HOMEBUYERS: HOW TO CHOOSE WHERE TO BUY

 

Silicon Valley is filled with a range of exciting communities that appeal to homebuyers from all over the world. So which one should you consider buying your home in?

Narrowing the list of communities in which you would like to make your home is a process of elimination. The first factor to consider? Affordability. Click here for a guide to determine how much house you can afford.

Now that you have that number in hand, find the communities that make this first cut. The fastest way to do this is to work closely with a real estate agent like Julie, who has access to hundreds of properties through the MLS, as well as in-depth knowledge of the pricing in respect to each community. By giving your agent the price range you can afford, you may be able to immediately identify the communities where your budget will best be applied.

Once your agent provides you with a list of communities that match your price range, it’s time to narrow your choices according to your priorities, values, and overall lifestyle. Current needs and future expectations for your family all come into play at this point. To effectively make these decisions, click here (link to First-Time Homebuyers: Finding The Perfect Neighborhood For Your First Home).

Let’s say you end up with a list of five communities that meet your criteria. What then?

Research further to determine which of these areas are likely to experience the greatest appreciation in value. Again, working alongside Julie or another experienced agent will provide you with a wealth of information in terms of real estate appreciation. Click here for pointers. 

Any experienced agent will urge you to keep an eye on growing trends which could turn a second-tier city into a first-tier city. High prices in the latter category are forcing many homebuyers and investors to consider second-tier cities in search for better value, as reported by Forbes.

This is especially the case for millennials, who, according to the Wall Street Journal, are fleeing first-tier cities and heading to the suburbs in high-density areas like the Bay Area in search of more affordable housing.

Here’s a suggested chart to help your search:

Affordable Good Schools Safety Convenient Amenities Promising Development Plans Appreciation Expectations
Community A
Community B
Community C
Community D
Community E

 

Once you’ve narrowed your list further, it’s time for a second, third, even fourth date with your final candidates. Some people go to the length of renting a house (short-term) in their chosen area to get a deeper feel for the community. Your agent will be able to assist you in weighing all pros and cons, allowing you to finally determine where your next home should be.

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Consider Julie and her expert team as your matchmakers. Our wealth of experience and nuanced knowledge of the market and communities in the Bay Area will help you make the right choice when it comes to selecting your home.

We look forward to helping you with any homebuying questions you may have. Please contact Julie at 650.799.8888 or Julie@JulieTsaiLaw.com to schedule a free consultation.