Buying a Home in San Diego

Steps to Buying a Home

Everyone is at a different stage of their life when they buy a home. Whether it is your first home, second home, your family is growing, or you’re downsizing, I am here to help you through this transition in your life. San Diego’s competitive housing market requires an experienced and knowledgeable real estate agent to help you find your dream home without overpaying. These steps for buying your home can serve you as an outline of the process.

1. Start Your Research as Early as Possible

If you’ve been thinking about buying a home, there’s a good chance you have already taken a peek at some of the homes for sale in San Diego. If you haven’t, it’s time to start browsing. This will give you an idea of what kind of homes are out there and the prices they are going for. Try to pay attention to how long houses are on the market and how much homes are going for. You will also want to start researching potential neighborhoods to move to.

2. Determine What Home You Can Afford

To give you a rough estimate, lenders recommend that you do not even look at homes that cost more than three to five times your annual income. If it’s your first home, you may only need to put 3.5% down, otherwise, you will need to come up with 20%. It’s also a good idea to start paying off your debt if you have large amounts. For a rough estimate of what you can afford, try out my affordability calculator.

Current Mortgage Rates

For 10/17/2019

30 Year Fixed
4.0%
15 Year Fixed
3.5%
5/1 ARM
4.25%

For general informational purposes only. Actual rates available to you will depend on many factors including lender, income, credit, location, and property value. Contact a mortgage broker to find out what programs are available to you.

3. Get Preapproved for a Loan

Now that you have a rough idea of what you can afford, it’s time to go talk to a lender to get a pre-approval for a mortgage. Bring your W-2’s, paycheck stubs and other financial information your lender might need from you.

4. Call Shirley Smith

San Diego’s competitive housing market requires you to use a real estate agent who you can trust. Let me be the one to help you find your dream home and beat out other buyers with my negotiation skills. Learn more about me here.

5. Make an Offer

Once we begin to tour homes, it’s important to take notes and pictures so that you can decide which ones meet your needs. If you happen to find the one, I will help you write up a competitive offer to the sellers.

6. Get a Home Inspection

If the sellers accept your offer, you will need to get a home inspection done on the home. This will give you an idea of the home’s condition and allows you to make potential negotiations for repairs with the sellers before you buy it.

7. Select Your Mortgage

Now that you’re ready to call your dream home your own, you will need a mortgage to pay for it. Your mortgage lender will present you with different options and recommend the best one for you.

8. Get a Home Appraisal

Once you have chosen your mortgage, it’s important to arrange for a home appraisal so that you can get an estimated value of your future home. This is to establish that the price of the home is a fair price.

9. Coordinate Paperwork

If you think there is a lot of paperwork associated with buying a car, just wait until you buy a home. Fortunately, I can handle most of the paperwork for you so that you can just focus on your future home. I will work with your lender and title company to ensure that all of the paperwork is handled and compiled correctly.

10. Close the Sale

After all of the paperwork is completed, we can close the sale. This is where you sign the final paperwork and your lender gives you the funds for your loan. Once you hand the seller the check, you are officially the homeowner.

Welcome Home!

Congratulations on buying your new home in San Diego. Buying a home isn’t the finish line for everyone. If you want to make your home truly yours, you might want to hire a contractor or landscaper to help you renovate it to your liking. I can help you find the people you need to make your home feel like home. Make sure to stay on top of home maintenance to avoid problems down the line. With that said, welcome home and enjoy this lifetime investment.

- Ready to Buy Your Dream Home? -

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