Header Image

Buyer FAQ

FAQs for Silicon Valley buyers

If you’re in the market to buy a Silicon Valley home, you may have questions running through your head at all hours of the day. We’ve broken out some common questions below, and we are always happy to discuss specific questions with you one-to-one. Email us today to get in touch with a member of the Erdal Team.

Get the FeedGet RSS Feed
Get RSS Feed
 

How do I know if it’s a good time to buy a home?

This is a personal question, and the answer will be different for every home buyer. In a general sense, you may be ready to buy if you:

  • Are ready to put down roots in a community

  • Are looking for a good long-term investment

  • Have been saving for a down payment

  • Have good credit and have not had any major recent purchases

  • Are not expecting any big purchases to come up in the next few months

  • Want to paint your walls or remodel your home without asking

  • Are sick of the loud neighbors who live above you

  • Need more space than you can afford in a rental

  • And MANY other reasons!

Once you’ve decided you are financially and mentally prepared to purchase a home, it’s important to discuss market conditions and to see if the market is currently favorable for buyers like you. The real estate market goes through several ups and downs throughout the year. By assessing inventory levels, buyer demand and offer trends, we can advise you on whether it is a good time to buy, or if you should potentially wait a few more weeks or months. Timing is critical in real estate, so you’ll want someone giving you honest feedback and advice -- not just someone trying to close a quick sale.

The Erdal Team can walk you through the many factors needed to buy a home (and get a loan) so you can be fully prepared as you enter the market. We’ll start with a brief, no-pressure buyer consultation so we understand your needs and help you make the right decision.

Before I decide to buy, I’d like to monitor the market for a while. What can I do?

There is a wealth of information available about the Silicon Valley real estate market on our communities page. To start browsing current inventory, we recommend that you use our custom search <custom search>. We also encourage you to sign up for our listing alerts so you’re aware of new homes coming on the market, off-market opportunities and homes that will be listed soon.

But as a buyer, you’ll want to see more than just list prices to truly understand the market. You’ll want to know final home sales prices, the total number of offers sellers are receiving and how many days the home was on the market.  This requires a more in-depth analysis of the market, but we already have that taken care of! Sign up now to receive our monthly Santa Clara County newsletter or quarterly reports on Sunnyvale and Eichler homes.

Plus, we invite you to instantly download a copy of our Annual 2015 Sunnyvale Market Report and 2015 Eichler Market Report.

When should I talk to a lender?

It’s important to speak with a lender right away. A lender will help you identify a responsible price point and mortgage payment so you can set budget parameters. This process is called a pre-approval and in today’s market, seller agents expect buyers to submit a pre-approval letter with their initial offer.

Email us for a list of trusted, recommended lenders.

I currently own a home. Is it possible to buy without selling first?

It is possible to do this, but when you make the purchase of a new home contingent on the sale of your existing home, it’s called a “contingency sale.” Contingency offers can take two to three times longer to close than a non-contingent offer.

When buyers hold the advantage in a market, contingency sales are fairly common because sellers may be grateful to sell their home even at a slower pace. However, if inventory is low, and sellers hold the advantage, a home seller may receive multiple offers. In this case, a home seller is unlikely to pick a buyer with a contingent offer.

Markets (and leverage) can change from one neighborhood to the next. We can help you determine the best action plan if you are planning to sell your home and buy another.

What can I expect from you as my buyers agent?

Just as there is no one way to know if you’re ready to buy a home, there is no one path to buying a home. At the Erdal Team, we pride ourselves on creating a unique buying experience for each and every client. We promise to communicate with you in the manner you prefer and to move as quickly (or slowly) as you prefer.

Much of what sets us apart from the competition is our desire to identify market trends so we can help our clients make fair, competitive, winning offers. Read what you can expect when you buy a home with the Erdal Team.

Okay, I’m ready to buy. What is the next step?

We’ll kick things off with a comprehensive buyer’s consultation where we’ll formulate a robust buying plan based on your location needs, preferred timing and communication preferences. There’s never any obligation to hire us as your agent, but we do feel it’s important to have an initial in-person (or Skype!) meeting so we can begin to understand each other’s personality and goals.

What can I do to prepare for our first meeting?

Before we meet, we recommend that you review our buyer’s checklist. By filling it out, you can start to determine your main search criteria and buyer needs.