Are you looking to buy a home in San Francisco? At Redmond Realty, we help our clients through every step of the purchase process for buying a home or residential property in the San Francisco Bay Area.
Purchasing a home or residential property in the San Francisco Bay Area can be a daunting challenge and process. It’s also an exciting time for first-time and existing homeowners.
The San Francisco real estate market is known to be among the most expensive markets in the world.
One of the most densely populated cities of the USA, San Francisco’s real estate has not shown any signs of really slowing down even in the face of the pandemic that has hit the US economy hard.
But, with the right Realtor, who care about your interests and has deep understanding of the Bay Area market, you won’t need to worry about how to buy a home in San Francisco.
Is Now A Good Time To Buy In The San Francisco Real Estate Market?
There is no denying that the median house price in the Bay Area market is quite high. It currently stands at $1.4million. This makes it very difficult for most to buy a home in San Francisco.
But, the truth is that house prices peaked in 2018. The market hasn’t continued to experience price increases since that time.
Through 2020, the market is proving to be a good year to buy property in the San Francisco market for the following reasons:
- The house prices have seen their peak in 2018, so you are now going to see better prices than those as a buyer.
- There has been a sudden and sharp decline in mortgage rates so financing your loans is much more affordable.
How Redmond Realty Helps You Buy a Home In San Francisco
We begin by learning about your goals to offer market insight. We then do research to present a thorough list of properties that are appropriate for your needs.
Having an agent to advise you throughout your buying process is incredibly important. Our buyer representation is at no charge to you unless disclosed otherwise.
We help determine the value on properties you are interested, use our trained eye to review the disclosures to point out any defects or potential pitfalls, confirm the opportunity and negotiate a realistic price and terms based on comparative analysis of the market. Each page of the purchase agreement is explained in detail, and we prepare counter offers, organize inspections, and liaise with escrow and title officers.
There are some steps you can to take to be ready before you enter into the market and buy a home in San Francisco or the Bay Area.
If you have decided to buy property in the San Francisco Bay Area market, then it is important to do it right so you get the best deal in the market. There are numerous steps you can take to make sure that you make the best decision. Here are just a few:
Set Your Budget
The first, most important step is knowing your financial resources. You need to assess your income, savings, and expenses. Get a clear idea of how much you can pay in mortgage repayments.
Then, you need to find out how much you can borrow. It is best to consult several lenders as the amount and lending rates can vary from one institution to another. So, shop around and compare the different lenders before settling on the one that offers the best loan package to you.
Apply for the loan. Approval of the application will basically indicate that you can get the approved amount when you find a house you want to buy. Now, you will have a crystal clear idea of exactly what kind of budget you have to work with.
Do Your Research
Now that know your budget, look for suburbs with homes that fit your budget. Do your own research about the area in terms of median prices, house sizes, neighborhood demographics, and so on.
Complement your personal research with a professional real estate agent from Redmond Realty. We are local to the area so we can provide you with accurate information relevant to the suburb. After due diligence and research, settle on the house you want to visit or buy.
Get The Inspections Done
Before you make an offer on any property and permanently become its owner, you want to make sure that the property is livable and free of defects.
To do this, you need to get the various relevant inspections. These include a building inspection, electrical inspection, land survey, pest inspection and more.
By getting these completed up-front and identifying any major faults in the house you will be able to make a better, informed decision such as renegotiating a better price or dropping the deal altogether if the fault is too big and impossible to fix.
Your Redmond Realty agent can help you will all of the steps mentioned above.
Make An Offer And Be Flexible
If everything pans out and you are sure you want the home, then it is time to make an offer.
Be prepared for the price negotiations that will follow. It is important to strike a balance between keeping to your budget and being flexible enough to accommodate the seller to an extent.
If both the parties are able to reach an agreement, then a formal exchange of contracts follows.
Settlement
After the legal paperwork is done and procedures completed, you can take title of ownership and you become the proud owner of a home in the sought-after market of the San Francisco Bay Area.
Need More? Here’s A Detailed Process In Buying A Home In San Francisco
The often complex process required to buy, move-up or exchange property can be confusing and exhausting. It helps to know you are not alone and that you have, at your disposal our professional expertise. We will help you to do the following:
- Consult and confirm your needs then execute to meet your real estate objectives
- We’ll go get your money
- Handle any turbulence that arise during the transaction
- Properly prepare contracts with “best practice” technique and disclosure
- Provide comparable sales data as a foundation for negotiation strategy
- Guide you regarding the repairs that should be made
- Show you property in an effective and professional manner
- Guide you in your selection of escrow/closing and title professionals
- Preview and discuss closing documents
- Help you spot vague disclosure statements
- Insure the appraisal process is handled properly
- Help you to understand the complete escrow/closing and title process
- Advise you as to applicable inspections to expedite the purchase
- Properly handle the walk-through process with you prior to the final closing
- See that required repairs and or conditions are met prior to the closing
- Negotiate effectively on your behalf with the buyers, other agents, escrow/closing, title people and attorneys
- See that each and every facet of the buying process is effectively and professionally handled in your best interest
You need a professional and experienced real estate agent to help you buy a home in San Francisco. We can help you find a home/residential property in the San Francisco Bay Area. Redmond Realty also services Northern San Mateo and Southern Marin.
Please contact us today to schedule an initial consultation at your convenience.
We are required by law to act in the best interest of our clients. It would be our pleasure to service you and meet your real estate needs.