Is it your first time? Take ease with these steps toward homeownership.

So you’re thinking about buying a house? Now what???

There a few things to consider before taking the next step towards homeownership.

Can you qualify for a loan?

Most people think that if they have good credit, this part of the process is “in the bag” but don’t start your home search just yet. Did you know that banks now require you to prove all of your income & qualify against all of your debt. (Yes, I’m serious)

Obviously, this is a no-brainer but at the height of the market, just about anyone could qualify for a mortgage. Be sure to know what you qualify for before you find your dream home & start planning out where the couch will go.

Do you have a down payment?

This seems like a stupid question to ask but 100% financing is a thing of the past (unless you qualify for VA). But even if you’ve saved up the 3.5% down payment for the FHA loan or even if you qualify for a VA loan-You will still need extra money.

Did you know there are out-of-pocket expenses before you actually buy the home? What kind of expenses?

First, you have to bring an earnest money deposit to the table which typically is 1-3% of the purchase price. Plus, the cost of inspecting the home before you’re “all-in”. The average home inspection is $295-400 bucks(it varies based on sqft). In addition, you’ll have to pay for an appraisal which will verify that the home is worth what you’re buying it for.

Don’t be alarmed, you only come out of pocket, once you get an offer accepted. But remember, it costs money to buy a home. It’s a small investment you make upfront & is worth every penny to ensure that your hundreds of thousands of dollars are being well spent.

Should I hire an agent?

This is a question you may have asked yourself after searching the Internet for homes. With so many fancy tools on the website, buyers have access to a lot of information. But, there are many misconceptions & what you see if not what you get.

Did you know that most homes for sale on the Internet are not available?

One of the reasons is due to the contingent status. Once a house hits the market, most bank owned homes already have a dozen offers or if it’s a short sale there is typically a wait period for bank approval. A savvy agent will know the right questions to ask beforehand so you’re not wasting your time. Plus, a well connected agent will know about inventory before it hits the market & of course, an experienced agent will be able to share recent examples of people they’ve helped in the current market.

It’s crucial to work with a savvy, well-connected & experienced agent, especially if you want proper advice on

effective strategizes in competitive markets like North County San Diego. Your ultimate goal is to get your offer accepted, so you can start planning where the couch will go.

If you’d like detailed advice or have questions about the market in North County San Diego,

Connect with me: (760) 593-7393 or carol@ncsdproperties.com