1. Financing & Budgeting
- Get Pre-Approved: Work with a lender to understand your loan options and budget. A pre-approval strengthens your offer.
- Down Payment: In competitive areas, a 20% down payment is common, but some lenders offer lower down payment options.
- Closing Costs: Expect 2-5% of the home price in fees (title, escrow, inspections, etc.).
2. Understanding the Market
- Prices Are High, But So Are Returns: Bay Area real estate is a strong long-term investment.
- Homes Sell Fast: Many homes receive multiple offers within days of listing.
- Off-Market & Pocket Listings: Some of the best deals aren’t publicly listed—an agent can help you find them.
3. Working with a Real Estate Agent
- Local Expertise Matters: A knowledgeable agent can help you navigate bidding wars and negotiate better terms.
- Off-Market Opportunities: Agents often have access to properties before they hit the market.
- Competitive Offer Strategy: Your agent can help you structure a strong offer (price, contingencies, etc.).
4. Making an Offer & Closing the Deal
Negotiation & Closing: Your agent will negotiate terms, and once the deal is accepted, escrow typically takes 30 days.
Be Ready to Act Fast: If you love a property, submit an offer quickly.
Inspections & Appraisals: Always review inspection reports and understand potential repairs.
