About the Talk
February 27, 2014 3:00 AM
Dorota Dyman & AssociatesDorota Dyman & Associates
If you are considering buying a home in Gilroy, Morgan Hill or San Martin this year, there are steps you can take to make your experience more enjoyable. Be sure to reach out to trusted professionals whenever you have questions.
Establish Your Budget
Before setting out to make an offer on a home, you need to know how much you can afford to spend. Each buyer’s situation is different and the financing method you use will depend on your circumstance.
If you plan on paying cash, you will need to show proof of funds with a statement of account from your financial institution. Another common method of finance in South County is using the proceeds of your existing home sale to purchase a replacement home, sometimes referred to as a contingency. If you will rely on a purchase assist loan, you will need to be preapproved by a lender in addition to having proof of funds showing your deposit and closing moneys. With the recent implementation of Qualified Mortgage (QM) rules, some buyers are finding they need to reconfirm their borrowing status.
Keeping your budget firmly in mind helps ensure your home, perhaps your largest investment, remains secure.
Defining That “Perfect” Home
Once you understand your buying power, it’s time to start looking for your home. Structures are human made and therefore imperfect, but they can be perfect for you once you embrace them as your own. You’ve likely created a minimum criteria of how much space you need, but have you thought about what makes it special?
Consider making a list of pros and pros, both being positive as opposed to the pros and cons list you may have tried in the past. Jot down what you love about your current home as well as what you’d love in your new home. If you initially focus only on the positive aspects of a situation, you may zero in on what you truly love the most. Those items should form the critical criteria to keep in mind when you view homes.
No doubt you’ve begun looking on the internet for homes; perhaps you’ve also gone to some open houses. Selecting a local real estate agent to help you is an important step early in the process. Why? You want to make sure your decision is based on accurate and current information for the area you’re looking. There’s an incredible amount of information available, both good and bad, and it’s possible to get discouraged or form the wrong conclusion.
How do you keep energized while shopping for your home?
Communicate with your real estate agent. Ask questions and get details about how the market is progressing in the area and for the type of home you seek.Keep your proof of funds documentation and lender preapproval (if applicable) current so you're ready to make an offer.Think positively; there is always a housing market and it may take time to find the right fit for you.Mind your health; get plenty of sleep and eat well to keep your strength up.Take a few days off without looking; take part in an activity that recharges you for the search ahead.Be open to suggestions which may be slightly out of your initial selection criteria, they may lead to a great result.
Once you have found the ideal home, your real estate agent will present your offer for consideration by the seller. Each step you’ve taken in preparation increases your opportunity for acceptance.
Oftentimes we find a home that will meet our needs, but it takes vision to personalize it. What is your vision for your perfect home?
As always, let’s foresee the possibilities . . . and get results!