What to Focus On as a Buyer Going Into 2025
Is looking at Bay Area homes on the market on your radar for 2025? Whether you are a first-time homebuyer or a homeowner looking to upgrade to a larger home, focusing on the right aspects of the buying process will help you get the most out of the experience and find a home you love at a price you can live with. Here are the key areas to prioritize when you’re ready to start the buying process.
Partner with a Local Realtor
Navigating the competitive Bay Area real estate market on your own can be daunting. Working with a local realtor can save you time, money, and stress. Realtors are compensated by the sellers, not the buyers, so their services won’t cost you extra. A knowledgeable realtor can craft a winning offer, know which contingencies to ask for, and provide insights into the local market. They act in your best interest, ensuring you don’t have to rely solely on the seller’s agent.
Get Preapproved for a Mortgage
In a competitive market, being preapproved for a mortgage is crucial. It shows sellers you are a serious buyer and know what you can afford. A preapproval letter from a mortgage lender outlines your borrowing capacity and strengthens your offer. Without it, you risk losing out to buyers who are better prepared.
Set a Realistic Budget
It’s easy to fall in love with homes that stretch your budget. Before you start house hunting, determine what monthly payment you can comfortably afford, considering all your expenses, including new home-related costs. Keep some buffer for unexpected expenses and emergencies. Communicate your budget clearly with your realtor and lender to stay within your financial limits.
Research the Neighborhood
A home’s location is just as important as the home itself. When you find a property you love, take the time to explore its neighborhood. Check its proximity to schools, grocery stores, and major highways. Spend time in the area, talk to residents, and assess if you’ll feel at home there. A great house in an unsuitable neighborhood can quickly lead to regret.
Prioritize Your Needs
In a competitive market, waiting for the perfect home can lead to missed opportunities. Before you start your search, list your must-haves and nice-to-haves. Must-haves could include the number of bedrooms or being in a specific school district, while nice-to-haves might be a chef’s kitchen or a screened-in patio. Prioritizing your needs helps you make timely decisions without holding out for perfection.
Shop Around for Mortgage Quotes
Different mortgage lenders offer varying rates and fees. To get the best deal, obtain quotes from multiple lenders. Applying for several mortgages within a 45-day window only counts as one credit inquiry, so it won’t significantly impact your credit score. Shopping around can save you money on fees and closing costs.
Stay Flexible and Patient
The home buying process can be lengthy and sometimes frustrating. Stay flexible and patient, knowing that the right home is out there. Work closely with your realtor, who can provide valuable guidance and keep you informed about new listings and market trends.
There’s no better time than now to search for homes in the Bay Area to enhance your lifestyle and financial well-being. If you’re ready to move forward with your home buying journey, reach out to a professional local real estate agent like Mandy Kilpatrick for expert assistance.
