6 Traits of Successful Homebuyers

As you are far too aware, San Francisco is one of the most expensive and competitive cities in the world when it comes to real estate. But don't let that discourage you! With some preparation and patience, you can achieve your dream of homeownership in this amazing city.

Before we start, please know we offer first-time home-buying seminars that detail winning strategies for buying in your neighborhoods of choice. This course will teach you everything you need to know about buying a home in San Francisco, such as how to find and evaluate properties, how to make an offer and negotiate, how to deal with inspections and appraisals, and how to close the deal. Reach out to [email protected] to join. 

Ok without further ado let’s dive in.

The first thing successful buyers do is get their finances in order. 

That means becoming pre-qualified for a mortgage loan. Be prepared, the lender will check your credit, income, assets, and debts, and give you an estimate of how much you can borrow and at what interest rate. Getting pre-qualified does a number of things. One, it will help you narrow down your home search to properties that fit your actual budget and secondly, shows sellers that you are a serious and qualified buyer. Thirdly, it means you can actually make a move in San Francisco’s fast-moving market. 

They do their research!

There are many mortgage lender options out there. Do your research and ask around for recommendations. Not all lenders are approved by the Mayor's Office of Housing and Community Development (MOHCD), which offers various programs to help first-time homebuyers in San Francisco. You can find a list of approved agencies and upcoming classes on Homeownershipsf.org. 

Some of these programs include the Below Market Rate (BMR) program, which sells homes at below-market prices to eligible buyers; the Downpayment Assistance Loan Program (DALP), which provides a deferred loan of up to $375,000 for a downpayment; and the City Second Loan Program (CSLP), which provides a downpayment loan for the purchase of units in certain developments. To qualify for these programs, you need to get a pre-approval letter from a MOHCD-approved lender.

They have the right attitude.

The next thing I want to talk about is having the right attitude. Buying a home in San Francisco is not easy. You will face a lot of challenges and frustrations along the way. On average for every property that sells, there are multiple buyers that miss out. 

They are open to compromise.

Winning buyers often compromise on some of their preferences and expectations. In the negotiation phase, this open mind brings them favorably to the table and more competitive in multiple offer situations. 

They are patient.

You will need some patience before you find the right home for you. According to LinkedIn the average time it takes to buy a home is 103 days. However, this is just an average, and some journeys may be shorter or longer. But don't give up! 

They enjoy the journey.

Remember why you want to buy a home in the first place and you don’t have to do it alone. Successful buyers understand the benefits of homeownership, such as building equity, having stability, creating community, and enjoying tax advantages. And most importantly, they have fun! Buying a home is one of the most exciting and rewarding experiences in life. Enjoy the journey and celebrate every milestone.

I hope you found this blog post helpful and informative. And if you are ready to start your home search, check out some of the listings on my website or contact me for a consultation. I would love to help you find your dream home in San Francisco!

Jennifer Burden, Founder & Associate Broker @ Legacy Real Estate

[email protected]

tel: 415.300.2483