Walter Brimm’s Complete Homebuying Guide for Corona

Nestled in the heart of Southern California, Corona's stunning natural beauty makes this city a true gem in the Inland Empire. Surrounding the town are sprawling hills and lush greenery, offering a tranquil retreat from the hustle and bustle of everyday life. The breathtaking views from Corona's high-end, exclusive estates are unparalleled and provide the perfect backdrop for a truly indulgent lifestyle.

With its gorgeous landscape, it is no wonder Corona remains a highly sought-after location in the luxury real estate market. Due to the area's popularity, it is crucial to understand what the homebuying process entails, especially in this sunny city. The following homebuying guide will provide an overview of what to expect, from finding an agent to closing on your new home.

When looking to buy a house, having an agent throughout the process makes it easier to handle, especially in luxury real estate. Finding a knowledgeable agent alleviates the stress of researching current listings, especially as agents have access to information regular homebuyers do not. Agents build extensive networks, so they utilize knowledge from fellow realtors. It is common in the luxury market for many listings not to be made public and rather passed on through networking. Alongside networking with colleagues, real estate agents are connected with others involved in buying a home, such as home appraisers.

Another reason you should work with an agent is that they stay current on the constant changes in the market, meaning you do not have to track this information yourself. Agents are also familiar with the area and can provide insight into the traffic patterns of the neighborhood, as well as the best restaurants and shopping nearby. Working with an agent brings much-needed support when buying a home, but it is essential to confirm you are working with someone who fully understands your needs. Before deciding on an agent, it is best to interview a handful of agents before you make your final choice.

You do not need in-depth knowledge of the real estate market when working with a real estate agent; however, having a general idea of how the Corona real estate market is performing is helpful when talking with your agent. It will give you a realistic view of the market and how it will impact buying a home. For example, in January 2023, the median sales price for a single-family home was $585,000 compared to $575,000 in December 2022. Although there was an increase between the two months, the year-to-date sales price dropped 0.8%, which means the market is seeing more overarching shifts that could lead to changes in whether it is a buyer or a seller's market. Even if you do not fully understand the implications, bringing these data points to your agent can guide conversations about what would be the best for you in the long run.

Staying organized is essential when buying a home, as large amounts of paperwork and finances are involved. The first step to understanding your financing options is to review your current expenses and savings with a financial professional. Doing so shows what you can afford for monthly mortgage payments and any necessary upkeep on the property. Then, review past credit reports, remove past-due accounts from your credit history, and pay outstanding collections. Taking care of loose ends involving your finances eases the application process for services such as pre-qualification and pre-approval.

Due to the significant investment, it is wise to work with financial professionals who specifically understand how to handle luxury real estate transactions. One aspect of this is jumbo financing, or what is known as jumbo loans, which are loans exceeding the Federal Housing Finance Agency's (FHFA) limits. The loan limits vary state-to-state, so the lender determines the loan terms. As a result, the borrower must prove they can pay off the loan while contributing a larger down payment.

Many emotions are involved in searching for a new home, from excitement to exhaustion. During the search, agents provide emotional support during these more challenging moments and allow conversations about what you need from your future home. For example, you might want to live near good schools for your kids. It is essential to be comfortable enough with your agent to have these discussions, along with any questions you may have about the property's long-term value. These conversations give your agent a better idea of what type of home you are looking for so they can provide the best listings for you.

After finding your home, your agent will place an offer on the house. The offer eventually leads to a contract, but you and your agent need to discuss the agreement terms before finalizing it. These negotiations happen either directly with the seller or through their agent. Once the negotiations are complete, hiring a real estate attorney to review the contract to ensure its legality and validity before signing is strongly advised.

When negotiations are complete, the closing stage begins. During this stage, you will typically have a home inspection. Home inspections ensure everything is properly maintained, as stated by the seller, such as the electrical system and plumbing. Lenders also require home appraisals, as they want to confirm the house is not over-valued, which would lead to them over-lending on your loan. If you still need to pre-qualify for a loan, you must complete a loan application to begin the process. After everything is done, the transaction comes to a close, and you will officially become a homeowner.

Even though finding your home is an exciting process, it can also be quite overwhelming and stressful, which is why it is vital to have an agent at your side. Along with their knowledge, agents provide emotional support during this huge milestone in your life. One of the best things about hiring a real estate agent is that it comes at no extra cost to you. In a typical real estate transaction, the seller usually splits the commission between their agent and the buyer's agent.

Are you interested in Corona homes for sale? Then contact Walter Brimm today to get started on finding your future home. With over 25 years of real estate experience and knowledge of Riverside and Orange counties, Walter Brimm knows how to match the perfect home to fulfill your needs.