Santa Cruz Millennials: How To Buy Your First Home In An Expensive Market

Posted by Lauren Spencer on Thursday, February 25th, 2016 at 2:10pm.

How to buy your first homeThe Santa Cruz real estate market is still simmering from its red-hot year in 2015. Prices remain high, inventory is low and the demand for homes is still remarkably high. So where does that leave first-time homebuyers? With rental prices at an all-time high, it may be time to ask yourself the tough questions. Are you ready to buy a home? Can you picture yourself spending the next few years here? Are you financially and mentally ready to commit? If you can honestly answer those questions with a yes, then you’re nearly halfway there.

1) Ask All Of The Questions

Ask your friends, family, coworkers, web forums, industry professionals, essentially everyone and anyone you can to find out more about things like financing, the buying process, home ownership, local taxes, home inspections, and anything else you can think of. The more that you can learn about each of these things, the better equipped you’ll be to make informed decisions and ask the important questions. Ask your agent to setup an informative meeting with you and they’ll be happy to give you an overview of the process, the current market, and let you know where you stand as a prospective homebuyer.

2) Get Pre-Approved To Determine Your Budget

After determining what kind of loan you’re interested in applying for, it’s time to pay a visit to your preferred lender to find out how much you can spend on a home. In this type of market, a joint-mortgage could be a tactical move to help increase your budget, but it also means that if your partner can’t make their share of the mortgage payment one month, you could be on the hook for the difference.

3) Stay Positive & Set A Realistic Timeline

It’s a tough market right now, but it will all be worth it in the long run. One of the best things that you can do is set a realistic timeline for yourself, and don’t rush the process by feeling stressed out that you haven’t found the house yet. The right house will come along, and you’ll know when it does.

Lauren can help you build a thorough wants vs needs list, and when the right house comes along, she’ll help you in the bidding war to secure that home for you. If you arm yourself with pre-approval, solid employment, and a good down payment, then you’re well on your way to owning a great home in Santa Cruz county.

Check out our other blogs with local real estate advice for first-time homebuyer:

When you’re ready to start the process and start your own real estate story, give Lauren a call or send her a message.

About Lauren Spencer

Award-Winning Santa Cruz REALTOR®

Lauren Spencer is your local real estate expert, specializing in Santa Cruz real estate and surrounding communities—this is where she lives, works, and plays too. Let her know your questions about the community and county and she'll be happy to fill you in on all you want to know! Lauren Spencer has consistently been voted best local REALTOR in Santa Cruz and is always happy to offer her advice and expertise. Call her at: 800.226.4717.

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