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With house prices going down by 10% this year in San Francisco, everyone is in the mood for buying. People want to get on the property ladder, and now is the time to do it. So, what are some home-buying tips to help first-time buyers get started on their investment?
The following are five of the best pieces of advice we have. At the end of the article, we also suggest the services of an expert to help you handle your property moving forward.
1. Do Your Research
Look into the San Francisco real estate market to understand how it works. Search for property price trends not only in the neighborhood you want to live in, but others too. You might find somewhere else that matches your needs at a better price.
Also, make sure to check local regulations regarding home-buying in San Francisco. There may be homeowners associations, laws related to disclosing information, and other steps you need to take based on the area.
2. Have a Realistic Budget
You need to be realistic about what you can afford in San Francisco. It is a very strong market, and the average price for a home there sits at over one million dollars. This is far above the national average of around $400-thousand.
If you need to, look into different mortgage options and assess what is an affordable price for you in the area. It may be that you need to dip into savings, or if you have enough money to jump into this market as a first-time buyer, congratulations.
3. Work With a Professional Realtor
A realtor has both the experience and skill to navigate the difficult world of real estate markets. They can help you with many of the steps toward picking up a home. These include:
- Providing insights
- Helping you make informed decisions
- Finding properties that suit your needs
With a realtor on your side, you have a much better chance of finding and buying a location you will be proud of.
4. Inspect and Negotiate
You want to ensure you look at the home yourself before you move in. A real estate agent can then help you negotiate with those looking to sell a home. They will know the things to say or point out that might help you get a little shaved off the listing price.
5. Plan For Ongoing Costs
Putting the money down to buy the home will not be the final step. Beyond this, you will need to look into property taxes, homeowners fees, insurance, and a lot more.
As such, remember to set aside funds for the first few months, just in case things are a little costlier than you first imagined.
Talk to Us For More Home-Buying Tips
With these home-buying tips, you should have everything you need to start your journey into buying a home. Still, if you are unsure about the San Francisco real estate world, we can offer you more advice and other resources.
Our site has many things that can take the edge off the process of becoming a home buyer. So, schedule a consult with us here at PMI San Francisco today to find out more about what we can do for you.
