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Last week a Buyer client purchased their very first home after being renters their entire lives. It was a momentous day for them on many levels. I thought I would share the story of their journey to home ownership.
When I first met my clients John & Jane they were living in the Bay Area. They had been renting a small condo for the past 10 years and had been diligently saving up to buy a home. Jane had been working in Sacramento and was commuting back and forth during the week from the Bay Area while her husband worked locally near their home. Jane was getting tired of the drive and John was open to moving and taking his turn at commuting.
In April 2022, after speaking with Jane over the phone, we set up an in-person meeting at my office where they shared their goals with me and I began educating them about the home buying process and what was happening in the local real estate market. We discussed various neighborhoods and amenities each area had to offer. We also discussed home financing and I shared a few lender resources for them to contact. In the end, they selected a lender and began the loan pre-approval process. At this meeting the Buyers made it clear they really wanted to be moved into their home in the next 4 months.
Once they were pre-approved and knew their budget comfort level we began the home search. We began looking at homes in May. They didn’t know what area of Sacramento they wanted to live so we explored various neighborhoods including Carmichael, Fair Oaks, Folsom, Arden-Arcade, College Glen, West Sacramento & Natomas. As we toured homes, they slowly started to narrow down the traits they would like to see in their ideal home.
During the summer months the interest rates were starting to slowly tick up. Homes were also beginning to sit on the market longer, which turned out to be a positive thing for any Buyer. The days of multiple offers on every home were decreasing which gave my clients more time to make a decision on a home. At the same time as rates increased, they were seeing their future mortgage payment rise.
Since the clients were driving from out of town, many times I would tour homes without them. If I thought a property was something they would like, I would call them and do a video tour of the home. John & Jane did find a few properties that met their criteria and we wrote several offers over a period of 3 months. In each case, the Buyer & Seller either couldn’t come to an agreement on the terms or they were outbid by another Buyer.
John & Jane were starting to wonder if they were ever going to get a home. Then I mentioned the idea of a 55+ community. This was very appealing to John since he didn’t want to do yard work and liked the idea of an HOA community and all of the amenities and activities that are offered. I researched several communities in the Sacramento area including Heritage Park & Four Seasons Westshore. After touring several different floor plans, they found a home that had all the modern amenities with a spacious and open floor plan. In August, we submitted an offer and after some negotiation, the offer was accepted.
Once the Buyers offer is accepted the home buying process kicks into high gear. Now I worked with the Buyers to coordinate all of the various property inspections, reviewed Seller disclosures and worked with the lender and escrow officer to make sure they received all of the necessary documents to process the transaction. In this particular case, the property was a newer construction home that had been meticulously maintained. No major issues were found on any of the inspection reports so the Buyers were satisfied with the property condition. The appraisal was able to be waived so they were one step closer to closing the escrow. Once all of the contingencies were removed and the loan documents were at the title company, we set up a signing appointment. I attended the signing appointment with them, they wired their down payment funds and the next day the escrow closed and they were officially homeowners.
Buying a home is an exciting and stressful process that is why is so important to work with an experienced real estate professional who can guide you through the process. Throughout this journey, I kept my focus on keeping the Buyers informed through every step so they had confidence in my ability to get them to the finish line and ultimately move into their dream home.
