These Tips Will Have You Prepared to Purchase a Home

Today I'm here with Rick Mount from Fairway Independent Mortgage Corporation to talk about some things that you should know when buying a home. He is an expert in his field and has five different things he wants to tell you about home buying.

1. Get Pre-Approved: This prevents clients from making mistakes and falling in love with properties that they don't qualify for. This also allows clients to close quicker in a transaction and shows sincerity when they try to buy a home. Rick recommends a formal pre-approval so that you can weed out any problems beforehand, and it also makes you look more attractive as a buyer.
2. Use a Professional Realtor: In today's real estate climate you need the help of a professional realtor. Not using a realtor would be similar to not using an attorney in a court of law, or not using a doctor to treat an illness. Realtors know how to negotiate and they act as a professional buffer between you and the seller. They can prevent you from making costly errors in the process as well, so rather than costing you money, they can actually save you cash in the long run.
3. Be Prepared to Put Earnest Money Down: This might seem obvious, but putting a good faith deposit down shows the seller that you are extremely serious about buying the home and will drastically increase your chances of getting the property you desire. The amount needed to put down can be negotiable, but it should be anywhere from $1,000-$10,000 depending on the purchase price of the home. Also, the more you put down, the more seriously you will be taken.
4. Be Mentally, Physically, and Financially Prepared: With inventory so low in the San Gabriel Valley, you need to be prepared to participate in the real estate market. You will get left behind if you are not prepared, so be ready to perform or you will not be taken seriously.
5. Don't Change Your Status During the Process: When you're in the process of buying a home, be sure not to change jobs, buy a new credit card, purchase a new car, or make any other major changes or purchases. This will affect your credit and could lead to major backups in the buying process. Commit to buying a home first, and then take care of your other needs afterward.

These 5 steps should have you adequately prepared to purchase a home. There are other things that can help, but in our eyes, these are the most important steps in getting our buyers ready to compete.

Of course, the home buying process is complex and can be intimidating, so feel free to reach out to me and I would love to help you with any of your issues. You can reach me at (626) 914-6859 or email me at alex@alex-re.com

Real Estate Market Update for the San Gabriel Valley

There are many San Gabriel Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Payment Calculator so you know what buyers will pay for your home in today's market. You may also call me at (626) 914-6859 for a FREE home buying or selling consultation to answer any of your real estate questions.

Real Estate Market Update for the San Gabriel Valley

This is my new video blog where I'll be updating you twice a month to inform and educate you about the real estate market. I'll be covering a wide variety of topics in relation to real estate and I'll also be answering any questions that you have for me. My goal is to help my clients, and hopefully this video blog will aid you in many ways.

For example, you can get a free home value report, which will be updated with new data and sent to you monthly via email. There is also a feature for you to search for available properties in the area, and you can get email updates when other properties become available within your search criteria.

Market Update for San Gabriel Valley in 2014

• Home prices have increased by 12% since last year in our market.

• Interest rates have risen slightly, but are expected to approach 5.5% or 6% by the end of the year.

• This means if you're looking to buy a home, now would be the time. Don't let higher interest rates take you out of the market, because the longer you wait, the more you will be paying.

• If you're looking to sell, now would also be an appropriate time because home prices are up and interest is rising. Expect buyers to make a mad dash as interest rates rise in 2014. This should allow you to sell your home easily and also for a good price.

Hopefully you found this information helpful. Keep your eyes peeled for more market updates.

If you need any assistance finding, buying, or selling real estate in the San Gabriel Valley, then please reach out to me.

Also, if you have any questions, suggestions, or comments, please call me at (626) 914-6859 or email me at alex@alex-re.com