Buy | California Current

With all the doom and gloom breaking headlines in every California news outlet, it may seem very intimidating to step foot into this current market. But while times are certainly tough, market trends seem to point that this may just be a trickier market to handle. By that, I mean people are still finding ways to buy new homes and even scooping up some great bargains at the same time. The only thing that is separating these folks from the “worried sheep” is their ability to adapt to this market.

So what does it take to succeed in this current housing slump? Well I’ve outlined a few specifics, but you’ll notice that nothing will ever beat the tried and proven art of simple preparation and diligent research.

Bring Your A-Game
If you want to get the best deals and pick up a great bargain home - you have to meet or beat the level of your competitors. In this market, the competitors, and the only true players in the game really, are the A-paper borrowers. Sure, people are still getting financed - but with subprime gone and Alt-A having a tough time, you had better make sure you are considered an A+ borrower. As well as saving up for a sizeable down payment, make sure to check out these tips that will make your credit worthiness shine in the eyes of lenders.

Beware of Bargains
Some of the best bargains in California can be found in short sales, foreclosure auctions, or other kinds of distressed sellers. But buyer beware, be careful not to let those emotions take over -take your time and find out as much as you can about the property, its community, and even its previous owners. There are a lot of great bargains out there to be found, you will just have to sift through some “trash” before finding your gem.

Aside from doing your own research, it may be worthwhile to gather your own team of trusted professionals to help you in your search. You should have already found a Realtor to help you, but you may also consider hiring a secondary appraiser to help. This appraiser will help you evaluate the home itself as well as the surrounding community to ensure the home values are consistent with what you are going to pay. In this market, you really want to make sure you are buying into the right neighborhood and avoid any duds that will just cause you headaches.