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Rent vs Buy in Fairfax : Real Estate Advice

  • All28
  • Local Info6
  • Home Buying8
  • Home Selling0
  • Market Conditions2

Activity 2
Mon Jan 30, 2017
Meena Gujral answered:
Hello Janet,

Yes, you can search multiple locations at once. I would suggest that you find a good Realtor in your area and tell them what you are looking for; price and criteria. Let the agent set up the search from the local MLS and you can get properties as they come on the market

Meena Gujral
Help U Sell Achievers Realty
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Mon Jan 30, 2017
Sheryl Arndt answered:
Hello Janet, sorry that no one answered you quickly. Is Fairfax the only city of interest or are you considering any other cities? It may not be easy to find many choices to consider.

The rentals in Fairfax start from $1,750 for 1bd 1ba and from $2,050 for 2bd 1ba apartment and they don't mention pet policies. The inventory is quite low. You should check with the local rental management companies.

The purchase in Fairfield start from 775k for 2bd 1ba single family home as the inventory is quite low currently.

You should study RENT vs BUY options as you may qualify to buy and pay less than rent in many local cities. You may qualify to buy with minimum out of pocket expenses and pay less than rent.

Beware of the many rental scams out there these days on all sites. The scams are on all of the rental listing sites except one that us agents/broker use such as mls, multiple listing service.

You should not give anyone any funds or personal information without confirming with a licensed agent/broker or management company to find out whom you should be dealing with and the status of any address of interest.

If you decide you want to buy you will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
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