Perhaps you’ve been searching for the perfect community in San Diego to buy your dream home, and now you’ve got your sights set on Carmel Valley (92130). With it’s central location, nearby beaches, great weather, awesome school districts, and safe neighborhoods, this master planned community checks off all the boxes.
Deciding on the neighborhood you want to live in is the easy part. Buying an actual home can be an overwhelming process. With the help of an experienced realtor team and this guide to buying a home, you can navigate the purchasing process and get into the Carmel Valley home of your dreams.
Crunch the Numbers on What You Can Afford
When determining what you can afford to spend on a home, you’ll need to look at more than your income. Consider the following:
- Calculate your average monthly income, your average monthly expenses, and any debt (such as monthly payments for credit cards, automobiles, etc).
- Review your credit report and FICO score. Many financial institutions offer free FICO scores, depending on what credit card or bank account type you use. To get a free estimate of your FICO score range, you can use myfico.com.
- Estimate your mortgage payment. There are many mortgage calculators available to estimate your mortgage payment, including taxes and insurance. With Zillow’s Mortgage Calculator, you can enter the price of the home, your down payment, and details about the home loan to calculate your mortgage payments.
Figure out your down payment. Conventional loans have typically required a down payment of 20% or more of the purchase price. However, for certain borrowers with the right mix of credit, debt and income considerations, it is possible to get a conventional loan with a down payment as low as 3%.
Get Pre-Approved for a Mortgage
Mortgage pre-approval means a lender has checked your credit and verified your documentation to approve a specific loan amount (usually for a particular time period such as 90 days). Final loan approval occurs when you have an appraisal done and the loan is applied to a particular property. Getting pre-approved for a mortgage loan is one of the best things you can do to help improve your chances of getting the home you want. We recommend talking to at least five lenders and mortgage brokers and shop for the best interest rates and programs.
Find a Real Estate Agent Who Knows 92130
Having a knowledgeable and skilled real estate agent working for you is crucial to a smooth home-buying process.Philip R. Fredricksen and Mary Beth Kellee are an experienced team of REALTORS® who know Carmel Valley (in fact, they even live in Carmel Valley themselves). Mary Beth Kellee also won the 2017 San Diego Metro Agent of the Year Award, which recognizes real estate agents who display the “highest standards of professionalism, integrity, and cooperation” in serving the San Diego community.
Browse Carmel Valley Homes Online
Browse home listings in 92130 online in the MLS. You can find listings on mls.com, zillow.com, or sandicormls.com. You can also check local newspapers and magazines for listings. Have your agent to set up tours of homes in 92130 that fit your criteria.
Do Your Research
When you find a home you’re interested in purchasing, ask your real estate agent for comps to estimate the property’s fair market value. In the meantime, Google the home’s address and see what comes up. Ask for the seller’s reason for selling, review all property disclosures, and find out about any restrictions such as liens and easements.
Make an Offer and Negotiate
When you’re ready to move forward on buying a home, you’ll need to determine the price you’re willing to offer. List any special requests and repairs you want included with the sale and include contingencies, clauses that give you an out if something unforeseen arises. In a competitive seller’s market like Carmel Valley, you’ll probably need to minimize contingencies.
Determine an earnest money amount. Earnest money is a deposit made to a seller by the buyer to allow the buyer more time when seeking financing. Earnest money is typically held jointly by the seller and buyer in a trust or escrow account. Lastly, you’ll want to define a move-in date. If/ when both parties agree to the terms, the Purchase and Sale Agreement will be signed.
Finalize the Purchase
To finalize the home purchase, you’ll need to get the house appraised and professionally inspected, especially for structural engineering, roofing, and termites. If anything comes up during the appraisal and inspections, you can use the reports to re-negotiate if necessary. Below are some other steps to finalize the deal:
- Choose a home insurance provider. View “The Best Homeowner’s Insurance” from Reviews.com
- Complete the loan process with the lender.
- Do a walk-through inspection prior to closing.
- Set aside cash for the closing costs and down payment.
Close the Deal & Move Into Your Carmel Valley Home
Review the settlement document at least two days prior to closing to see how funds will be collected and distributed. Bring a cashier’s check for the necessary amount to closing, including the down payment and closing costs. Next it’s time to celebrate, because you’re now a Carmel Valley homeowner! Collect your keys and start picking out wall colors!