For those of you who are new to buying, the section below provides some things to consider, from assessing the market conditions to understanding the purchase contract and deciding the price to offer. While this outline will NOT completely prepare for the transaction, you should consult your REALTOR® for more detailed information and answers to the questions that are specific to your situation.

Deciding to Buy

You've probably already considered your reasons for buying like, tired of paying rent, pride of ownership, or maybe tired of not making any money or loosing money on your savings.  Now you need to take into account the other factors involved, such as market conditions, how much you qualify for and tax implications.

Assessing Market Conditions

Understanding market conditions is important because you need to be realistic about the market so that you know how to make your offer better than the competition without spending a bundle. Being able to approximate what a qualified buyer might be willing to pay for a particular property is a skill that comes with experience.  Having a REALTOR® who can advise you on how to make an offer that is likely to get accepted can save you a lot of time and avoid getting your offers rejected over and over again.  To advise clients, I use my assessment of current market conditions as well as a comparative market analysis and close examination of the properties good and bad points.

Timing Your Decision to Buy

Often people ask when is the best time to buy.  My answer is usually, whenever you can afford to do so.  This is because a home can be a stepping stone to get into the house of your dreams later. Unfortunately, with very low affordability, buyers might not be able to afford the size of home or location they really want but this should not discourage someone.  My advise is to buy now and start to pay down the mortgage and build equity so that later, in 10 years or so, you can trade up to a better property rather than just paying rent and not getting any benefits of ownership.

  • SRAR GRANT Program--The Southland Regional Association of REALTORS (SRAR) grant program funds program information can be found at the above link.  The SFV valley board program guidelines change so you must check their site for current availability and eligibility requirements.