Many are drawn to
Corona for its perfect location, surrounded by cities like Anaheim, Riverside, and San Bernardino. A thriving community of more than 157,000, Corona is known for its stunning mansions, beautiful mountain views, and peaceful parks. Buying real estate in California can seem like a big undertaking, but there are a few things every buyer can do to keep the process moving smoothly. If you’re planning on relocating to California in the coming months, consider these top things to know before searching for
homes for sale in Corona, CA.
1. Demand for homes in Corona is consistent
Demand is an important factor for buyers to consider, as it plays a role in competition for homes and the way that properties are priced. In Corona, demand is steady and keeps the market fairly competitive. Interested buyers should be aware that some homes do receive multiple offers. Buyers will want to work closely with their realtor to create a strategy for submitting offers that are competitive and compelling. If demand for a particular property is high, buyers may need to consider taking measures like waiving contingencies or offering a larger down payment.
2. Inventory is strong
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One of the other important things to know about buying a house in Corona is how many properties are available. Inventory in Corona is doing well and has significantly
increased since 2021, as the market has cooled off since the red-hot seller’s market of 2020 and 2021. Though demand is keeping the market somewhat competitive, higher inventory helps keep prices from climbing too high throughout the year. Interested buyers should also remember that inventory can change throughout the seasons. When demand is highest, many sellers may choose to list to give themselves the best chance of securing a reasonable price. It’s helpful to brainstorm with your realtor to decide when to step out into the market and start looking.
3. Prices have increased modestly
With a greater understanding of supply and demand, buyers can understand prices, too. If inventory increases and demand does not, prices will drop. Conversely, if demand increases but inventory is low, prices will increase, and the market will become more competitive. Before buying a house for sale in Corona, buyers should know that prices have
increased slightly in the past 12 months, likely due in part to the steady demand for homes. Buyers should anticipate prices rising in seasons of peak demand, like the spring, but otherwise can expect that, month to month, there won’t be major changes.
4. What you can afford
Buyers looking into the Corona real estate market need to spend time reviewing their finances. Truly beautiful luxury homes can be found
at or around $1,000,000 in Corona, and it’s worthwhile to determine what you want your budget to be before you start scrolling through listings. If you’re taking out a loan, you’ll want to think about how much to use as a down payment and what you can afford for your monthly mortgage payment. Spend time reviewing your income, expenses, and current debt as well as your credit score and repayment history. This is all information that a mortgage lender will need to review as well prior to approving you for a loan.
5. Lenders may not offer the same rates
Something new buyers may not realize is that not every lender is going to provide a loan at the same mortgage rate. In California, rates have climbed
close to 7% for a 30-year, fixed-rate mortgage, but that doesn’t mean buyers can’t find a lender that offers a lower rate. It’s always worthwhile to shop around for the right lender and try to secure a loan at a rate that works for you.
6. Pre-approval isn’t the same as loan approval
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Though paying in cash can be effective for buyers who want to be competitive or close their transaction quickly, many buyers prefer to take out a mortgage loan instead. The key thing to remember as you secure your loan is that pre-approval does not guarantee you a loan. You have to earn pre-approval to get a loan, but you also need to go through the loan approval process once your offer is accepted and you’re working on closing the deal. You’ll have to submit your home, offer, and contract to your bank to make sure everything lines up and they can release your loan. Being pre-approved simply speeds up this process and allows you to determine the size of the loan you’re eligible for.
7. Inspections are a must
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Buyers should never skip the inspection process. Once you’ve submitted an offer and the seller has accepted, it’s important to hire an independent inspector to review the home. Inspections go beyond the superficial to provide buyers with a sense of the home’s foundation, central heating and cooling systems, water features, and electrical systems. Though inspections are an extra expense for buyers, they can keep buyers from having to pay for larger repairs down the line. If major issues are found, buyers can negotiate repairs into their purchasing contract or adjust their offer to account for the cost of those repairs.
8. A realtor makes the entire process easier
Rounding out our list of the top things to know about buying a house in Corona is the fact that working with a knowledgeable
Corona Realtor® makes all the difference. Realtors are experts at navigating the local market and know how to handle the details of each part of the buying process.
Diana Renee is a born-and-raised Californian with a passion for helping others discover why the Golden State is such a beautiful place to call home. Diana makes the most of the latest technology to ensure she’s providing clients with the most up-to-date, efficient resources. So, if you’re hoping to invest in Corona real estate this year or want more information on how to get started, reach out to
Diana Renee Homes.
*Header photo courtesy of Shutterstock