What Month Is Best for Buying a House Bay Area
SAN FRANCISCO, Calif. (KRON) — With spring in full bloom, the dwelling-buying flavor has kicked off strongly later a yr of uncertainty caused by the coronavirus pandemic.
The San Francisco Bay Area, which includes all nine counties of Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano, and Sonoma, posted an increase of 35% over final year's sales for single-family homes.
Many who accept been able to keep a job and work from home amid the pandemic are now cartoon major interest in buying a home.
One of the biggest hurdles for first-time homebuyers is figuring out how to finance their purchase.
KRON4 spoke with Noni Ramos, primary executive officer at Housing Trust Silicon Valley, about tips for get-go-fourth dimension buyers.
Q: What does the current housing market look similar for kickoff-time home buyers in the SF Bay Surface area?
"There are many buyers out there, we've seen over again part of the outcome of the pandemic has done, it has created migration patterns," says Ramos.
"We take folks leaving certain parts of the Bay Surface area creating demand in other parts of the Bay Area, so information technology's driving upwardly the cost especially every bit folks look to purchase homes."
First-time homebuyers who didn't lose a job due to the pandemic are able to take reward of depression involvement rates on mortgages.
The San Francisco Bay Surface area recorded one of the biggest growth amid the regions with 21.3%.
Renters have trouble saving
For Bay Surface area residents who rent, housing does non come cheap.
According to Zumper, the median rent in San Francisco for a 1-bedroom apartment sits at $2,600 per month.
In San Jose, the average rent for a 1-chamber apartment is currently $2,095 per month.
"One of the major challenges for starting time-time homebuyers is accumulating the resources to put down a downwards payment and if you don't accept the down payment you lot can't admission a loan from a traditional, conventional lender," says Ramos.
A recent survey from Realtor.com revealed that 44% of would-be commencement-fourth dimension homebuyers were property back because they did non have enough money for a down payment.
Q: What are some ways commencement-fourth dimension homebuyers can compete in the electric current market place?
"What I would suggest is beingness informed and reaching out in trying to get information every bit much as y'all tin," says Ramos.
"We have different webinars, different sessions that we offering and so you can always come to our Housing Trust Silicon Valley website and we will list all of the different homebuyer webinars that nosotros have bachelor," Ramos added.
"We really have i coming up on May vi, this being co-hosted by our San Jose councilmember Magdalena Carrasco."
Empower Homebuyers is a down payment assistance loan for first-time homebuyers in Santa Clara County.
How information technology works:
If a homebuyer has at least three% of a habitation's buy cost saved upwards, an Empower loan tin can provide 17% of the price — enabling a down payment of xx% on a home with a sale price of up to $800,000.
To learn more than, click here.
Other tips
- Start your search online.
- Attend a get-go-time homebuyers seminar.
- Contact a banking concern you lot are familiar with and inquire virtually their customs development loan program. (Some banks have a small group of loan officers that have the ability to offer incentives to homebuyers).
- Find a local Section of Housing and Urban Evolution-sponsored not for-profit bureau. (A HUD-certified homeownership counselor should be familiar with your local programs and guidelines).
- Ask family and friends for a referral to lenders/real estate agents to consult.
The San Francisco Bay Area has seen home prices continue to climb due to strong demand and low supply.
Ramos tells KRON4 News that even before the pandemic, in that location were not plenty homes to go around.
Q: What's the futurity outlook for the market place? Where do we run across things get from hither, and volition it get easier for start-time buyers?
"The inventory is tough to know what'due south going to happen with the inventory if we continue to run across the type of need that we have seen for inventory of housing," says Ramos.
"Information technology tin can continue to exist challenging for potential home owners to place backdrop, so production of new housing is besides cardinal."
If you are looking to become a first-time homebuyer, visit Housing Trust Silicon Valley to get started.
Source: https://www.kron4.com/news/real-estate/first-time-homebuyers-what-you-need-to-know-about-the-bay-area-housing-market/
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