Home to some of the biggest tech companies in the world, Silicon Valley is one of the most sought-after locations to live in. That’s why buying a home in this area is rife with opportunities and could be one of the best decisions you will ever make.
To stack the odds in your favor when it comes to finding your dream home in Silicon Valley’s highly competitive housing market, here are a few top tips:
- Examine your finances
How much can you afford? In addition to the list price of a home, you need to factor in the cost of buying and maintaining one. Consider Realtor fees, owner title fees, and monthly mortgage payments. Once you have a budget for your home, you can begin the home buying process. - Work with a Realtor
Finding the right Realtor is crucial. The right Realtor should have your best interests in mind. They should have the proper knowledge and experience in dealing with homes in your chosen neighborhood. They should have the skill to negotiate the best possible price for you, and an extensive professional network for off-market listings and related services.In Silicon Valley, the Realtors to call are David & Sunny. David Chung and Sunny Kim have worked for 20 years as real estate professionals and are ranked in the top 5% of the global and luxury real estate firm Alain Pinel Realtors. Call David & Sunny at 650-489-6251 or email info@david&sunny.com.
- Secure a loan pre-approval
This step is important because it determines how much the bank or lender is willing to lend you based on your financial capacity. Being pre-approved also establishes your credibility to the seller and gives you a leg up when it comes to negotiating the list price of a home. - Determine your home needs and wants
Your loan pre-approval sets the parameters for your home search. Based on how much you can afford, you can now make a list of the features you want in a home. Figure out the number of bedrooms, the amenities, and the ideal location you’d like. Break down these features into a list of must-haves and nice-to-haves. Once you determine your needs and wants, you’ll be able to narrow down your options. - Look for potential homes
You can browse the properties listed in the MLS, or your Realtor could provide you with possible options. Go to as many open houses as you can to determine what you like and dislike. Scope out the location of your potential neighborhood, talk to your potential neighbors, and look for nearby school districts, restaurants, and establishments. - Make an offer and negotiate
After deciding on which house to buy, make an offer. Be prepared to negotiate if the seller rejects your price. Continue negotiating with the seller until you arrive at an amount that’s acceptable to both parties. - Conduct a home inspection
Once the seller accepts your offer, conduct a home inspection of the house.