If you’re in the market to buy a home in Silicon Valley, you’re not alone. Bay Area real estate is booming; it’s a seller’s market, the demand is outstanding, and homes are selling quickly – at an average of one to two weeks. The circumstances are understandably intimidating for first-time homebuyers and notably stressful for even the most seasoned investors. Even if you have done it before, the thought of buying in South Bay right now may seem overwhelming… because buying a home is typically the most important business decision a person makes.
Despite the many factors at play in today’s economy and real estate climate, the circumstances are still familiar. It’s my job to ensure a smart and smooth buying or investing experience for my clients.
So many homebuyers / investors lose sleep over the small details. Even if you have done it before, it can be intimidating and stressful (especially if you’ve never done it before) - to know where to start, what information to review and how to gather the right information to help you decide whether or not the property you’re looking at is a smart investment or not. We’re here to make that process a lot less intimidating by explaining essential due diligence to-do’s including 5 helpful tips for smart buyers.
Looking at a single-family home, duplex, or multi-unit rental property? Here are my top five tips for homebuyers:
1. Buy when money is cheap
High interest rates will reduce affordability.
2. Be a contrarian
Buy when others are not buying, there is more opportunity to negotiate and more homes to choose from.
3. Use a local lender
Pre-qualifications from online institutions are not good enough. Local lenders have special programs for the Bay Area borrowers because our market is unique. Local lenders with good reputation will help your offer.
4. Use an experienced, reputable, well-known/well-liked local agent
An experienced, local agent most likely have worked with many other agents in the area and his/her good reputation can often get your offer accepted especially in a strong multiple offers market.
5. Bite the bullet (on the right property)
"Only cry once when you buy properties." Competition can be fierce in the Bay Area but sitting on the sidelines and watching the market goes up can be even more expensive. Wages do not increase as fast as home prices go up. Buying the right property is the one of the best ways to build wealth.
Grace Tsang is a top producing real estate agent and a luxury home marketing specialist in the San Francisco Bay Area, and among the top 50 real estate agents in California. Her true passion is to help clients make smart real estate decisions that positively transform their lives and build long-term wealth. Grace has an extensive background in real estate sales, real estate investment, business, and technology from her previous career in software and her formal education.
Grace is an immigrant who speaks multiple languages and a mom to two young daughters. Her life experiences as a former Silicon Valley techie, business owner, and parent has enabled her to help clients from all walks of life and from different cultural backgrounds. Are you looking to buy, sell or invest in real estate in the South Bay Area, or know somebody that might? Give Grace a call at (408) 480-9312, or shoot us an email at firstname.lastname@example.org.