Buyer's Information |
Del Mar Home Buyer's informationHere are some tips and pointers especially useful for inexperienced buyers:1. The Multiple Listing Service (MLS) - The MLS is the central database of all the listings for sale in the area from all brokers. Every Realtor will have access to these listings, so working with multiple Realtors does not make sense. Be sure to find a Buyer's Agent you like and give them good feedback on what they show you to hone in on the best property for you. 2. Buyer's Agency Benefits - Using a buyer's agent is free for you - sellers pay the commission of both agents in the transaction. Think of buying a home like a court case. Each party needs to have someone represent them. The Seller is represented by the listing agent and you should be represented by a Buyer's Agent. If you contact a listing agent, it is similar to asking help from an attorney representing the person you are in a lawsuit against! A buyer's agent will represent your best interests. Your buyer's agent is familiar with the neighborhood, what's available, market trends, and searches for homes on a full-time basis. There is no reason not to use a buyer's agent - just find a knowledgeable one that offers good service & has negotiation skills. And they are free!! 3. Finding a Lender - Getting in touch with a lender is the first step in seriously searching for a home. Your lender will do a credit report check. Then they will advise you on anything you can do to raise your credit. They will also prequalify you for a price range to work with on your home search based on the various loan products out there and your individual needs. When it comes down to purchasing a specific property & you are in escrow, we recommend you speak with a few lenders to get the best deal possible. We will be happy to recommend some of the best local lenders to you at any time. 4. Tax Benefits - Owning a home has fantastic tax deductions. You can deduct the interest on your mortgage payments as well as your property taxes. This makes owning a home much more affordable than most people think. Ask your accountant for more specific information regarding homeowner tax deductions. As a general rule, for every $1,000 you could afford in rent, you could afford $1,400 in mortgage payments because of the tax deductions. And then there's the benefit of gaining equity on top of that! 5. New Homes - Don't think that a Realtor can't help you with new homes. A good Realtor is quite aware of the new home builders in their area and can recommend the best spots. It is very important to note that you need to have your Realtor with you when you first walk in to a new home sales office or else the sales office will not let your Realtor in on the deal and you will lose your representation. 6. Leverage your Investment - This is the classic reason for investing in real estate. The math is pretty simple, and especially powerful in California. By financing a mortgage, you can invest in a $500,000 property with less than $10,000. What would happen if you took this same $10,000 and invested in something else like stocks? At best, you'd get a 20% return, which would be $2,000. In contrast, if your home received a small to average 5% gain in value over a year, you would now have gained $50,000 in equity. $50k or 2k? I think this best illustrates the concept of leveraging your investments by investing in real estate. In addition to this, once you have gained enough equity, you now have the ability to make home improvements, take a vacation or purchase additional investment properties. |
| Del Mar Homes Page - List of Realtor Partners |
| Steve Scheckner is an experienced and service-minded Keller Williams Realtor that specializes in Del Mar & Carlsbad Real Estate. |