Buying a Home in the Coachella Valley: It's Time
There truly is something for everyone in our beautiful Coachella Valley. But, is it the right time? Because of recent events impacting the economy, experts are predicting that Southern California property values will continue to drop.
So, the smart buyer will just wait it out and hope the experts were right? Wrong!
Prices may indeed continue to fall, but all indicators point to a rise in interest rates. A bargain property won't seem like such a bargain once interest rates go up! Once rates start to climb, it's impossible to predict how high they will go.
Prices are low, rates are good. This we know today. We will be happy to guide you through the home buying process. There are a few things you must do before we even head out the door in search of your new home.
Get a Loan Pre Approval
It's not possible to overstate how important this is! A pre approval is not the same as a pre qualification. A pre qualification isn't much more than a letter from a mortgage company. It's just an estimate of how much house you could buy if all the information you provided to the loan officer was accurate. It's not really worth the paper it's printed on.
A pre approval, however, it quite a different critter. Your pre approval means the lender has verified your information and is tentatively willing to commit to making your loan. At this point, you have completed your mortgage application, your credit has been checked and your income verified. Now you are a serious buyer.
In the aftermath of the subprime mortgage fiasco, it's just not realistic to expect sellers to take you seriously without a loan pre approval. Bank owned and especially hot properties often get multiple offers. Your pre approval makes your offer stronger in the eyes of a seller.
Sellers don't want to invest time, energy and possibly money only to have the deal fall apart because the financing didn't go through. And considering the price of gas these days, buyers' agents aren't going to be too excited about driving you around without knowing if you can actually buy.
Another benefit to the pre approval process is that you will find out what your price range is. We'll know how much money the bank is prepared to lend to you so you can avoid the heart ache of falling in love with a house you just can't have right now.
Set Your Priorities But Be Realistic
Buyers often have long lists of demands when they go house hunting. Bear in mind that no house will be perfect. Make a list of your true must haves. It's okay to have a nice wish list of features you would like to have but can live without; but, try to keep it realistic.
Let your agent know what your priorities are. Once you have your pre approval in hand along with your list, we're ready to go house hunting!
Contact me and let's get started finding your Coachella Valley home!
