First Time Home Buyer in San Jose, California
a guide for first time home buyer
San Jose, CA
featuring guidance from Spencer Hsu
WELCOME TO SAN JOSE
San Jose is known for its high-tech industry and is home to many major tech companies, including Adobe, eBay, Cisco Systems, and PayPal. This has led to the city being nicknamed “the Capital of Silicon Valley.” The city is also known for its diverse population and cultural offerings. The downtown area features a mix of historic architecture and modern high-rise buildings, along with a variety of restaurants, shops, and entertainment venues. The city is home to several museums, including the Tech Museum of Innovation, the San Jose Museum of Art, and the Children’s Discovery Museum.
VALUABLE GUIDANCE FOR HOME BUYERS
Trends in the San Jose, CA Estate Market
The housing market in San Jose has been one of the hottest in the country in recent years, with high demand and low inventory leading to rapid price increases. As of March 2023, the market remains competitive, with limited inventory and high demand, leading to continued price growth.
The housing market in San Jose has been one of the hottest in the country in recent years, with high demand and low inventory leading to rapid price increases. As of March 2023, the market remains competitive, with limited inventory and high demand, leading to continued price growth.
Tips for First Time Home Buyers in SAN JOSE, CA
Finances & Budget: Before you even start looking at in homes figure out what you can comfortably buy within your budget. Many buyers will have a psychological number (such as under a million dollars) in mind or they’ll do some calculations based on the monthly payments or down payments. These are all different variables that can play into your budget. It is really helpful to work with a lender that can help you understand these variables. I have some excellent ones to refer you to. And then from there we can start looking at homes within your budget. At that time, it’s a good opportunity to sync up with a realtor because a realtor can help you understand where all the home prices are at and what kinds of homes are of options. Different cities have different prices but also different types of properties. So based off of what you share, I can already tell you “Here are the best areas whether it’s neighborhoods or cities that you should be focused on and consider”. And then we can now use our time more officially to come up with a game plan.
Foundation There a few things that you can’t change about a house and those may be deal breakers. For example, what direction does the house face and how does that impact lighting? What is the structural condition of the house? If a house is in decent condition, there are some renovations like flooring and remodeling that will be easy to do at after moving in.
Understand the why. It’s not about real estate, it’s not about lending, it’s not about finances, it is about why you want to buy a place. What is the reason you’re even thinking about going through this journey to begin with? Is it getting out of wasting money on rent? Is it you want to settle down on a place? Maybe you are tired of some of the neighbors that you have or perhaps it’s an investment opportunity. These are all different reasons as to why people are wanting to make their moves. At the end of the day, if you’re paying rent, you’re giving a lot of money to a landlord versus into your own home, into your own place so, first and foremost, thinking about why you want to buy a home is very important.
Finances & Budget: Before you even start looking at in homes figure out what you can comfortably buy within your budget. Many buyers will have a psychological number (such as under a million dollars) in mind or they’ll do some calculations based on the monthly payments or down payments. These are all different variables that can play into your budget. It is really helpful to work with a lender that can help you understand these variables. I have some excellent ones to refer you to. And then from there we can start looking at homes within your budget. At that time, it’s a good opportunity to sync up with a realtor because a realtor can help you understand where all the home prices are at and what kinds of homes are of options. Different cities have different prices but also different types of properties. So based off of what you share, I can already tell you “Here are the best areas whether it’s neighborhoods or cities that you should be focused on and consider”. And then we can now use our time more officially to come up with a game plan.
Prioritize Requirements It is important to collect your wants vs needs as you start to browse for homes. What are the top few things I look at, when I approach a house? How does the neighborhood feel? Are you happy with that community? Does it have the amenities that you want? What’s the layout of the house? Different houses have different configurations because most of these houses, in the Bay Area are much older. Do you want a big kitchen? Do you want open spaces? Do you want larger bedrooms? Do you want a primary bathroom? Not all of these are available for all homes so it’s important to start prioritizing these requirements.
Foundation There a few things that you can’t change about a house and those may be deal breakers. For example, what direction does the house face and how does that impact lighting? What is the structural condition of the house? If a house is in decent condition, there are some renovations like flooring and remodeling that will be easy to do at after moving in.
Understand the why. It’s not about real estate, it’s not about lending, it’s not about finances, it is about why you want to buy a place. What is the reason you’re even thinking about going through this journey to begin with? Is it getting out of wasting money on rent? Is it you want to settle down on a place? Maybe you are tired of some of the neighbors that you have or perhaps it’s an investment opportunity. These are all different reasons as to why people are wanting to make their moves. At the end of the day, if you’re paying rent, you’re giving a lot of money to a landlord versus into your own home, into your own place so, first and foremost, thinking about why you want to buy a home is very important.
Prioritize Requirements It is important to collect your wants vs needs as you start to browse for homes. What are the top few things I look at, when I approach a house? How does the neighborhood feel? Are you happy with that community? Does it have the amenities that you want? What’s the layout of the house? Different houses have different configurations because most of these houses, in the Bay Area are much older. Do you want a big kitchen? Do you want open spaces? Do you want larger bedrooms? Do you want a primary bathroom? Not all of these are available for all homes so it’s important to start prioritizing these requirements.
