A Guide for First Time Home Buyer
featuring Guidance from Gracelyn Martinez
Welcome to Fresno
Nestled in the San Joaquin Valley lies the lively city of Fresno, California. the heart of California’s most productive agricultural region. Fresno is also a sophisticated city of gorgeous gardens and parks, with a vibrant creative community and one unforgettable (and underground) attraction you won’t find anywhere else. A great place to both live and work, residents quickly learn that Fresno is a city for everyone. Often overlooked and severely underrated, the great city of Fresno is undoubtedly worth a visit. The cost of living in Fresno, California, is one of the most affordable in the country.
Valuable Guidance For Home Buyers
Trends in the Fresno Real Estate Market*
The market in my local region is going through an adjustment period. Buyers coming into the market are being encouraged to buy vs. rent. While buyers who have been invested in homeownership for the past year are being a little disgruntled at rising rates. Sellers that went on the market mid-year expected a quick turn around but when buyers had many new choices coming on the market, it set back seller’s expectations in both financial gain and time on market. Many seller’s were put in a position to help overcome the rising rate obstacle by offering seller credits, while other sellers are still in multiple offer situations. Lots to learn by all parties in the quick-to-change market.
Tips for First Time Home Buyers in Fresno
- Know your out-of-pocket expenses! – Aside from your down payment and closing costs, you will want to know the upfront payments you will be making when buying a home. These include deposit money and third-party charges. You’ll want to dial in the amounts and expected due dates as these non-refuldable fees often happen within the first few days of getting your offer accepted. The fees vary from property to property, so connecting on this with your realtor from the time you first start shopping for your home is important.
- Do all of your investigations! – I know this sounds obvious, but many times buyers are unaware of their right to inspect aspects such as sewer lines and solar panels. You can and should inspect all working components of the property, even if it may seem unconventional. Verifying any permits with the city or county is also a big part of the investigation process that should be taken advantage of.
- Get a home warranty. – While most loans require hazard insurance, you should also consider having a home warranty. It’s best to know what instances you would want to involve your home insurance company and some potential reasons you would want to avoid calling your insurance company. You should explore how you can benefit from a home warranty and the cost involved in upgrading your warranty to best fulfill your specific needs.
- Run the address by your lending professional! Most buyers don’t know that certain properties, depending on their location, will qualify for different financing programs. It’s as simple as giving the lender the address and purchase price. This can save a buyer thousands of dollars in down payment. It can even cover 100% of their down payment in many cases.
- Always get pre-approved before shopping for your home. Not only does it help you shop with confidence but it provides a better perspective of what your future mortgage payment looks like. Having that basic information helps narrow your search down to a specific price range, and makes the search a little simpler.