Is it a good time to buy?
It’s a very good time to buy. Interest rates are still at almost historic lows. So you can fix a rate and get into a good home. The one thing is a lack of inventory, which is pushing prices up. But if you can get qualified and buy a house now at a low interest rate—you’ve got a very good deal. So it’s an excellent time to buy.
What are the top three steps you suggest to new homebuyers?
1) Get prequalified. Absolutely vital.
2) Be committed to the buying process. Once people decide “I can afford to do this.” Once you’re in it—be committed. As I’ve already mentioned, the inventory is very low—you have to be ready to buy.
3) Be aware if you’re buying a house for $500,000 and there’s a 10 percent deposit you’re putting down, you’ll need an extra 1-2 percent to cover everything at close of escrow.
Bonus: Don’t just settle! Don’t just grab any house. It’s a big investment—make sure it’s a house you can be happy in.
What’s the good news for sellers?
The other side of the coin. It’s a sellers market which means that prices are going up. We’re looking at 6 to 8 percent increases per year and that’s the sign of a decent, good, sustainable housing market. There are a lot of buyers out there, prices are going up so you’re getting full values. Because the economy is going up there are quite a few cash buyers out there, which speeds up the process.
Why did you settle on real estate?
I was in high tech for 20 years and I was a project manager. I had technical skills, but was always better at the people thing. So someone said to me one day, “With your people skills and your project management skills, you’d make a really good real estate agent because everything is a project.” So I tried it and I realized even working part time that I was making almost as much money selling real estate as I was in my full time day job. Homes are very important. If I can help people get into the home they want, that’s very satisfying.
Where do you vacation?
I like a hot vacation where I can chill out and relax and be by the pool, but I also enjoy vacations where I can learn about history.
Contact Andrew Jacobs at 831.444.1207 or via email at [email protected]