Spring Buying Season for Santa Clarita Homes

Spring is here, and you're ready to look for a new home so your family can be moved and settled before the end of Summer. Welcome to the Spring Home Buying Season in Santa Clarita!

How can you get an edge on the other buyers, and get in a better negotiating position with the sellers? Make sure you do your homework! There are new rules to the househunting game, and you'll definitely benefit if you follow them the best you can.

1. Get preapproved for a loan. This is no longer an option - sellers expect you to have completed this step before you submit an offer. They'd really prefer that you don't even step foot in their homes until you're preapproved unless it's at an open house. Why should they frantically clean to prepare for a buyer who can't afford their home anyways? This means more than just placing a phone call to an internet lender and getting a form letter - it means submitting all of the financial information necessary to get fully approved for a loan, including salary history, credit score and bank statements. And, while you're at it, choose a local lender - it definitely gives you an edge over other buyers!
2. Figure out how much home you can afford. The lender will determine how much loan you can qualify for, but this may not be what you're comfortable with. Factor in your lifestyle choices such as vacations, dinners out, and other entertainment that you may not want to give up.
3. Watch out for bidding wars. Bidding wars were the norm for the last 3 years, but they've become less common in more recent months. Still, if more than one buyer submits an offer on a home at about the same time, they may find themselves in a bidding war situation. Know your bottom line and consider what else may be available if you lose the current bidding war.
4. Get a home inspection. Typically this is done during the period after the offer has been accepted and before you remove all contingencies on the purchase of the home. However, in some situations you may decide to get an inspection prior to placing an offer on a home.
5. Choose your buying agent carefully. Les Christie of CNNMoney reminds us that "Working with an experienced pro can make house hunting a pleasure instead of a nightmare, but the housing bubble of the past few years has lured legions of green recruits to the field. Be extra careful in choosing an agent this year".