Monday Market Update: 3 Recent Reads For FTHBs

Hello Readers! While many of you have been homeowners for some period of time, we also know that some of you or someone you know may be entering the market for the first time. Making your first real estate purchase is never easy; add in the layers of no longer living in a historic low rate environment and buying in Silicon Valley and the challenges can feel insurmountable.

First, we advise you to consider your short- and long-term goals before considering a real estate purchase. These goals will drive where you should buy, what type of property and of course – how much you will need to spend. Second, we suggest you build your team – carefully select a financial advisor, mortgage professional, real estate agent and tax preparer/accountant who can help you create the best strategy for your situation. 

While making your first home or condo purchase could be an entire book series in itself – the purpose of today’s blog is to touch on the tip of the iceberg on where to start, and to direct you to 3 recent articles that answer 3 frequently asked questions about entering the market. Here goes..

#1: How much do I need to put as a down payment on my first housing purchase? What type of loans and first-time homebuyer programs are available? 

A guide for first-time home buyers in 2025 (Yahoo! Finance): This article was just published a week ago and provides a great overview on what first-time home buyers need to know. It also explains 3.5% down options through FHA, no down payment options through VA and offers links to first-time buyer programs in California. Check it out! 

#2: I can only afford a condo – but I have heard that some HOAs are really strict and impose crazy fines for violations. Should I still consider purchasing a residence in an HOA?

Buying a Condo in California Just Got Easier—Here’s the New Law That’s Turning the Tide on HOAs (Realtor.com®): The pros and cons of living in a community with a Homeowners Association are vast on both sides. For those concerned with fines, Assembly Bill 130 which was enacted on July 1, 2025 may provide some reassurance. Realtor.com® explains that AB 130 “…caps HOA fines at $100 per violation and introduces a host of new protections for homeowners. It also bans late fees and interest, expands the right to dispute violations, and marks a major shift in the balance of power between homeowners and HOA boards.” Read more here. 

#3: Is it true that new construction can be cheaper? What’s the catch? 

Why buying a new home in California could save you nearly $200,000 (SF Gate): This headline sounds almost too good to be true, right? According to the article, a Lending Tree report analyzed data from the National Association of Home Builders and found that existing homes cost 24.7% more or $193,700 on average compared to new builds. Why? New homes are often built in less expensive areas of the state, where land is cheaper and competition is less fierce. Another benefit of new construction is cost savings via builder incentives, such as rate buydowns, closing cost credits, rebates and free upgrades. Does this mean you don’t need agent representation? NO! Always be sure that your best interests are protected in any real estate transaction. Learn more here. 

Be sure to share this information with anyone you know who is considering purchasing a condo or home for the first time.

Cheers,

Bobbi 

Bobbi Decker
DRE#00607999

Broker Associate, Bobbi Decker & Associates
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
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