How much can I afford to spend?
Experts say you will typically spend about a third of your income on financing your home. Before you start to look for your dream house, figure out just how much of that dream you can afford. Mortgage lenders look at your ability to repay the mortgage loan by reviewing:
- Your credit history
- Your monthly gross income
- How much cash you can accumulate for a down payment, which is usually 10 percent to 20 percent of the sale price.
What is the best time to buy?
Because many buyers prefer to move in the spring or summer, the market starts to heat up as early as February. Families with children are anxious to buy so they can move during summer vacation, before the new school year begins. The market slows down in late summer before picking up again briefly in the fall. November and December and to some extent, January have traditionally been slow months, although some astute buyers look for bargains during this period.
How long does it take to buy a house?
Buying a house can take from a few days to a few years. In most cases, the process will take several months of diligent effort.
How long should I look before buying a home?
You should look until you find the home that is right for you. This could take a day or a week or a year depending on your personal needs and the state of the real estate market. Ideally, you would like to find a home after you have looked long enough to know what you like and what you do not like. You need time to educate yourself about the housing inventory. Your Realtor should provide lots of data about recent sold prices in the neighborhood that you are interested in so that you can be assured that you are not overpaying for a home.
How many times should I look at a house before I make an offer?
You will likely want to take a second or third look at a house that interests you. Your agent will arrange this; you should not call the sellers directly for access. But you should drive or walk by the house to get a better feel for the neighborhood. Return several times, at least once during rush hour, to see if the street is busy or congested. Drive a few blocks away from the house to see if the neighborhood holds up to your expectations. A map is a handy house-hunting aid.
How does a buyer find a good agent?
A good agent typically works full-time and has several years of experience at minimum. Buyers don't usually pay for your agent's services (in the form of a commission, or percentage of the sales price of the home). The seller usually pays all agents in a transaction from the sales proceeds. In many states, this means that your agent legally is acting as a subagent of the seller. However in California as in some other states, it's legal for an agent to represent the buyers exclusively in the transaction and be paid a commission by the sellers. You also can hire and pay for your own agent, known as buyer's brokers, whose legal obligation is exclusively to you.
How will you tell me about the newest homes available?
I am constantly on the lookout for my clients. I will get you this information right away however it is most convenient for you by phone and/or e-mail. My website includes a service called Quick Homes, where you can have information on homes on the market and meeting your criteria emailed to you. I can also set up this service on your behalf. I will be constantly monitoring the homes meeting your criteria, and those that are especially appealing I will urge you to take a look at in person. Of course any home that you find from these alerts, or in a magazine or just by driving by and seeing a yard sign I can also show you.
Will you inform me of homes from all real estate companies or only Keller Williams Realty listings?
I will keep you informed of all homes whether offered by Keller Williams or not. I want to help you find your ideal dream home, which means I will be on the lookout for every home that's available in the market that meets your needs.
Can you help me find new construction homes?
Yes, I can work with most builders and get you the information you need to make a decision. On your first visit with the builder, I will accompany you. By using my services with a new construction home purchase, you will receive the services I offer, as well as those provided by the builder, at no additional cost.
How does for sale by owner (FSBO) work?
Homeowners trying to sell their home without agent representation are usually doing so in the hopes of saving the commission. If you see a FSBO and want the advantages of my services, let me contact the owner for you and make an appointment. Most times the homeowner will work with an agent, even though their home is not listed, since the agent is introducing a potential buyer to their property. While For Sale By Owner homes are a very small part of the market, by hiring me as your buyer's agent I will diligently pursue every possible home that meets your needs.
Can we go back through our property again once an offer is made, but before possession?
Usually we can notify the seller and schedule a convenient time to visit the property again. There are also opportunities to see the home during the inspection process. Immediately before the closing, we will schedule a final walk-through and inspection of your new home.
Once my offer is accepted, what should I do?
Celebrate and focus on doing the things that lead to your moving into your new home! The very first thing to do is to make a formal application for your home loan if you have not done so already. Since the loan process is the most lengthy of the escrow, staying on top of this is essential in order to close your escrow on your purchase on time. Following closely are the inspections, disclosures, and other contingencies of the purchase. You will want to schedule your move, pack items, and notify businesses of your address change. I will provide you with a moving checklist, to help you remember all the details. I will also give you a good faith estimate and HUD statement, which will indicate the amount you will need to bring to close the escrow. I will keep you on track with the details and necessities to purchase your home.