Are You Ready to Buy a Home in

By Success Money

Are You Ready to Buy a Home in Southern California? Ask yourself these 5 questions

Buying a home in itself is very intimidating. But purchasing a home in this very competitive market is an extreme sport. And even though the market is decelerating, home prices are still very high and out of reach for some homebuyers.

The housing market as a whole has been characterized by low supply and high demand. Factors that have seen home prices rise to astronomical levels. However, there is an uptick in inventory, which is expected to take off some competitiveness from the market.

It is also important to keep in mind that 70% of homes in California are still selling above the list price. Price appreciation in South

California went up 30.3% in June this year, setting a new record high. With the Median home price being $680,000 in June, homes in southern California aren’t exactly cheap. It is, therefore, important to make sure that you are a hundred per cent ready.

HERE ARE SOME QUESTIONS YOU SHOULD ASK YOURSELF.

1. DO I NEED A REAL ESTATE AGENT?

Trying to DIY in this current market can be detrimental. It does hold the allure of cutting back on agent costs, but in the long run, you could be looking for a home for up to six months. You do therefore need a real estate agent- a professional one at that. It is perfectly alright to check their credentials. One who has your best interests at heart. A real estate agent with much experience who will see faults in a home that you on your own couldn’t. Get yourself a real estate agent that is a great negotiator who will get you the best deal and, best of all, save you money!

2. WHAT ARE YOUR EXPECTATIONS?

When buying a home, a person tends to have a picture of what they want, and that’s okay. But in this market, you are going to need to adjust your expectations. Your dream, be it a condo or a single-family home, comes with a higher price tag. Nationally, people have been paying 50,000 to 100,000 over the list price. The market might be cooling off, but chances are you will still pay a steep price when buying a home. Therefore, assess your financial situation and see whether you can comfortably meet the seller’s demand. If not, it’s okay to rethink your expectations and make them a lot more realistic.

3. ARE YOU READY TO MEET THE MARKET DEMAND?

Houses are receiving multiple offers on account of the low

supply. If you intend to enter the housing market, you will need to put your best foot forward. As a homebuyer, you will have to make the best offer you can-one that sets you apart from the bids. It would be a waste of time if you kept making offers and they kept getting rejected. But before then, refer to the question above, are you able to afford it? Know your limit! In addition to this, some sellers have a 15-day, 20-day or 30-day closure window; are you able to meet that? If the market requires you to have the inspection or appraisal waived, are you willing to? Know the answers to these questions before making an offer.

4. CAN YOU MEET ADDITIONAL COSTS?

Making an offer on a home over listing price is one thing, and encountering additional costs is another. During an inspection, unexpected roof repair, electrical, or termite expenses may come up. You might not want to lose the home but is it within your budget to fix these things? Remember, in this kind of market, any delay could mean another buyer. But that doesn’t mean you agree to buy the home if you can’t afford the repairs, see if the seller is willing to negotiate and if not, it is alright to walk away.

5. ARE YOU READY TO MAKE COMPROMISES?

Flexibility is key in the housing market. You might find a diamond in the rough for below your budget- A home in need of some TLC, labor and money to make it feel like home. It might be worth your consideration. With the low-price tag, there is room to make it your own. And if you need additional funds, a renovation loan is always on the table. Another interesting thing is to see if you qualify for an FHA loan that will couple with The Energy Efficiency Mortgage- A product that will help repair the home.

Finally, have an open mind when entering the market. It is possible to enter wanting one thing and getting something else instead. Case and point, you might get a duplex that allows you to make money on one half while living in the other. Your mortgage would be determined by the rent you earn on the extra property. But above all, make sure you can afford the home and that you are completely sure that that is what you want to do! Buying a home is a milestone, a difficult one at that. To make the process a lot easier, look for reliable real estate consultants, mortgage and financial advisors. You don’t have to look further! Reach out to Eric Lawrence Frazier MBA DRE 01143484 /NMLS 461807 or other qualified VIP agents at www. thepowerisnow.com today and find out more.

ABOUT THE AUTHOR.

Success Godis Money is a creative and passionate entrepreneur. Success started her career in the mortgage and real estate industry in 2005 while studying Business Administration and Communication in college. Success has assisted with establishing and serving on numerous boards throughout her career, including; The Black Chamber of Commerce and NAREB National Association of Real Estate Brokers at the city, state, and national levels.

Success is the Founder of House of Success, a Non-Profit organization established to assist entrepreneurs, artists, and creatives with building and expanding their business, brand, product, or service. We help individuals and families from homeless to homeownership through various professional services, credit restoration, financial education workshops, events. Success Money Management Inc. and Super Agents WorldWide, Success, and her associates provide professional consulting and coaching in business, credit, funding, real estate, taxes, and advertising. Success hosts delicious Lunch & Learns and Prosperity Dinners providing group consultations and educational workshops.

ABOUT THE POWER IS NOW MEDIA INC.

The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all over the United States. We engage with various thought leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help your home ownership dream a reality. Go to www.neverrentagain.com and get started today.

Eric Lawrence Frazier MBA DRE, Vice President and Mortgage Advisor of First Bank, NMLS 461807 President and CEO of The Power Is Now Media Inc. www.thepowerisnow.com

Sources:

https://youtu.be/MGsl8CkfzCY https://www.prnewswire.com/news-releases/despite-a-new-record-pricegrowth-slowed-and-pending-sales-dipped-for-first-time-since-may-2020-carreports-301335769.html