Purchasing a home signifies a life transition. Sometimes these transitions mean moving around the country, upgrading homes or downsizing altogether. Every once in a while, lifes transitions will put a homebuyer in a situation where they need to purchase a home sight unseen.
Weve seen it before with relocation, or when purchasing a vacation home.
If you are looking to experience the joys of homeownership in Coronado, but happen to be in a situation where you need to purchase a home before viewing it, know that it can be done.
So how do you stay competitive as a buyer while protecting yourself if you need to make an offer on a home you havent walked through?
1) Know the Market
Coronado isnt a large island. In fact, the small size of the community is part of the appeal of living here. Most things are within walking distance. The beach, if not a walk away, is within a short bike ride from any home here.
As a buyer, this means you can easily learn all the market elements.
The entire Coronado area is divided into three major subsets: the Village, the Shores and the Cays. Each brings its own charms to the island. With many homes adorned with private dock access, the Cays is a sailors oasis. At the heart of Coronado, the Village enjoys the hustle and bustle of Orange Avenue. Youll never miss a beach sunset if you live in the Shores.
Within each neighborhood, you will find different home types and lot sizes. Check out our guide to Coronados home types and lot sizes. This also outlines Coronado zoning maps which impacts home types and lot appeal.
After understanding market options, get to know current home values and factors that play into listing prices. To buyers new to the area, Coronado listing prices will seem very odd. A two-story home on the 100 block can be listed for far less than a two-bedroom cottage on the 900 block.
When you work with the ParkLife team, we walk you through all the elements of Coronados housing market. Our skilled team knows the island inside and out. We also show you current market comps so you can understand home values and the prices homes are closing at.
2) Identify Desired House Qualities & Attributes
Now that youve identified your options, you need to compare whats in the market to your family needs. The most important step is to have a strong understanding of how much home you can afford.
Unless you are in a position to make a cash offer, always work with a trusted mortgage professional to get prequalified for a mortgage before you start looking. Without fail, homebuyers that dont pre qualify for a mortgage in advance fall in love with a home they cant afford. This makes the remaining home shopping experience bittersweet.
Many families find they can afford larger homes in other Southern California regions. They choose to buy smaller in Coronado because of the charming lifestyle and higher quality of life.
Coronado buyers purchase homes that fit about 70-80% of their desired criteria. The biggest decision typically comes down to lot size or location. With limited inventory in a competitive market, every buyer will need to make compromises in their final selection.
Understand what factors are most important to your family.
3) Create a Strategy
With your Realtor®, outline your home criteria and budget. A seasoned Realtor® will be able to make sure that your goals are achievable in the current market. They can also help you navigate prioritizing your criteria.
This essential phase sets you up for success when home hunting.
Once your Realtor® truly understands the full picture of what you want in a home, they can pair you with the best options as they become available on the market.
The more in-depth time you put into these three steps, the faster you will be able to act when a home comes on the market. The ability to act fast can mean the difference between closing and continuing to wait for another option to be listed.
If you do end up in a position where you need to put an offer on a home before seeing it, youll be confident in the decision for three reasons:
- You know and understand the options in the market;
- You know how this home fits your criteria;
- You have a ParkLife professional working side by side with you.
Our team brings a deep understating of island life. We pair this with over twenty years of helping people purchase their homes. No matter how competitive the market, our Realtors® can help guide you successfully through this process.
Give yourself the ParkLife edge when looking to buy in a competitive market.
