Bay Area First-Time Home Buyer Guide
Are you looking to buy a house for the first time in the Bay Area and have no clue where to start? Don’t worry; you are not alone. Buying a house for the first time can be overwhelming; on top of that, submerging yourself in a housing market like the Bay Area, one can be very intense. As a first-time homebuyer, you are bound to make mistakes. But in a hyper-competitive market like the Bay Area, just one small mistake can knock an inexperienced buyer out of the race. That’s why we have compiled this first-time home buyer tips and advice about buying in the Bay Area:
Steps Before the Big Step.
Let me make some sense; there are certain things and steps you should take before being ready to buy a house, which will help you a lot. Check your Fico credit score and see where you’re at, this will give you an idea if you need to work on improving it. The higher the score, the more likely you are to get the best interest rate and terms for your mortgage. Also, pay down your debt as much as you can. This will not only help you raise your credit score, but it will also free some budget for your new-home expenses.
Pick the Right Real Estate Agent.
Look around, ask questions, and find the best match for you. You are looking for an experienced first time home buyer realtor with deep knowledge about the Bay Area’s real estate market. Ideally, someone who specializes in helping first-time homebuyers, making the home-buying process smooth and easy to understand. Since you guys will be spending plenty of time together in the house-hunting process, it is important to feel understood and at ease when speaking to your agent.
The first steps to buying a house for the first time before you hit those open houses, gather your financial documents, and meet with a lender to learn what you can afford and get pre-approved.
Use A Local Lender.
There are many ramifications on the process of buying your first home, but using a local lender can take off their regional expertise and relationships. Mortgage professionals need to be in the Bay Area to truly understand this unique real estate market. Local lenders also use local appraisers and have relationships with other real estate agents, which can inspire confidence in your offer.
Price Doesn’t Always Equal Value.
Sometimes asking price might not be anywhere near a home assessed value. When housing inventory is low, some home buyers offer well above a home’s asking price to make a deal. It is essential to put some time in and research the, “best realtor for first time home buyer near me.” You will need to work with an experienced agent who understands the Bay Area’s intense market and can advise you about a property’s true value and potential future worth.
You Have a Right to Conduct a Physical Property Inspection.
Don’t write off your right to hire experts for pest, roof, foundation, and other specialized inspections – even in newer homes. A house is the most expensive thing you’ll probably ever own, so hiring professionals to avoid surprises and know what you are getting yourself into is a smart thing to do.
Don’t Forget About Closing Cost.
You have saved hard for the down payment, but did you remember to budget for the closing costs? These are the expenses associated with the purchase and sale, such as taxes, title insurance, appraisal, recording, and lender fees.
As soon as the mindset of, “I want to buy a house for the first time,” pops in your head, you need to start extensive research. Reading on first time home buyer guide in California articles, statistics, data, etc. Even starting with something as general as a guide to buying your first home; it is always important to understand the process and know what to expect ahead of your house-hunting venture.