Buying a Home in Auburn

Buying a Home in Auburn

Homes are going off the market fast in the Auburn area. Lately, it’s uncommon for a home to stay on the market for more than a month. Hotter properties often go under contract in a matter of days. If you want the best chance of securing a deal for a home that you love, you can take action now and stay in step with the market.
Do you love Auburn and want to maximize your chances of a favorable home purchase? You’ll thank yourself for reading this article and taking this advice on buying a home in Auburn.

What great neighborhoods are in Auburn?

Auburn offers country vibes yet still within close proximity to major cities such as Sacramento and San Francisco. The area has plenty of excellent restaurants, coffee shops, and parks. Here are two of Auburn’s best neighborhoods.

Vintage Oaks

Many families enjoy living in South Auburn’s Vintage Oaks neighborhood. Many of these homes have stunning views of the surrounding natural beauty, and the neighborhood is typically quiet, family friendly, and cozy. Its properties are large and luxurious, with usually 4 plus bedrooms and larger square footage.

Christian Valley

If you enjoy spending time outside, you’ll want to consider buying a home in the Christian Valley. The neighborhood sits within close proximity to some of the top natural sites in the Auburn area and a nearby fishing lake, Halsey Forebay. The neighborhood shares its name with a nearby neighborhood park, Christian Valley Park, and homes in this area are often in more wooded areas, wtih lots of 1+ Acres. If you’re looking for a home with country vibes yet city close Christian Valley is a great option.

What costs go into a home purchase in Auburn?

A local expert like Leslie will take into account the following costs when preparing you to buy Auburn real estate.

Median house prices

As of early 2023, average home prices in Auburn exceeded $500,000. They are down from where they were one year ago, but that’s not surprising, given the current state of the national housing market. Many local markets across the nation find themselves in a slight downturn. Experts preach temperance and predict that median home prices will stay in check for the foreseeable future.

Closing costs

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Typically, the buyer pays an additional two and five percent of the home's total costs. You’ll need to have cash set aside to fulfill this obligation. Crucially, closing costs are separate from the down payment you’ll need to put toward your home purchase. The amount of the down payment varies based on the loan type, but usually, you’re required to put down at least three percent of the home’s total cost.

Property taxes

Property taxes are prorated based on what percentage of the year you spend in the house. When you buy a home, check whether the seller has already paid taxes for the current year. If so, they will be reimbursed for what they spent, and you will be required to pay the remainder.

What loans are available for Auburn homebuyers?

Depending on your financial circumstances, your agent might recommend one of the following options.

Conventional loans

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Most people assume that a conventional loan requires a higher down payment, but that is no longer the case. The amount varies, but some conventional loans only require a three percent down payment. You’ll likely need a decent credit score and proof of two years of steady employment to qualify for a conventional loan.

FHA loans

First-time homebuyers commonly use FHA loans. They have lower credit score requirements and involve a slightly higher down payment (typically 3.5 percent). Keep in mind that many lenders require private mortgage insurance (PMI) until you have at least 20% equity in the home.

How to save money as an Auburn homebuyer

Many buyers don’t realize they can improve their long-term financial outlook while buying a house in Auburn.

Find the best mortgage rate

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You can save yourself thousands of dollars over the life of your loan simply by securing a loan with a better interest rate. Despite high national interest rates, there are steps you can take to minimize your loan rate. You can find a better loan offer simply by shopping around and speaking with multiple groups or banks before you make a final decision about who you’ll borrow from.

Make a larger down payment

Since interest accrues over time, you can easily save money by putting down more at closing. Consider putting together a larger down payment. It may seem inauspicious to spend more money today, but you’ll thank yourself down the road.

Increase your credit score

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Your credit score is one of the primary factors a lender will consider when determining what type (and amount) of loan to provide. If you aren’t satisfied with the rates lenders offer, you can improve the initial offers by raising your credit score.
The easiest way to earn a higher score is to pay bills on time and use less than your maximum credit balance each month. You won’t raise your score by 100 points overnight, but if you follow these principles over time, you’ll see your score rise.

Next steps

Now that you know what buying a home in Auburn takes, you may wonder what to do next. If you’re interested in purchasing a home, it’s never too early to speak with a lender. Once you have a pre-approval letter, you can connect with a realtor and begin seeing homes in person. You should also look at home listings online. This will give you a better idea of what your top preferences are in a home.
An excellent first step is to contact Leslie Duvernay. Leslie is a trusted ally and resource for many others buying a home in Auburn. She treats each of her clients with the utmost respect and care. Working with Leslie, you will gain a tireless advocate with deep knowledge of local real estate.

Whenever you decide to begin shopping for a new home, Leslie is ready.

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