Buying a home in California in the current market can be tough. Prices continue to go up; interest rates remain high; and inventory remains low (although we are starting to see some movement from sellers who are considering listing their property – or are listing now as we enter into the spring buying mode).
So, here are some things to consider when looking for a home that meets you budget and your criteria —
- Consider carefully your absolute “musts haves” in your new home.
While we all want want we want – and of course you want your dream home to be perfect — it is important to ask yourself – can I live for a while with a kitchen that is not my dream kitchen? Can I live with a house that doesn’t have my dream fireplace? When the bathrooms haven’t been updated? With flooring that may need a refresh or replacement?
In a competitive market sometimes we have to forego certain “must haves” when the the property meets other very important criteria, such as — the property is within the budget; it has the right number of bedrooms and bathrooms; there is a generous living room; or there is a nice dining room or a large eat-in kitchen for the family and for entertaing friends.
When looking for country/rural properties, other considerations are whether the property has the acreage you are looking for; a strong well; and good access into the property from the main road.
If you feel comfortable on waiting on improvements to things that may be outdated but still work and are in good conditions, then a property that doesn’t fit all your criteria now may be the right property for you in the long run.
Also, condition issues can be considered when making your offer — so, what your purchase price offer may reflect any condition issues. Alternatively, you could ask for a concession, such as a credit against closing costs.
2. Consider listings that have been on the market for awhile.
When you have been looking for awhile, it is always exciting to see a new listing come on the market. That new listing may in fact be the perfect house for you; but other folks are looking at the same new listings so it can get competivtive in this low inventory market. If the house is perfect for you and your family – go for it!
But during your search, or if you find yourself not being able to compete with other offers, always consider touring houses that have sat awhile if those homes meet your most important criteria.
You may have rejected a house that is actualy your dream home or could be simply because it has been on the market for a while and you wonder why.
A listing that has been sitting for a while doesn’t necessarily mean that there is something seriously wrong with the property. There are a number of factors that may make a listing sit for a bit. The time of year when it was listed; the price point; the square footage; too much acreage; or the right buyer just hasn’t come along yet. Of course, some properties do sit for a long time because there are significant condition issues – too much termite damage; a deck needs to be replaced; the roof only has a few years left; the need for a new well; the septic system needs a lot of repair, and so on.
Your agent may already have some information about the property so if it looks like a possibility, work with your agent and decide whether it is a good property to see.
3. Consider when you want to buy.
Spring and summer are usally the busiest time of year for real estate and the market can get really competitive. So, timing is important in your house buying search.
Sometimes there isn’t a choice – you have to look during the busy, competitive times — your are relocating for a job and need to get into a home before the job or school starts for the kids.
But, if you can consider looking at different times of year that can be the way to go. November, December, January and February can be slow months. During this time of year you may be able to find a good property at good price.
Also, looking in the winter – partcularily if you want a country or very rural home – let’s you know right away if the weather, elevation, snow load, rainfall, etc. is going to work for you.
If you are looking to buy in the beautiful Gold Country and Sierra Foothills, let me be your trusted real estate guide. I can help you find your dream home!