My SoCal Dream Team
Realtors, MRP, VAREP
Realty Executives Dillon
Home prices are at a new high, and interest rates are at a new low. Our market is HOT.
Buyers can afford to buy more house and Sellers are getting top dollar.
Well qualified, pre-approved Buyers are scouring the internet for fresh new listings each day.
Realtors are arranging showings to take place within hours.
And within days, Sellers are entertaining multiple offers over the asking price.
We are out there every day and that is what we are seeing.
In these times, everything involves COVID, it is at our heels and in our heads. But many people in California still have to move. Or they have been waiting so long for the right time. Or they’ve discovered through quarantine, this is the right time.
So, Sellers get ready.
It’s going to be a whirlwind. If the price is right and the pictures are nice, the people will come. At times they may be lined up outside your door waiting for a 15-minute time slot.
It’s all by Appointment Only. We don’t do Open Houses any more. Gone are the days that strangers go ambling through listings to get ideas for decorating, or just to “see what’s out there.” Everyone entering a property has to sign and send a COVID-19 disclosure and while viewing the property, they don’t touch anything. The number of people allowed in the listing at one time is restricted, masks and social distancing are required.
So, if you’re ready, get ready. Here is a list of Pre-Sale Activities:
We will guide you through the rest.
We are trying to help as many people as we can to make the move that’s best for them.
If you or someone you know has tried to sell in the past and it didn’t work out, we invite you to contact us with questions or share your thoughts via email.
Beginners Guide to Stepping into the
California Real Estate Market
Low-interest rates are driving Buyers back into the market. If you are a first-time homebuyer, an empty nester looking to downsize, a family dreaming of moving closer to the schools you want your kids to go to, or if you are ready to invest in rental property, this may be your time.
Are You Ready to Find What Your Purchasing Power Is?
Meeting with a savvy Lender is your first step. Take the leap. Call a Lender and say that you want to buy a house and you need a Pre-Approval Letter. That’s the start of it all.
We can refer you to someone that will be a great fit for you. They’ll ask basic questions about your income, your assets, and your financial obligations. That helps them find which loan programs will fit you best. You’ll discuss current interest rates, monthly payment, down payment, and closing costs.
With your consent, they’ll pull your credit report. This gives you a chance to review your current score and fix credit errors. They can even help you strengthen your score and advise you about ways to prepare your credit for the future.
After conferring with the Lender, it will be time to provide documentation for all the information you’ve shared.
What You’ll Need to Gather for Your Lender
-Tax Returns for the last 2 years
-Bank statements from 2 months back (all accounts, all pages)
-W2’s,1099’s and statements of any other sources of income for the last 2 years
-Latest account statements of 401K, stocks, bonds, etc.
-Most recent paycheck stubs for at least a full 30 days
-Copies of a Photo ID and Social Security Card
-You may also be asked to provide court orders for Child Support, Divorce Decree, Bankruptcy documents, discharge papers, etc.
No need to shuffle through files to find most things. Many of these items can be retrieved online. Create a folder and start pulling it all together. Once the Lender receives your paperwork, they’ll be able to tell you how much house you qualify for and they will issue your Pre-Approval letter for that amount.
Get that Pre-Approval Letter to Your Realtor
As Realtors, we will help you manage your relationship with your Lender, but we don’t need to know the details of your financial life. We’ll never see your tax returns or your pay stubs or any of the other documents that you share with the Lender. We don’t have the same access to loan program information and interest rate data that they do. Our focus is on helping you to step into the current market as you are.
Once your price range and your preferences are established, we’ll get started. You’ll have immediate access to any new listings that meet your search criteria. And we will guide you the rest of the way.
We just need that letter! Your Pre-Approval letter accompanies every offer. It proves to the Sellers that you are qualified to buy. We cannot move forward without it.
Whatever you do, don’t…
Once we’re out shopping for homes, the picture that you presented to your Lender must stay the same until the close of escrow.
Don’t get behind on your payments.
Don’t move money around.
Don’t take on new debt.
Don’t change jobs.
Don’t deposit any cash into your accounts.
Don’t co-sign for a loan for anyone else.
Don’t spend your savings.
Don’t make big purchases like cars or furniture.
Don’t let anyone else pull your credit.
Don’t open or close any new credit card accounts.
This is important. We once had a deal derailed because a Buyer opened a new department store credit card to save 20% on a dress!
Big Transactions Can Trigger Big Emotions
Buying a house is a big deal with a lot of moving parts. After your offer is accepted it generally takes weeks to close. It’s fun and exciting but can be stressful. Gathering documents and reviewing credit reports can be a challenge for those who aren’t accustomed to facing their finances. Items from the past that you thought were long gone sometimes come to light on the credit reports and need to be addressed head-on. Don’t let that stop you. Shining a light on what needs to be corrected will set you free to move on to what is next. You will have expert support every step of the way.
Want more help getting started?
We invite you to contact us with questions or share your thoughts via email.
The spread of the Corona Virus has forced a culture of change in the Real Estate business; many of our tried and true practices as Realtors have fallen away. Client events, live training, caravans, door knocking, Open Houses, property flyers, client meetings at the office, handshakes, and hugs are no longer part of our days.
For now, only employees are allowed to go to the disinfected office. And masks, gloves, shoe coverings, and sanitizer are the new tools of our trade. Most communication with clients and each other is limited to video call, Docusign, email, and group texts. And now, in order to limit exposure to Covid-19, working from home has become routine.
Close contact with clients and information sharing is at the core of every transaction. Though some of us prefer face to face connection, we have the tools to reach each other virtually and we are making do.
Pictures and virtual tours are as important as ever; even more so now. Staging houses to look their best, pricing them right, and making them accessible for showings is still crucial for Sellers. Having Buyers fully qualified and pre-approved is as vital as it ever was. No one wants curious Buyers wandering around just to “see what’s out there” during a pandemic.
Home Inspectors, contractors, and other service providers are still a large part of the process. They enter each home at their own risk and use the Covid-19 protocols assigned to their profession.
Housing demands in California are high and inventory is very low at the moment, so Sellers can expect a lot of activity and perhaps multiple offers after only a few days of showings.
In order to contain the risk of exposure to the virus, many listing agents are scheduling showings 15-30 minutes apart over just a few days to get as many buyers through in as short amount of time as possible. Houses are sanitized before and after each showing and hand sanitizer is left at the door for people to use as they enter.
Interior doors are left open and lights are left on so that everyone can avoid touching knobs, handles, switches, etc. Windows are left open so air can circulate.
Interest rates are at an all-time low at the moment so it’s an excellent time for serious, qualified House Hunters to find their next purchase. Buyers Agents guide their clients to start their search online and only arrange to view the properties they are truly considering.
Showing property on short notice is nearly impossible. For each property Buyers view they must sign a 4-page document stating, among other things, that they have not knowingly been in contact with anyone afflicted with Covid-19 within the last 14 days, that they are not experiencing a fever or any signs of respiratory illness, and that they are entering the property at their own risk. This document must be electronically signed and delivered to the Listing Agent before the appointment is made.
In some cases, the Listing Agent will also require a copy of a pre-approval letter and proof of funds before the showing is allowed.
Even with the new restrictions, Buyers are motivated to move, and Sellers are anxious to make the change.
Many families have discovered that their homes are not suitable for these times. They may want to move up so there is more space to stay at home. They may have discovered it’s time to downsize and simplify to prepare for what may come next.
Even though so much has changed, the process of home buying is much the same as it’s been. It’s our job to guide and protect our clients through it.
