Many real estate agents in Southern California will attest to the rise in demand for luxury real estate properties in Ventura County. Southern California brokerages experienced a spike in growth in sales during the months of COVID-19. The demand of prospective buyers for property outside Los Angeles has led to the highest price on record for the real estate business in the area. Though many home buyers seek properties along the Ventura Freeway to upscale western suburbs, which have been the norm for the last decade, a notable uptick in real estate transactions for luxury properties has been noted. Nowadays, real estate brokers have pointed out a continuing low inventory across all markets in the area. If you are looking for homes for sale in Westlake Village Ca, here is a guide for home buyers to purchasing real estate in Ventura County smoothly.
The Real Estate Transaction Process
Step 1: Secure Downpayment
Mortgage lenders in California typically ask you to contribute 20% of the total purchase price as a downpayment. At the average sales price of $2,500,000 in Westlake Village, in Westlake California, you will need to save $500,000 as your initial downpayment. If you find this amount too heavy, other options are available, such as government-backed loans like a VA loan which offers as low as 0% downpayment. Some mortgage lenders also offer a low minimum downpayment of as little as 3%. Some programs assist home buyers with downpayments in California, such as the GSFA Platinum Program and the U.S. Department of Housing and Urban Development. You may seek legal advice or consult with your mortgage adviser if you can qualify for one of the loan assistance programs offered in California.
Step 2: Look for a Local Real Estate Agent that Deals in Westlake Properties
A good buyer’s agent is key to a smooth real estate transaction. They can manage everything in your real estate transaction, from offers to negotiating contacts and helping you navigate the closing process. Before you select from available buyer’s agents in the local market, here are key items you should look for:
- Number of transactions per year
- Years of experience
- Experience in your price range
- Good reviews
- They must hold a real estate license
With licensed realtors to assist you, you can be assured by the National Association of Realtors that your agent is one of the consummate real estate professionals. They hold high standards of ethics and good business practices that both the buyer and the seller can benefit from.
Step 3: Qualify or Get Pre-approved for a Mortgage
Sellers in California typically require preapproval before they can show you their inventory. Securing a mortgage preapproval letter is crucial to show how serious you are in purchasing real estate. A mortgage adviser can help you secure this document.
Step 4: Start House Hunting in Your Preferred Location
Here is where your buyer’s agent can help you. Experienced buyer’s agents can work with listing agents in your preferred location. In the case of Canyon Lake and Westlake, for instance, your buyer’s agent can work with our brokerage company to help you find the perfect property for you.
Step 5: Make an Offer
Before you make an offer, you can conduct market research on the property price trends in the area. With the rising demand for property in Westlake, it is not surprising that home prices have increased by 14.2% between 2020 and 2021. Your real estate agent can help you draft a compelling offer to convince sellers to sell to you. Despite the high demand, you can make an offer of around 90% of the listing price.
Step 6: Inspections and Appraisal
- Before officially purchasing the property, you may need to do home inspections first. The critical areas you need to look at are the following:
- Electrical system
- Ventilation and Air Conditioning
- Termites and Radon Testing (especially Ventura County)
You may renegotiate terms with the sellers if you find something that needs improvement.
As for appraisal, your lender will order this before loaning the money to you.
Step 9: The Closing Process
The closing process is the final step before moving into your new home. This process consists of signing necessary paperwork and paying the closing costs. The documents you need to sign are the following:
- Deed of transfer
- Final loan application
You need to read everything stipulated in the document. Though your real estate agent can provide meaningful advice, you should read these documents carefully before signing them.
As for closing costs, these can be divided into these categories:
- Title and Escrow charges
- Lender fees
- Prepaid costs
- Other closing costs unique to the property you purchase
Typically, closing costs can amount to 3 to 5% of the property’s purchase price.
Takeaways: If You Are Looking for A Property in Westlake Village and Ventura County, Call Karen Sandvig to Find You The Best Ones!
Certified by the California Association of Realtors, as well as having over 17 years of real estate selling and buying experience in luxury real estate properties in the local area of Ventura County, Karen Sandvig, an International President Elite Award recipient has provided top-notch real estate services for satisfied clients looking for luxury properties. With the rising demand for highly sought-after properties in Ventura County, especially Westlake Village Ca, you can count on Karen Sandvig, the perfect property for you. On the other hand, if you wish to sell property, you can also rely on Karen Sandvig as your listing agent.