Chit-Chat with Real Estate Agent Mona Badar
Today, I wanted to do a post for those young singles or couples looking to purchase their home. I talked to a successful Silicon Valley Realtor, Mona Badar about giving us some tips for purchasing a home in the competitive and thriving Silicon Valley market.
Mona is a graduate from the University of North Carolina, where she attended the School of Business and attained a BS degree in Management Information Systems. She has received numerous accolades for her work in the real estate market. Mona has received the "Rookie of the Year 2004" from Coldwell Banker and “Top Sales Associate of the Month of April 2004" award. She is a member Mona of the International Sterling Society for exemplifying the Coldwell Banker commitment to professional integrity, marketing expertise and exceeding client expectations. This exclusive membership is only achieved by 21% of the more than 120,000 Coldwell Banker Sales Associates worldwide. So here goes:
1. How and why did you get into the real estate market?
In college I would go to open houses and check out new construction for fun. As a result I bought my first real estate investment in college. I guess that was a defining moment that made me realize how passionate I was about real estate industry.
2. What are the current trends in home buying and selling in Bay Area?
It seems that the market is stable as there is not much inventory on the market thus the prices don’t seem to be declining and it still seems to be a sellers’ market.
3. What is your role in home buying and selling process?
I help my clients define their needs for buying a home and purpose for selling a home to help them make a clear decision to maximize their goals. I define options to create value to get the job done efficiently and put maximum funds in their hands.
4. What advice would you give a young buyer and seller looking to purchase their first home (condo, apartment included)?
Step one… Sit down with a lender and get qualified. Step 2…interview your realtor make sure they are knowledgeable and understand your needs and wants. Also make sure that your realtor of choice is suitable for you in terms of personality as well. Step 3….be realistic and honest about how you feel and what you want. REMEMBER even the best realtor can’t help you if you are not clear and refuse to stay honest throughout the transaction.
5. Do you have any financial advice for young couples? How much to save before buying? Upfront costs? Long-term costs in home buying?
Young couples need to be proactive. It never hurts to sit down with a lender and find out upfront closing costs including escrow and title fees, taxes and other costs associated with home purchase process and how much you can afford right now. This way even if you cannot afford the home you want right now, you can start panning now for your future purchase. Especially if you’re planning to stay in the Bay Area long term.
6. If someone in their 20’s or 30’s would like to be a real estate agent or open their own business in the field, what advice would you give them?
Due to technology times are changing in real estate. If you can’t create and show value, you will be history. Be ready and open to change at all times. Think out of the box to create value.