So, you want to buy a home here in California? Or maybe you’re ready to sell and move on to your next big thing. Either way, California REALTORS® are here to help.
California REALTORS® are your trusted advisors and confidantes who will guide you through the process safely and effectively. Here are five things to consider while buying and selling in today’s market.
A REALTOR® IS YOUR BEST GUIDE
Buying and selling a home is stressful. Especially today with an ever-changing market, fierce competition, and endless paperwork that makes a material difference to your finances down the road. You need to work with an expert familiar with market conditions specific to the areas you’re looking in, someone who is also knowledgeable about current regulatory requirements. Working with a professional who is tech-savvy, and knows the market inside and out, is key to finding or selling your home.
HELP YOU GET A LEG UP IN THE MARKET
It might seem daunting to buy a house now, but did you know that you don’t need a 20 percent down payment to buy a house? There are over 400 programs across California to help deserving buyers purchase a home, from down-payment assistance programs, to closing cost grants, and even special loans to help buyers from underserved communities purchase a home.
BUY NOW, ADJUST YOUR RATE LATER
With interest rates rising, you might wonder if now is the right time to buy a home. If you purchase a home and then see interest rates go down months, or even years later, you can refinance to the lower interest rate. Because there are more people who want to buy a home than homes available for purchase–especially as homeowners stay in their homes longer these days–prices are not likely to reduce significantly in many areas. Plus, rents keep rising. So, buying a home now is a way to stabilize your monthly costs and invest in the future.
PRIME TIME FOR INDIVIDUALS AND FAMILIES
As interest rates have nudged upward, fewer home purchases are completed for cash-only. This gives individuals and families working with mortgages an advantage in the market because sellers are more likely to consider offers with financing and contingencies. Home buyers can include such clauses as making an offer contingent on a home inspection or financing, which can make buyers happier with their purchase in the long run.
ADUs – BUYING WITH RENTING IN MIND
New laws across the state are making it easier for home buyers to purchase a home with an extra unit included or to build an extra unit in order to rent it or provide housing for other family members. These extra units are accessory dwelling units, or ADUs. New mortgage and home loan products allow buyers to count future rental income from an ADU as potential income for qualifying the loan.
A California REALTOR® can help answer any questions you have and provide support in every step of your buying or selling experience.