The Buying Process
The process of buying a house, especially first time out, requires lots of time and effort. When you are making the most expensive purchase of your life, you want to be absolutely certain that it’s the right one, and that you have all of your ducks in a row. Today’s market in San Diego County is extremely competitive for buyers and sellers. We believe strongly that knowledge and trust drive any successful relationship between agent and client. We pride ourselves with over 30 years of experience, excellence, and integrity. Here is a brief overview of the home buying process.
We meet to discuss your house requirements – bedrooms, baths, square footage, price range, yard size, neighborhoods/communities, likes/dislikes, etc. We start the discussion and then usually refine the aspects when we begin to look at houses online and then in person.
We figure out your financial parameters—how much down payment do you have/what can you qualify for/what payment are you comfortable with? Over the years, we have developed a team of professionals, and the first stop is usually our mortgage broker who represents over 20 lenders. You get pre-qualified, so when you find the perfect house, we are ready to go. You are welcome to use your own resource, but our guy can usually beat anyone’s rates.
Then we start shopping!!! That’s the fun part. We email you MLS listings based on the what we think you are looking for. Most of our clients also look on their own, from driving open houses on the weekends, to using many of the online home buying apps. It’s a team effort and we work together.
Offer, negotiation, acceptance, escrow, inspection, appraisal, and lots of other stuff follow. But you drive the pace. Some clients move quickly and are able to find the perfect property in a month or two. But average time is more like 3-6 months, depending on many factors. Some clients have taken as long as 9-12 months.
Are you ready to start the conversation?
Benefits Of Home Ownership
- Mortgage deduction: The tax code allows homeowners to deduct mortgage interest up to $750,000 from their tax obligations. For many people this is a huge deduction, since interest payments can be the largest component of your mortgage payment in the early years of owning a home.
- Some closing cost deductions: The first year you buy your home, you are able to claim the points (also called origination fees) on your loan. And because origination fees of 1 percent or more are common, the savings are considerable.
- Property tax is deductible: Real estate property taxes paid on your primary residence are fully deductible for income tax purposes.
Due to the various restrictions and conditions regarding these benefits, it is important to consult with one’s financial advisors or accountants to fully understand the benefits and opportunities of tax benefits to those who own homes.
When calculating the monthly cost of home ownership, several factors contribute to that determination:
- Down Payment – Zero down up to 20-25% or more
- Debt-to-income ratio – your fixed expenses compared to your income
- Credit Score – Affected by many factors; also determines what loans you qualify for
- Mortgage type – fixed or variable interest rate, 30 year, FHA, VA or ?
It’s best to consult a Mortgage Broker for advice and guidance prior to looking for a home. Many times, their experience can guide you in a short term strategy to help you look your best when applying for a mortgage. We can put you in touch with a qualified professional.