Purchasing San Clemente Real Estate Is A Marathon, Not A Sprint
Patience is a virtue when looking to purchase your new San Clemente home
Posted on November 03, 2011 by Matt.
Our past couple of blogs have focused on things that buyers should do in advance before beginning the search for their new San Clemente home or condo. From figuring out your finances to checking your credit report and saving the funds necessary to make your real estate purchase, proper planning before even looking at your first home can make a big difference down the road. So now that you have a clearer understanding of what you can afford and what you may qualify for regarding a home loan, you are itching to get started with your San Clemente real estate search. However, you need to prepare for the fact that your home search and the actual process of obtaining your home, particularly in today's crazy housing market, may take a long time to completely play out.
First off, make sure that you are well educated about San Clemente and the various neighborhoods. Where you live is just as important, is not more so, than the actual house, so take the time to learn about schools in the area, neighborhood and area infrastructure, and the types of housing available in the different areas. If you plan on using a Realtor to assist with your home search, make sure to pick one who knows the area well and is willing to explain the home buying process thoroughly so that you know exactly what you are getting into.
The most important thing is to not get discouraged if it takes a while to find a home that you love. A big mistake that buyers make is, when they see a home early in the process that they like but don't love, they talk themselves into it because the price is great or because they are so set on owning a home that they don't have the patience to look at a lot of things. Take the time to learn the different parts of San Clemente, especially if you are new to the area. There is plenty of inventory on the San Clemente real estate market, so don't feel like you have to rush your search.
When you do find a home that you love, the things that you have done beforehand (discussed in our last two blogs) will allow you to expedite the process of submitting an offer and hoping for an acceptance from the seller. However, patience is a virtue when it comes to purchasing a home in this climate. As of today, around 25% of the homes and condos on the San Clemente real estate market are either short sales or foreclosures. While offers on foreclosures tend to turn around quicker because you are only dealing with the lender, the chances of your offer on a short sale receiving a quick response are slim-to-none. If you need to find a home quickly, we suggest avoiding short sales because you will probably end up being disappointed; however, check with the listing agent to see where in the process the short sale is and what the expected response timeframe looks like.
Patience is key when looking for the right place to call home. Take the time to explore the marketplace and the city; this will be your new home, so make sure you know what you're getting into before making that first offer.