgage and 2.88% for a 30-years mortgage.
Here is a home buying guide for first-time buyers in California:
- Know your Credit Score
Your credit score will play an imperative role in your eligibility to qualify for a mortgage. When planning to take a mortgage to pay for your real-estate property, understand how your financial situation will impact your buying options.
Look out for any mistakes or unpaid accounts. If there is anything negative on your report, fix it as early as possible. If you have damaged credit, start the credit repair process at least six months before planning to buy a house.
- Know How Much You Can Afford
Home buying is tricky. It’s hard to figure out how to begin things and how much you can afford. Consult mortgage lenders and review different monthly payment situations to find out where you’d be most comfortable.
Be aware of additional housing costs, including maintenance and property taxes. Track your monthly income, expenses, and make an informed estimate for what price points fit your budget.
- Check Out the Neighborhood
Have an idea of the neighborhood you prefer. It is best to visit the areas you selected during different times and evaluate factors like traffic, general safety, walkability, and proximity to local amenities like grocery stores and hospitals.
- Choose a Reliable Real Estate Agent
Your real estate agent will be your ally during the home buying process. So, once you’ve selected the neighborhood, find a trusted real estate agent in California. Work with an agent who can connect with you, understands what you need, and has your best interest in mind.
- Begin House Hunting
This is the most fun part of the home buying process. However, you’ll have to come to a conclusion about which one is the most suitable for you.
Firstly, understand that no home is perfect. Decide which priorities are non-negotiable and the ones that are bonuses. Second, the time of the year can impact the number of options available. In California, the spring season is when there are most houses on the market. While in winter, the number of homes on the market is the lowest.
- Inspection
Be sure that the home you’re considering is what you signed up for. After the inspections, you can negotiate with the seller if something unexpected pops up.
A professional home inspector can check the house for any unseen, unexpected, or potential issues. Inspection will offer you peace of mind about the condition of the house.
- Final Walkthrough
On closing day, there will be a lot of paperwork involved. Your real estate agent should explain every document before closing. You should ask questions if you have any doubts regarding the agreement.
If you are a first-time homebuyer in California and have any questions, contact a professional real estate agent. When you have an experienced and professional agent by your side, the home buying process becomes hassle-free.