A Step-by-Step Guide for First Time Home Buyers in Santa Monica, CA

June 7, 2024

For first time home buyers in Santa Monica, CA, the journey to owning a home can be both exciting and daunting. Santa Monica is a beautiful place with a lot to offer, so it's important to understand and compare housing and rental prices. Making informed decisions now can save you a lot of headaches down the road. In this guide, you will learn each step of the home buying process, from budgeting to closing, as well as some of the best realtors in Santa Monica, CA, who can help make your dream a reality.

A small wooden house model sits on a table while a couple is seated smiling while interacting with a real estate agent.

Home Buying Process for First Time Home Buyers in Santa Monica, CA


This guide will walk you through everything from determining your budget to closing the deal, ensuring you have all the information you need to make informed decisions and find your perfect home in this beautiful coastal city.


Here are the essential steps to help you find and purchase your first home in Santa Monica. Understanding each step of the process and having the right guidance can make all the difference. 


Step 1: Determine Your Budget
Before you start your house hunt as one of the first time home buyers in Santa Monica, CA, it’s important to have a clear picture of your financial situation. Knowing how much you can afford will save you time and prevent disappointment later on. Begin by calculating your monthly income, listing your monthly expenses, and determining how much you can save each month for a down payment. Once you’ve figured out your budget, it’s time to get pre-approved for a mortgage. This not only gives you a better idea of how much you can borrow but also shows sellers that you are a serious buyer. Getting pre-approved for a mortgage is a critical step in the home-buying process. It involves providing proof of income, proof of assets, good credit, and employment verification. This pre-approval will set a realistic budget for your home search and strengthen your offer when you find the right property. Lisa Kirshner and Dylan Elkin, from Lisa Kirshner Properties, have extensive experience working with first-time home buyers in Santa Monica, CA. They can recommend trusted lenders and help you navigate the pre-approval process smoothly, ensuring you are well-prepared to make a competitive offer.


Step 2: Research the Market
Understanding the market is essential before making any decisions. Take the time to compare housing and rental prices in Santa Monica. As first time home buyers in Santa Monica, CA, this will give you an idea of what you can afford and help you set realistic expectations. Visit local listings, attend open houses, and gather information on different neighborhoods. Santa Monica is known for its neighborhoods, each offering a unique living experience. Whether you prefer the bustling atmosphere near the beach or a quieter residential area, it's important to explore different neighborhoods to find the one that suits your lifestyle. As the best realtors in Santa Monica, CA, Lisa Kirshner and Dylan Elkin can give you an insider’s perspective on Santa Monica’s neighborhoods. They will take the time to understand your preferences and needs, showing you homes in areas that match your criteria and providing insights into community amenities, schools, and more.


Step 3: Find the Right Realtor

Choosing the right realtor is one of the most important decisions you'll make as a first-time home buyer. An experienced realtor can guide you through every step of the process, from finding the perfect home to negotiating the best price. The best realtors in Santa Monica, CA, like Lisa Kirshner and Dylan Elkin, have Santa Monica real estate market knowledge and a proven track record of helping buyers find their dream homes. Working with Lisa Kirshner Properties means you’ll have access to a wealth of knowledge and resources. Lisa and Dylan’s expertise and commitment to client satisfaction ensure you’ll receive personalized service tailored to your specific needs. They will advocate for you every step of the way, making your home-buying journey as smooth and stress-free as possible.


Step 4: Start House Hunting

Before you start visiting properties, it’s helpful to create a wish list of your must-haves and nice-to-haves. Consider factors such as the number of bedrooms and bathrooms, the type of property (condo, townhouse, single-family home), proximity to work and schools, and outdoor space. With your wish list in hand, start attending open houses and scheduling tours. This will give you a feel for different properties and help you see what’s available in your price range. As first time home buyers in Santa Monica, CA, take notes, ask questions, and compare the features of each home you visit. Lisa Kirshner and Dylan Elkin will accompany you to open houses and tours, providing valuable insights and answering any questions you have. Their expertise will help you evaluate each property’s pros and cons, ensuring you make an informed decision.


Step 5: Make an Offer

When you find a home you love, it’s time to make an offer. The best realtors in Santa Monica, CA, will help you determine a fair price based on comparable homes in the area and guide you through the negotiation process. Be prepared for some back-and-forth during the negotiation process. The seller may counter your offer, and you may need to make some concessions. Stay flexible and keep your end goal in mind. Lisa Kirshner and Dylan Elkin will handle the negotiations on your behalf, ensuring your interests are represented and you get the best deal possible. Their experience and professionalism will give you confidence throughout the process.


Step 6: Close the Deal

Before finalizing the purchase, it’s important to have a home inspection. This will identify any potential issues with the property that may need to be addressed. Once the inspection is complete and any necessary repairs have been made, it’s time to finalize your mortgage. Work with your lender to complete the paperwork and secure your loan. On closing day, you’ll sign all the necessary documents and pay any remaining fees. After that, the keys are yours! As the best realtors in Santa Monica, CA Lisa Kirshner Properties will be there to celebrate this milestone with you, ensuring all the final details are in order and handing over the keys to your new home.



Why Work With Top Real Estate Agents In Santa Monica, CA?


Working with top real estate agents in Santa Monica, CA, offers numerous benefits. These professionals have extensive market knowledge, strong negotiation skills, and a network of industry connections. They can provide invaluable guidance and support throughout the home-buying process, ensuring you find the perfect property at the best price. Local expertise is crucial for first time home buyers in Santa Monica, CA. Real estate agents who know the area well can provide insights into neighborhood trends, school districts, and future development plans. This knowledge can help you make informed decisions and avoid potential pitfalls. Lisa Kirshner and Dylan Elkin of Lisa Kirshner Properties are among the best realtors in Santa Monica, CA. Their commitment to client satisfaction, attention to detail, and personalized service set them apart. Whether you’re a first-time home buyer or looking for your next investment property, they have the expertise to help you succeed.


Buying your first home in Santa Monica, CA, is an exciting journey. By following these steps and working with the best realtors in Santa Monica, CA, like Lisa Kirshner and Dylan Elkin, you can navigate the process with confidence. Remember, buyers can expect more stable prices, but the future of housing inventory is unpredictable. So, take the plunge and start your home-buying journey today with the best realtors in Santa Monica, CA, Lisa Kirshner Properties, to get started!

September 2024

By Dylan Elkin • September 25, 2024
Welcome, September! As September begins in Los Angeles, we’re stepping into one of the most exciting times of the year for real estate. With the new NAR settlement coming into play and the summer rush winding down, it’s an ideal moment to review recent market trends and anticipate the opportunities the fall season offers. Whether you’re thinking about buying, selling, or just staying informed, I invite you to join us for our Buyer/Seller seminar on Thursday, September 19th. Let’s explore what September has in store and how you can capitalize on the current real estate market. Plus, I’m sharing a few of my favorite highlights from my recent trip to Montauk—keep scrolling to discover them! Wishing you all the best, -Lisa & Dylan

August 2024

By Dylan Elkin • September 25, 2024
Hello, Sunny August! After June Gloom stretched into July, we are thrilled to welcome August’s clear blue skies! July was a busy month for us at LKP, with 2 properties sold, 2 new listings, and 1 in escrow. July was fantastic, and so is the real estate market! We also launched our new instagram video series, be sure to check it out at @lisa.kirshner and @dylan.elkin. In this edition, we’ll spotlight some of LA’s trendiest food spots, explore the latest market trends, and offer tips to help you navigate our dynamic real estate landscape. Whether you’re eyeing a hip spot in Silver Lake or dreaming of a beachfront retreat in Santa Monica, this month’s newsletter will help you stay ahead of the curve and find the perfect opportunity. Wishing you all the best, -Lisa & Dylan

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Your House Could Be the #1 Item on a Homebuyer’s Wish List During the Holidays

May 9, 2023
Each year, homeowners planning to make a move are faced with a decision: sell their house during the holidays or wait. And others who have already listed their homes may think about removing their listings and waiting until the new year to go back on the market. The truth is many buyers want to purchase a home for the holidays, and your house might be just what they’re looking for. Here are five great reasons you shouldn’t wait to sell your house. 1. While the supply of homes for sale has increased this year, there still aren’t enough homes on the market to keep up with buyer demand. As Nadia Evangelou, Senior Economist & Director of Forecasting at the National Association of Realtors (NAR), explains: “There’s still this gap between demand and supply because we were underbuilding for many years. . . . So now we see demand is slowing, but it still outpaces supply.” 2. Serious homebuyers are out looking right now. Millennials are driving homebuying demand today, and many are eager to make a purchase. Mark Fleming, Chief Economist at First American, explains: "While not the frenzy of 2021, the largest living generation, the Millennials, will continue to age into their prime home-buying years, creating a demographic tailwind for the housing market.” 3. The desire to own a home doesn’t stop during the holidays. In fact, homes decorated for the holidays appeal to many buyers. Plus, purchasers who look for homes during the holidays are ready to buy. 4. You can restrict the showings in your house to days and times that are most convenient for you. That can help you minimize disruptions, which is especially important this time of year. 5. Rents have skyrocketed in recent years. And, many buyers are looking to escape rising rents and avoid falling into the rental trap for another year. As an article from Zillow says: “Over the next 12 months, rents are expected to grow more than inflation, the stock market and home values." Your home could be their ticket to leaving renting behind for good. Bottom Line There are still many reasons it makes sense to list your house during the holiday season. Let’s connect to determine if selling now is your best move.

4 Things That Help Determine Your Mortgage Rate

May 9, 2023
4 Things That Help Determine Your Mortgage Rate If you’re looking to buy a home, you probably want to secure the lowest interest rate possible for your home loan. Over the last couple of years, that was easier to do as the housing market saw record-low mortgage rates, but this year rates have risen dramatically. If you’re looking for ways to combat today’s higher rates and lock in the lowest one you can, here are a few factors to focus on. Since approval opportunities can vary, connect with a trusted lender for customized advice. Your Credit Score Credit scores can play a big role in your mortgage rate. Freddie Mac explains: “When you build and maintain strong credit, mortgage lenders have greater confidence when qualifying you for a mortgage because they see that you’ve paid back your loans as agreed and used your credit wisely. Strong credit also means your lender is more apt to approve you for a mortgage that has more favorable terms and a lower interest rate.” That’s why it’s important to maintain a good credit score. If you want to focus on improving your score, your trusted advisor can give you expert advice to help. Your Loan Type There are many types of loans, each offering different terms for qualified buyers. The Consumer Financial Protection Bureau (CFPB) says: “There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose.” While overall interest rates have increased, there remains a misconception about the status of jumbo mortgage rates. As a reminder, jumbo loans are those greater than $647,200 (smaller loans are called “conforming”). Recent articles in the Wall Street Journal and Bloomberg lament mortgage rates reaching 7%, but they are referring to conforming loans. Rates for jumbo loans are actually much lower. When working with your real estate advisor, make sure you find out what’s available in your area and which types of loans you may qualify for. Your Loan Term Another factor to consider is the term of your loan. Just like with location and loan types, you have options. Freddie Mac says: “When choosing the right home loan for you, it’s important to consider the loan term, which is the length of time it will take you to repay your loan before you fully own your home. Your loan term will affect your interest rate, monthly payment, and the total amount of interest you will pay over the life of the loan.” Depending on your situation, the length of your loan can also change your mortgage rate. Your Down Payment If you’re a current homeowner looking to sell and make a move, you can use the home equity you’ve built over time toward the down payment on your next home. The CFPB explains: “In general, a larger down payment means a lower interest rate, because lenders see a lower level of risk when you have more stake in the property. So if you can comfortably put 20 percent or more down, do it—you’ll usually get a lower interest rate.” To learn more, connect with a lender to find out the difference a higher down payment can make for your new mortgage. Bottom Line These are just few factors that can help determine your mortgage rate if you’re buying a home. The best thing you can do is have a team of professionals on your side. Connect with a local real estate professional and a trusted lender so you have the expert advice you need in each step of the process.

What Are Experts Saying About the Fall Housing Market?

May 9, 2023
What Are Experts Saying About the Fall Housing Market? The housing market is rapidly changing from the peak frenzy it saw over the past two years. That means you probably have questions about what your best move is if you’re thinking of buying or selling this fall. To help you make a confident decision, lean on the professionals for insights. Here are a few things experts are saying about the fall housing market. Expert Quotes for Fall Homebuyers A recent article from realtor.com: “This fall, a more moderate pace of home selling, more listings to choose from, and softening price growth will provide some breathing room for buyers searching for a home during what is typically the best time to buy a home. ” Michael Lane, VP and General Manager, ShowingTime: “Buyers will continue to see less competition for homes and have more time to tour homes they like and consider their options.” Expert Quotes for Fall Sellers Selma Hepp, Interim Lead of the Office of the Chief Economist, CoreLogic: “. . . record equity continues to provide fuel for housing demand, particularly if households are relocating to more affordable areas.” Danielle Hale, Chief Economist, realtor.com: “For homeowners deciding whether to make a move this year, remember that listing prices – while lower than a few months ago – remain higher than in prior years, so you're still likely to find opportunities to cash-in on record-high levels of equity, particularly if you've owned your home for a longer period of time.” Bottom Line Mortgage rates, home prices, and the supply of homes for sale are top of mind for buyers and sellers today. And if you want the latest information for our area, let’s connect today.

Is the Real Estate Market Slowing Down, or Is This a Housing Bubble?

May 9, 2023
The talk of a housing bubble in the coming year seems to be at a fever pitch as rising mortgage rates continue to slow down an overheated real estate market. Over the past two years, home prices have appreciated at an unsustainable pace causing many to ask: are things just slowing down, or is a crash coming? To answer this question, there are two things we want to understand. The first is the reality of the shift in today’s housing market. And the second is what experts are saying about home prices in the coming year. The Reality of the Shift in Today’s Housing Market  The reality is we’re seeing an inflection point in housing supply and demand. According to realtor.com, active listings have increased more than 26% over last year, while showings from the latest ShowingTime Showing Index have decreased almost 17% from last year (see graph below). This is an inflection point for housing because, over the past two years, we’ve seen a massive amount of demand (showings) and not enough homes available for sale for the number of people that wanted to buy. That caused the market frenzy. Today, supply and demand look very different, and the market is slowing down from the pace we’ve seen. This offers proof of the sudden slowdown so many people are feeling.

Buyers Are Regaining Some of Their Negotiation Power in Today’s Housing Market

May 9, 2023
If you’re thinking about buying a home today, there’s welcome news. Even though it’s still a sellers’ market, it’s a more moderate sellers’ market than last year. And the days of feeling like you may need to waive contingencies or pay drastically over asking price to get your offer considered may be coming to a close. Today, you should have less competition and more negotiating power as a buyer. That’s because the intensity of buyer demand and bidding wars is easing this year. So, if bidding wars were the biggest factor that had you sitting on the sidelines, here are two trends that may be just what you need to re-enter the market. The Return of Contingencies  Over the last two years, more buyers were willing to skip important steps in the home buying process, like the appraisal or inspection, to try to win a bidding war. But now, fewer people are waiving the inspection and appraisal. The latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving their home inspection and appraisal is declining. And a recent survey from realtor.com confirms more sellers are accepting offers that include these conditions today. According to their August study: 95% of sellers reported buyers requested a home inspection 67% of sellers negotiated with buyers on repairs as a result of the inspection findings This goes to show buyers are more able to include these conditions in their offers today and negotiate as needed based on the outcome of the inspection. Bottom Line Regardless of the extremely competitive housing market of the past several years, today’s data suggests negotiations are starting to come back on the table. This is good news if you’re planning to enter the housing market. To find out how the market is shifting in our area, let’s connect.
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