Top 10 Tips for Home Buyers in Spring of 2010!

I am Tony Lewis with RE/MAX of Valencia located in Valencia, Santa Clarita, California.  Today is March 2, 2010 and we are headed into the hottest homes buying and selling season of the year.  I have been a businessman all my life having been raised in Michigan with a family that ran retails stores in and around the Detroit and Suburban Detroit area.  I live in that area from 1050 until moving to So. California in 1975.  I have been a licensed Realtor working full time listing a selling homes since 1996.

Following are my personal Top Ten Tips for home buyers in the Spring of 2010:

1. Get your Financing in order!  Know the maximum price you are able to pay for a home!  Know your FICO Scores! 
2. Have the Money in the bank that you will need to make a down payment, pay closing costs.
3. Have at least 3 months reserves as a minimum and keep it available at all times!
4. Find a Realtor that cares about you!  Make sure your the Realtor that you choose knows the community and will put your best interest above all other considerations in the transaction.
5. Know exactly how much your monthly payment will be at the price you will be paying for your new home.  It is great to know how much you qualify to pay.  Even though you qualify for a maximum amount of money you don't want a monthly payment above the amount that allows you to enjoy living in your new home.  Know "your" maximum!
6. Choose the toughest Home Inspector that you can find.  Your Realtor should know the best Home Inspectors so ask their advice.  By all means "never, never, never" buy a home without a professional home inspection.  This is the cheapest investment you will ever make!
7. While looking for you new home find a "cosmetic fixer" can turn out to be your best choice.  The current real estate market has lead home buyers to look for the cleanest home in the best condition.  Carpet, paint, chipped paint and other minor problems could allow you to get a home for thousands of dollars below the same home in pristine condition.  You can invest a little money after the close of escrow and be thousands of dollars ahead of those wanting perfect!
8. Choose your Lender with as much scrutiny as you use in choosing your Realtor.  Not all lenders have the same loan options.  If you buy a Bank Owned property and many Short Sales or even traditional sales the seller may require you to qualify with a Direct Lender.  This may be Wells Fargo, Chase, B of A and others.  You won't be required to use their lender however.  Your lender should be interest in your repeat business and wanting to earn your referrals down the road.  Don't use a Realtor, Lender or anyone else looking for just one commission check.  Search for those that are looking for a long term relationship!
9. In the current real estate market where home prices are down as much as 50% from peak pricing in some communities it is in your best interest to spend the most money you are able to afford comfortably. You will be able to gain more equity the quicker the more you spend.  That is if you buy right!
10. This is a tip that most every already knows.  The 3 most important considerations when buying a home are "Location, Location and Location!"  Many of you may not realize that the next 3 and the 3 following those are "Location, Location, Location!"  As a Realtor my clients are concerned with finding a comfortable home that fits their family's needs.  My eye is "always" on resale value!

Your Friend & Realtor,

Tony Lewis RE/MAX of Valencia www.TonyLewis.com tonyglewis@yahoo.com 661-702-4720