Monday, January 22, 2018

Between rising prices, tight loan limits, and substantial competition among other passionate would-be buyers, it can seem like an impossible feat to purchase your first home. Homes in first-time buyer ranges are highly in demand. Stories of buyers having made offers on numerous homes, only to be shut out time and again by multiple offers, that will ultimately drive prices up and out of their budget. But, there are ways you can put yourself ahead, even if the situation seems desperate. Hopefully the following information will be of some help for those First Time Home Buyers interested in Oceanside Property Sales.

(1) Work with an established and very knowledgeable Real Estate Brokerage at PIERVIEW PROPERTIES Real Estate. Here you will find Seasoned Agents that have lived and worked with hundreds of satisfied clients in Oceanside Home Sales for many years.
(2) Everyone has a Real Estate Agent in their neighborhood or in their family or friend group or maybe all three. And, while you would undoubtedly love to give business to someone you know and care for, you have to balance your sense of loyalty against your goal. This may not be the time to entrust your financial future to a brand-new agent or one who simply dabbles in the industry in his or her spare time. 
You'll need a Seasoned Agent to buy your first home, especially if you're looking in an area where the market is highly competitive as Oceanside. An agent with extensive experience and good industry relationships can help find you homes that may not be listed yet and then negotiate a winning offer.
David J. Albert Broker-Owner @ PIERVIEW PROPERTIES Real Estate has been serving the Oceanside Communities in Real Estate since 1979.

(3) Get that Pre-Approval
It goes without saying today that you need a pre-approval to buy a house. Many real estate agents won't even take clients out to tour homes unless they have received their pre-approval amount from a lender. Even if you are just casually looking, make sure you talk to a lender before you head out on a house hunt. Let me add that obtaining multiple loan quotes is highly recommended - as this could save you thousands of dollars in the long run.

You don't want to fall in love with something and lose out on owning it because someone else was already pre-approved and you first had to start pulling your paperwork together. Nor do you want to fall in love with a house that's out of your budget because you didn't know what your purchasing power was.

(4) Talk to landlords
If Rental Homes are in your target area (Oceanside and surrounding communities), you might have an opportunity to buy a home that isn't even on the market yet-and might not be listed for sale anytime soon. Your PIERVIEW PROPERTIES Real Estate agent will be able to locate some homes and initiate a conversation about the potential of purchasing. Some rental home owners may want to sell but be reluctant to take the steps to update the home and get it on the market. You may be able to slide right in there, which would be a win-win!

(5) What about a Home that Needs Work?
You might have better luck buying a home that isn't updated and or staged because they can tend to stay on the market longer. But, a home that's a real fixer-upper can be a great buy thanks to the FHA 203(k) Loan, which packages the home loan and money to rehab a damaged or older home.
An FHA 203k loan allows you to borrow money, using only one loan, for both home improvement and a home purchase, 203k loans are guaranteed by the FHA, which means lenders take less risk when offering this loan. As a result, it's somewhat easier to get approved (especially with a lower interest rate).
There are a number of improvements that can be made with a 203(k) loan, including bathroom and kitchen remodels, additions, HVAC, plumbing, and flooring, but if you're looking to add a pool, you'll have to do that on your own dime. Luxury improvements are not allowed under the terms of the loan.

(6) Consider a transitioning neighborhood
Buying in a neighborhood that is transitioning can be a little tricky as you'll have to depend a lot on your real estate agent's knowledge and your own gut to make sure you're buying in an area that is going to appreciate—and is also going to meet your needs now. The current state of the the neighborhood might not fit that dream home idea you've had in your head, but, if you're in it for the long haul, you could be making a smart move by looking in an area that isn't exactly top of your list in its current state. 
The obvious plus of buying a home in a transitioning neighborhood is more affordability, more home for the money, and the possibility to make some money as the neighborhood changes.
Getting a lot of bang for your buck is one of the benefits of buying in a so-called transitional neighborhood. Things to consider to finding such a place might be the area's proximity to public transportation which could be a revealing factor. 
Pinpoint your favorite trendy neighborhood - and then take a drive and see what is beyond that point. 

(7) Raise your Budget
Some people get a number in their head and decide that's the most they're comfortable with spending. Say you've decided you can't spend more than $300,000 on a home, but you're not having any luck finding anything in your target neighborhoods and you're not willing to look elsewhere. Consider this: Is your pre-approval from your lender higher than that magic $300,000 number? If so, consider upping it. That $20,000 difference could open up your search to numerous additional properties, and would cost you only about $100 per month. Bring a lunch to work instead of eating out a couple days a week or skip one night out at the movies and dinner per month and you've got it covered.
As an added note, when raising your budget, Always consider your monthly bills, ongoing maintenance and miscellaneous purchases in the future.
If you have any questions at all regarding Oceanside Real Estate Properties in Oceanside, please give David J. Albert a call at 760-822-7403

302 N. Cleveland St.
Oceanside, CA.
760 822-7403
David J. Albert - Broker-Owner
"Serving Oceanside Communities Since 1979"