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Purchasing your first home is an exciting prospect.
From figuring out the right neighborhood to narrowing down what amenities you need out of a home, it is gratifying to close a deal on “the one.” But there are many steps between starting a search and getting the keys to your dwelling.
First-time buyers searching for homes in San Diego can find themselves overwhelmed by the homebuying process. Searching is the fun part. But the market is very competitive and negotiating with sellers requires expert guidance. Otherwise, homebuyers risk losing out on their dream home.
To help new buyers on their homeownership journey, the team at Prevu Real Estate compiled a list of tips to help first-time buyers.
Hire a local expert
Hopping on the homeownership ladder is no easy feat.
Advancements in property search technology make finding a condo in the Gaslamp Quarter easier than ever. Yet, the backend of a deal requires a delicate touch, and having an expert realtor in your corner goes a long way. Even if you haven’t begun saving yet, an agent can explain how much you may need for a down payment.
But once you are ready to attend property tours, a local buyer’s agent can help narrow down which San Diego neighborhoods and homes fit your search. Plus, your agent helps get you through those final miles of negotiations and can connect you with services for home inspections and more.
But not all buyer’s agents are the same.
Ask for a commission rebate
Technology has democratized the search process for home buyers.
First-time buyers relied on agents to provide listings, but now agents guide buyers through the finer points of the transaction process. Californians now own the discovery process, and modern buyer’s brokers pass along savings through commission rebates at closing.
These are money-saving tools for first-time homebuyers in San Diego. Commission rebates are legal in California and 40 other states, allowing agents to provide clients with a portion of their buyer’s broker fee at closing.
Prevu Real Estate offers homebuyers the largest rebate in San Diego – totaling up to two-thirds of the buyer’s agent commission as a rebate. These funds go a long way towards covering closing costs, furnishing the home, or funding a remodeling project.
Start saving well before searching
Purchasing a home is no walk in the park. Lenders and banks finance most of the transaction, but buyers still need a sizable down payment.
It is enticing to jump into a property search and check out listings near the beach or in Downtown San Diego. But first-time buyers can get caught off-guard when they realize they need more than just a down payment to buy a home. There are additional closing costs, so it’s important to start saving early.
There are ways to actively and passively squirrel away money to save up for a down payment. Buyers should set up automatic deposits every pay period, putting aside extra funds in an account that will blossom sooner than you think. A more active way to save is cutting excess spending like big trips or fancy dinners.
Don’t wait to see open houses
Once savings are in order, it is time to find the one!
When first-time buyers exploring houses in San Diego see a listing they like, make an appointment with your agent as soon as possible to check out the house. Buyers waiting for the weekend can miss out on that stucco-sided home near the water in La Jolla, as other buyers might scoop it before you do.
Sellers want to offload their properties sooner than later. And considering how tight inventory is, buyers are competitively making offers after just one visit to a property. Whether on your lunch break or right after work, use whatever time is available to get your foot in the door. Acting quickly and decisively can give you a major advantage.
Interested in buying a house in San Diego? Browse listings and see how much you can save with Prevu’s commission rebate.
Prevu Real Estate, Inc. is a licensed real estate broker in California, license number 02134758.
First time homebuyer tips for san diegans
