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Woodland Hills California - Its A Good Time To Buy, But With Caution

Real Estate Agent with Sharma Estate Realty BRE #01306180
Woodland Hills California Real Estate - It's A Good Time To buy, but with Caution

With a wave of foreclosures and short sales lowering home prices, this is the best buyers market in the last four years.

According to a report obtain from Data Quick information and released last week, the median price of a home in San Fernando Valley fell to a new low of $485,000 or 27% lower than a year ago. These numbers are likely to go lower with a wave of new foreclosed homes hitinig the market. So, here are some tips to buying a home, that are applicable even after the real estate market improves.

How Much Home Can You Afford
his depends on your income, credit rating, your monthly expenses, your down payment and the interest rate. The government National Mortgage Association, better known as Ginnie Mae, offers a calculator at its website to help you figure out how much house you can afford
it is
www.ginniemae.gov in addition this link will help you determan whether if it makes sense for you to rent or buy.

Get Approved
his means that a loan officer has reviewed your credit report and he believes that you can qualify for a loan. At this point you will get a pre-approval letter that will be used to demonstrate your borrowing capabilities.

Know Your Rights

e aware of predatory lenders, although there is a cracking down by regulators, as a result of the mortgage crisis, according to the California Dept of Real Estate, predatory landing consists of high up front fees that are added to your loan balance and decrease your home equity. I recomand that you carefully review your income and expenses and borrow within your budget, dont inflate your income just to get into a house that is going to prove to be to much for you.

Do your Home Work
California offers home buyers assistance, some offered by The California Housing Finance Agency, there are special programs for first time home buyers. Most cities and some mortgage companies offer first time home buyers programs, and some offer cash grants for your down payment if you attend a program.

Shop For a Home
he appearance of a home and its amenities are not the only thing you have to check out, be sure to check out the neighborhood, Get crime data from law inforcement agencies and very important if you have kids check on the area school performance from the local district. If you are planing to buy a home in a neighborhood with a homeowner association make sure you get a copy of its governing rules, so you can see if this is some thing you can live with before you close the deal.
Finally, have a check list with all your questions and needs ready, its always helpful.

Copyright © 2008 By Rachel Zeppinick, All Rights Reserve Woodland Hills California Real Estate - . It's A Good Time To buy, but with Caution * Contact Rachel Zeppinick for Customized Listing package, showing of available homes at short sales and foreclosures, the best your money can buy.

Visit my profile to find out more about our services. Call us today at 818.288.7255. Contact us by email if you prefer by clicking on email me on the right side of this page under my profile.

P.S. If you are listing your home as a short sale in Woodland Hills California make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 818-288-7255 to find out more.