Homeowner Tips
Don't just take my word
Tip of the Week
This is a complex and dynamic housing market with many "micro-markets" that are each valued differently. You often need to prioritize between location and type / size of home (i.e., a condo in Pac Heights or a Single Family home in the Excelsior.) As a first-time buyer, the tradeoffs you have to choose between can be overwhelming. Start out by first creating a budget and list of your TRUE "must-haves." (i.e., If a home had everything you wanted EXCEPT for XYZ, you would still NOT make an offer.) Then, study the past sales in your desired area(s) and that have your must-haves to get a real feel for what your budget permits. This will make you a more informed and confident buyer and guide you towards the right home!
Spend Time to Get Educated!
Other Client Stories & Tips
Trust your gut
Tip #1
Don't forget...You've been going into homes all your life, and whether consciously or subconsciously, you know when you walk into a home if you love it or not. Going with your gut isn't a bad thing at all. Actually, that "gut feeling" you get has been developed and honed over decades of being in homes. It took 30 days from the time I met Blakely to the day I moved in (and I had a loan!), but I don't regret moving quickly at all. I love my home.
Tip #2
I switched the parameters of what I was looking for half-way through the process. Initially, I was looking for a condo for myself, even though I could have afforded more. But, after searching for a bit, I realized that I was looking in the most competitive price range. If I expanded my search a bit, I was able to nearly double what I was getting by buying a property that was a smarter investment and gave me more flexibility. Now, I have more opportunities for tax savings, income from renters, office write offs, etc.. So, all in all, I would say: If you can afford it, at least consider the possibility. Think outside the box and run all the numbers. Blakely can get you connected to any service professionals you need: CPA, financial advisor, lawyer, etc..
Keep all options open
Leverage your resources
Tip #3
Before you close on your new home, be sure to ask the previous owners for information on the home (any weird quirks, any valid warrantees on any appliances, contact info for recommended service providers and handymen who know the home, etc..). It isn't always possible to get it all, but anything you can get is helpful! Also, save the photos from when the home was staged -- it's great inspiration as you go to furnish your new home!
Tip #4
I learned that we really needed to realistically calibrate to the local housing market. We had previously bought homes (in Chicago), so we thought we knew what we were doing, but things are so different here. In the beginning, we had this idea that we should not make an offer over asking price. It took me a while (and losing one of my favorite houses because of it) to finally understand that the Bay Area market doesn't work like that. Haha! So, instead of fixating on how much above asking you should offer, study the comps that Blakely provides you and use that data (vs. your own feeling of how things should be) to guide your decision around price.
Review local data & trends
Experience the ‘hood
Tip #5
When looking at homes, definitely take a weekend to spend time in the neighborhood that the home is in. My wife and I were convinved that we only wanted to be in the Duboce triangle area. However, when a beautiful home came on the market in the NoPa area, we went and saw the home -- and LOVED it, even though the neighborhood was not the one we had planned on. Blakely suggested that we take the weekend and spend time walking around, having brunch and / or drinks at a neighborhood bar, and relaxing in the local parks. After we did that, the home was a no-brainer. Really glad we followed Blakely's advice!
Tip #6
Most people don't think about getting underwritten until AFTER they are in contract, but Blakely recommended that we do it BEFORE. I didn't even know that was possible, but this was game-changer. Not only did it make us feel comfortable submitting an offer without a financing contingency, but because our lender could speak more to our file and because it helped us shaved off days needed to closer, this directly attributed to us winning the house we loved in a competitive offer situation.
Get pre-underwritten
List them down
Tip #7
Trade-offs are inevitable... I recommend making a thorough list of home features you value, and then prioritizing that list to identify qualities you’re willing to sacrifice. Personally, one of the trade-offs I made was purchasing a home that wasn’t a top floor unit, which was a tough decision in the moment but one I don’t regret.
Tip #8
This is a complex and dynamic housing market with many "micro-markets" that are each valued differently. You often need to prioritize between location and type / size of home (i.e., a condo in Pac Heights or a Single Family home in the Excelsior.) As a first-time buyer, the tradeoffs you have to choose between can be overwhelming. Start out by first creating a budget and list of your TRUE "must-haves." (i.e., If a home had everything you wanted EXCEPT for XYZ, you would still NOT make an offer.) Then, study the past sales in your desired area(s) and that have your must-haves to get a real feel for what your budget permits. This will make you a more informed and confident buyer and guide you towards the right home!
Spend Time to Get Educated!
Location, Location, Location
Tip #9
Be sure to really think about the right location for you. Of course, consider things like travel times to your most frequent destinations and the location in relation to restaurants, etc.. But, don't only think about what neighborhood it is in -- and don't necessarily rule out entire neighborhoods. The exact block the home is on makes a difference and is super important! Make sure that you like your block! Walk the neighborhood and spend time outside the home, as you catch up with a friend.
Tip #10
How much pressure are you under to find a place right away? During your search, you are going to weigh tradeoffs – how updated is the kitchen; how many bathrooms are there; are there enough closets; what about the outdoor space? Don’t forget that the length of your search is a tradeoff, too. If you aren't pressured to move quickly (and aren't too eager), that can be an advantage that may dictate how aggressive you are with writing an offer. However, the other side of that coin is – if you let a place go because you aren't quite ready, you need to be fully prepared to mentally let it go! Don't compare everything to it, and don't expect to find another one like it. BUT... there will be something else AMAZING out there. Blakely will help you find it... It may just take some patience!
Time is a Tradeoff, Too