Information for First Time home buyers in Hermosa Beach

1. Find a real estate professional who is the right fit for you. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the Realtor® you choose is both skilled and a good fit with your personality.
2. Timing the market. There is no “right” time to buy anymore than there is a right time to sell. If you find a home now, don’t try to second-guess the interest rates or the housing market by waiting. Changes don’t usually occur fast enough to make that much difference in price and a good home won’t stay on the market long. See article on trying to time the real estate market.
3. The most important opinion is your own. It’s natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision. Don’t ask for too many opinions and trust your own instincts.
4. The Big Picture. Accept that no house is ever going to be perfect. Pay attention to the things that are most important to you and let the minor things go. Make the decision based on whether you would be happy in the home.
5. Keep negotiations realistic
   Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price may lose you the home you love and although the difference may sound like a lot, it may be an insignificant difference over the life of a 30 year mortgage.
6. Remember your home doesn’t exist in a vacuum
   Don’t get so caught up in the physical aspects of the house: room size, kitchen, floors, etc. that you forget such issues as amenities, noise level, neighborhood, etc. that have a big impact on what it’s like to live in your new home.
7. Get  pre-approved. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage. Not only is getting pre-qualified quick and easy, but there is no obligation. Finding out how much you can afford, whether your credit could use some repairing, and what your monthly payments might be, is a significant step toward buying a house and making the process less stressful.
8. Factor in maintenance and repair costs in your post home-buying budget. Even if you buy a new home, there will be some costs. Don’t leave yourself short and let your home deteriorate.
9. Accept that a little buyer’s remorse may happen but will probably pass.
   Buying a home, especially for the first time, is a big commitment, but it also yields big benefits. It is common to question your decision but in the long run, home ownership is usually a fantastic opportunity.
10. Choose a home first because you love it; then think about appreciation.
    A home’s most important role is as a comfortable, safe place to live. With the increases in value in the early 2000’s, people have begun to think of their home strictly as a way to make money. Make sure your home is something that you’ll enjoy living in for
    a long time.

• Why Buy a home instead of renting
• Considering a move? Steps to take
• The home search. Choosing your home
• The home search. Finding out how much you can afford
  
• The pre-approval process
• The difference between getting pre-qualified and pre-approved
• Down payments
• What does your mortgage pay for: PITI
  
• The home loan process