Four Tips for First-Time Silicon Valley Home Buyers

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Today, we’ll be discussing four valuable tips for first-time home buyers in the surrounding Silicon Valley area. Blanca Medellin, a real estate buying agent on our team, joins us to discuss important advice for first-time home buyers. If you’re looking to purchase a home this spring, this is especially relevant to you!

1. Save up for your down payment. In today’s conditions, most lenders require anywhere from 3% to 30% in a down payment. Be prepared to pay more than you initially anticipate.
   
2. Consider any home improvement or other expenses. The total cost is not only your mortgage payment, but utility, landscaping, maintenance, and other monthly bills.
   
3. Shop around for a mortgage. Find someone you’re comfortable with. Review your finances and share your goals to obtain a prequalification letter.
   
4. Get educated on the home buying process. Sit down with us for a one-on-one consultation, free of charge and obligation. We’ll walk you through every step and what you should expect.

If you’re thinking about buying or selling a home in the area, give me a call or send me an email today. We look forward to hearing from you!

Should You Sell Your Home Before Buying a New One?

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Want to buy a home? Search all homes for sale. 

If you plan on selling your current house and buying a new one, there are a few things you need to take into consideration.

The first question to ask is whether you need the equity from your current property in order to purchase a new property. If the answer is yes, we suggest you list the property you’re living in first, in order to have the purchasing power necessary to buy your next home.

If you have the cash in the bank to buy your next home without having to sell, it’s a great position to be in. In that case, you can go ahead and start looking at properties before you even list. However, you should be aware of the possibility that you might have two mortgages at the same time.

Regardless of what you end up doing, it’s crucial to be aware of market conditions. Here in Silicon Valley, it’s a very competitive market; there is a lot of inventory and there are a lot of buyers. In this situation, putting an offer on a home that is contingent on you selling your current home is not going to make you look as powerful as someone else who has already sold their home and has some money in the bank.

In this market, sellers need to be aware of something called rent-backs. Basically, a rent-back is a situation in which the seller asks the buyer to rent back the property from the new buyers. This agreement extends the closing so that sellers can remain in their house, while paying rent to the buyer, as they finalize their new living situation. Many sellers have found this to be a great way to purchase a new home without having to move more than once.

If you have questions about how you can make your move as smooth as possible, or if you have any questions about our local market, please don’t hesitate to reach out to us. We would love to give you a hand! 

Is Your Silicon Valley Home Ready to Sell This Spring?

Want to sell your home? Get a FREE home value report.

Want to buy a home? Search all homes for sale.

The busiest selling season is approaching quickly. Today, we’ll go over five ways to prepare your home to sell this spring. These tips will help your property make the best first impression on potential buyers.

1. Paint the walls a neutral color and replace the carpet. Stick to beige and grays to appeal to the masses. Stay away from loud and bright colors.

2. Remove clutter. Depersonalize the property. Take down family photos and get rid of personal belongings. You’re going to have to pack them anyway, and with them put away, buyers can envision themselves living in the home.

3. Stage your home. If you’re still living in the property, we can do partial staging. If the home is vacant, we can fully stage the property. Staging will give the property a clean, cohesive design and create a nice flow for people walking through the property.

4. Add exterior curb appeal. The grass should be trimmed and shrubs should be pruned. Add fresh flowers and plants. Repaint the front facade, trim, and front door. This will do wonders for how your property shows online and what buyers see when they pull up to your home.

5. Get a home inspection. A home inspection will tell you if anything is wrong with the property. Then you can decide if you want to address those issues up front or make adjustments in the price before listing your home. It’s better to know what’s wrong with the home rather than finding out during negotiations with the buyer, which can save you thousands of dollars.

If you have any questions, give us a call or send us an email. We would be happy to help you!