East Village San Diego Condos for Sale often attract a young, hip consumer looking for an up-and-coming, fun, eclectic place to live Downtown. Hence, many of these folks are first time buyers in the marketplace and need guidance from a Realtor to help them through the buying process. In this market specifically, buyers who read the headlines may think that since it is a buyers' market, there are historically low interest rates and good inventiry, that this new purchase may be easy and that they have everything in their favor. Pleae, pleae don't be overconfident. It's not that simple. Her are some tips to help you first time buyers:
1) THERE IS NO PERFECT HOME. When you tell your Realtor what your home wish list is, don't make it a Fantasy list. Be realistic.
2) Decide ahead of time what the most important features in a home you need. Is location more important than price? Do you need a minimum amount of square footage? Is a view important to you?, etc.
3) Get your finances in order. Review your credit report and be sure you have enough money for a down payment and closing costs ahead of time.
4) Ask your Realtor to have a lender contact you to get pre-approved for a loan (you should also get one from another source to compare) because you need to know how much you can actually spend, right?
5) Don't listen to everyone who wants to give his two cents' worth. Family members, friends, associates will all have their own opinion of what you should want or need. Stick with one or two trusted people to help you.
6) Decide the date you want to move into your new place. Are you in a lease you can get out of? Escrows can take months. Does the closing date interfere with school, work, vacation, etc.?
7) Think long tem. the average homebuyer lives in the residence about four years. Therefore, do you want a long term fixer-upper? Do you plan to start in a small place and move up in a few years? Don't forget that shorter mortgages get better rates.
8) Don't be "house poor"- don't spend so much on your dream home that you have nothing left over for, say, real life.
9) Always get a home inspection and always ask the seller for a home warranty (which is very inexpensive, by the way) to cover any defects in the first year.
10)Lastly- use a Realtor. I stiill can't believe how many consumers have no idea that you the homebuyer pays NOTHING for our services (they're paid by the seller in almost all cases.) So get started!