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The Ultimate California Home Buyer’s Guide

Posted by Jaime Ure on May 18, 2022

If you’re thinking of buying a house in California, our California Home Buyer’s guide will give you everything you need to know. From finding the perfect location to getting the best deal on your purchase you can trust us – with our years of experience in the real estate industry, we know what it takes to make your home-buying dreams a reality. So, let’s get started!  

California Home Buyer's Guide

The Ultimate 7 Step California Home Buyer’s Guide

Step One /// Work with a real estate agent

Work with a real estate agent who understands your needs and is willing to help you find the right home. There are many reasons why buyers should work with a real estate agent. Just to name a few…

  • Real estate agents have expertise in the local market and can help you find the right home for your needs. 
  • They can provide objective information about homes you’re interested in, including price, square footage, number of bedrooms and bathrooms, and more. 
  • They can help you negotiate the best deal on a home and guide you through the buying process. 
  • They can provide referrals to lenders, title companies, home inspectors, and other professionals who can help make the buying process smoother. 
  • Most importantly, real estate agents are licensed and insured so they have a better understanding of the laws and the market trends. 

Step Two /// Get pre-approved for a mortgage

It is important to get pre-approved for a mortgage when buying a home for a few reasons. First, it shows that you are serious about buying a home and have done your research. Second, it puts you in a better position to negotiate with sellers since they’ll know that you are already approved. Finally, it can help you avoid being taken advantage of during the buying process.

If you are not pre-approved for a mortgage, the seller may be less likely to accept your offer and could even try to play games with you in order to get a higher offer. By getting pre-approved, you can avoid these potential problems and make the process of buying your home much smoother.

Step Three /// Map out your needs and wants in a home

Make a list of what you’re looking for in a home and stick to it. This will help keep you focused and ensure that you don’t miss any potential matches.

For example, if you know for certain that you need three bedrooms and two bathrooms, you can focus your search on homes that meet those specific requirements. You might also find features or neighborhoods that are important to you, and then rule out certain areas or homes based on those findings.

Mapping out your needs and wants ahead of time can help make the home-buying process much less stressful.

Step Four /// Make an offer at the right time

It’s important to make an offer at the right time because there are many factors that go into whether or not a seller will accept your offer.

One of the most important factors is how long their property has been on the market. If a home has been for sale for a long time, the seller may be more likely to accept a lower offer, since they could be anxious to sell. Conversely, if a home has just gone on the market, the seller may be less likely to accept a low offer, since they may assume that they will get higher bids.

Other factors that can influence whether or not a seller accepts an offer include how much is owed on the property and what the current market looks like. Educate yourself as much as possible about these factors so that you can time your offer perfectly.

Step Five /// Find your dream home today with LoomHomes

Buying or renting a home can be a daunting task, especially if you’re doing it for the first time.

Most people only look at a few homes before making their decision – which can lead to making the wrong choice and overpaying.

LoomHomes is changing the game by providing information on thousands of homes across California. We have everything you need to make an informed decision, including prices, photos, nearby schools, and more! Browse properties for sale or for rent on the LoomHomes website.

Step Six /// Align your finances and evaluate your financial health 

It’s important to align your finances while buying a home because, otherwise, you may find yourself struggling to make your mortgage payments. When you buy a home, you’re committing to paying off that loan for years, sometimes decades, so it’s important to make sure you can afford the monthly payments.

You can align your finances by saving up for a down payment and getting pre-approved for a mortgage. This will help you know how much house you can afford and give you some bargaining power when you’re ready to start shopping for homes. Just be sure to stay within your budget!

Making the jump from renter to homeowner requires an in-depth evaluation of your finances. The first step to buying a home should be evaluating your current financial health.

Here is a breakdown of some of the costs associated with buying a house in California.

  • Down payment – Down payment costs associated with buying a house in California can vary depending on the location and size of the house. In general, though, you can expect to pay anywhere from 3 – 20% of the sale price of the house as a down payment. In California, the average down payment is 5.3%,

There are a few different ways to come up with this money. You could save up, take out a loan from a bank or other lending institution, or receive help from family or friends. No matter how you come up with the funds, it’s important to remember that having a down payment in place is crucial to securing a mortgage and becoming a homeowner.

  • Closing costs – Closing costs in California can range anywhere from 2-3% of the purchase price of the home. Some of the most common fees include:

– Loan origination fee

– Appraisal fee

– Credit report fee

– Notary or escrow fees

– Title insurance policy

  • Inspection costs – The cost of a home inspection in California varies depending on the size and age of the home, as well as the type of inspection that is ordered. For a standard home inspection, the average cost is about $350. However, this price may be higher or lower depending on your location.

A home inspection is a crucially important part of the buying process, and it is worth investing in one to ensure that you are making a wise purchase. A good inspector will help you identify any potential problems with the property and will give you a realistic idea of what needs to be fixed. This information can be invaluable when negotiating with the seller.

  • Property taxes – When you own a home in California, you are required to pay property taxes. The average effective property tax rate is 0.81% of the house’s value. You pay property taxes in two installments during the year.
  • Emergency repair funds – If something goes wrong with your home, you can’t call the building owner or property manager to come to fix the issue; you’re the homeowner now, so all responsibility falls to you unless you’ve hired additional help. Before buying a house, make sure you can put aside emergency repair funds. Experts advise allocating between 1-4% of the house’s value to these funds.

Step Seven /// Close on your new home

Congratulations on finding your new home! Closing is the process of transferring the title of a property from the seller to the buyer. The following is a general overview of what to expect during the closing process.

  • Review and sign the final purchase agreement
  • Pay the remaining down payment and closing costs
  • Get a mortgage funding commitment letter
  • Schedule a closing appointment with the title company
  • Conduct a final walk-through inspection of the home
  • Sign final loan papers and receive house keys
  • Celebrate!

Need More Help?

If you’re in the market for a new home, it’s important to be well-informed about what to expect. We hope our California home buyer’s guide has helped acquaint you with some of the key things to look out for when buying in California. Keep in mind that this is just a starting point; always consult with a professional real estate agent before making any major decisions. For the absolute best CA property listings, LoomHomes has you covered. Our team has years of experience helping buyers find their dream homes, and we’re confident we can do the same for you. Check out our listings page and pin your favorite properties to take the first step toward your dream home today.

The Ultimate California Home Buyer’s Guide | The Ultimate California Home Seller’s Guide

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