Preparation is the Key Word
For California Home Buyers to keep in mind to successfully compete in California’s 2023 Real Estate Market.
“Proper Preparation Promotes Peak Performance”
You are the key person in charge of obtaining Peak Performance Results in this still very competitive 2023 market. Think of your Realtor as your Performance Coach. Your Realtor Coach will do all she, or he can do to help you prepare to compete in this historic marketplace. They know that all the best opportunities are won by those home buyers that are Best Prepared.
Most home buyers start the process with mixed emotions ranging from happy excitement to feeling overwhelmed. Let’s face it, purchasing real estate is a big deal, and our homes are the most significant and expensive purchase that most of us will make in our lifetime.
Here are a few key tips to help 2023 homebuyers prepare for the adventure of purchasing property in the California Marketplace.
Start Gathering Your Key Documents.
If you plan to finance the purchase of your new home, you will need to start gathering key personal documents that loan professionals will need to help you qualify for your new mortgage. These documents include, but are not limited to, the following:
- Personal Identification includes driver’s license, state identification cards, Social Security cards, work visas, etc. In today’s lending world, loan underwriters are required to verify the identity of all borrowers as part of the loan approval process.
- Your Federal Tax Returns (State Returns are not used) and your W2s, or 1099s for the two most recent years. If self-employed, be prepared to provide business tax returns and additional financial statements, i.e., profit & loss, balance sheet, etc.
- Your payroll/paycheck statements, pension statements, Social Security benefits cover the most recent 30 days from the date of your loan application.
- Most recent mortgage statements and homeowner insurance policy for your current home. If you are renting, the loan underwriter will need contact information for your landlord or property management company.
- Monthly Bank Statements for the two most recent months. These statements will be used to verify the source of funds for your down payment and the number of assets available to you to complete the purchase transaction.
- Letters of explanation for any derogatory information that appears on your credit report. We all have ups and downs, so do not be afraid to share any information that may help the loan underwriter understand all the facts.
- A list of your outstanding consumer debt completed with the name of the creditor and account numbers.
Make Lists:
Write out a list of the things that you want and a list of the features that you need in your new home. Please share this list with your agent so that they can better help you find what you are looking for. Update or add to your list as you think of things and share those changes with your agent.
Keep Notes:
Your agent will keep solid records of the homes you see. However, keeping your own notes as you go to “open houses” would be best. After each home, share what you liked and didn’t like with your agent. That will help narrow the search down for you. Selecting the right home is a learning process. As you visit more properties, you and your real estate agent will learn what areas of the community you prefer, and the features and qualities of a home that are most important to you.
Stay Positive:
One of the most essential pieces of advice for prospective home buyers is to stay positive. Even after finding the desired home, making an offer, and accepting it, and closing can often take longer than expected. Stay positive! If you’ve looked at several houses and still haven’t found what you want, stay calm and trust that your efforts and your agents will lead you to the right property.
Make a Wise Choice:
Your “best new friend” in finding your new home is the person you select to be your Realtor Coach. Your Realtor Coach is invaluable; they can help you navigate the process when you are unsure of what to do next. The Realtor Coach you select needs to be someone you can call, speak freely with, and ask questions without hesitation. Purchasing and financing real estate can be a daunting process. However, if you choose wisely, your Realtor Coach will work tirelessly to help make the process as simple and painless as possible.