Walnut Creek REAL ESTATE

 

With all of the news about home prices falling, weakness in the housing market, and a real estate “bubble”, many potential homebuyers are hesitant and confused about whether this is a good time to buy a home. There are some critical factors that should be considered whenever someone is thinking about buying a new home, irrespective of what they read in the news. While market conditions influence the decision, these three basic steps are important year in and year out. 

 

#1. What are your housing needs? 

 

This may seem too obvious and simple, but in past years we have seen many buyers get caught up in the investment value of real estate to the point that they were not clearly focused on their housing needs. Certainly homes have been excellent investments over the long term for millions of Californians, but having a place to live is a basic need that can be met in many ways. If, for example, you need to live in a certain location for work, and there are no affordable homes or condominiums to buy, but you can afford to rent in that area, then may be the controlling factor in your decision whether to buy or rent. If, on the other hand, you have a growing family, need more bedrooms, a yard, good schools, and the security that home ownership provides, then your personal needs and desires may indicate that buying a home is a wise choice, assuming you can afford to do so. Which leads us to point number 2…

 

#2. Don’t assume anything until you have done your research! 

 

There are many potential homebuyers who are not in the market right now because of beliefs and assumptions that they have made about the market and their ability to buy a home. “Prices are still too high, they are coming down more”, “I can’t afford the neighborhood I want”, “No one else seems to be buying now; it might be a mistake”. 

 

Each person’s situation is different, but the news and the “buzz” out there is the same! The market right now could be a fabulous opportunity for some and the absolute wrong time to buy for others. The only way to know is to do the research. Taking into account your housing needs and wants (point #1) look into what prices really are in the areas where you would like to live. What are the options? Are there desirable townhomes that solve your housing goals if detached homes are too high? Are there interest rate programs and mortgage options that keep your payments low initially? Are there areas that are desirable that you are not aware of or have not considered? Are you planning to be in a home for more than 5-7 years? 

 

This may or may not be the best time for you to be buying a home, but major life decisions like this should be based on objective research and analysis. Which leads us to point number 3…

 

#3.       Get the help of a knowledgeable professional! Most homebuyers wait to talk to a real estate agent until they are already half-way into the process. The typical way that people choose an agent to represent them in one of the biggest investments of their life is to contact the agent who is advertising or holding open a home that they want to see, and then by default they become their representative! What other professional would you choose this way?

 

            A knowledgeable, professional agent is more than willing to help you research neighborhoods, compare prices, advise you on financing options, and help you analyze market trends and values. And he or she will do this all at no cost to you, and will work for you for as long as it takes for you to find the right property. Don’t hesitate to contact a Realtor early in the process, and talk to as many as you need to until you have found one that you feel comfortable with. Ask friends or co-workers who have bought or sold recently if they were happy with their Realtor, or do your own research on the web. Contact two or three agents, and interview them over the phone. Once you form a relationship with a great agent, you have a partner who will assist you through every step of the research, analysis, and home buying process.

 

 

 

These three steps will serve you well no matter what market conditions exist. Buying a home is one of the most important decisions in most peoples’ lives. Following these three simple but important steps can be a significant help in this process.