The market is hot, the school year is coming to an end, and interest rates are great. Sounds like a perfect time to buy a house! It’s not like buying a new tv, a new bike, or even a new car. It’s a fairly lengthy process.
Where do I start?
One of your first steps should be to find a knowledgeable and capable REALTOR® to help you through the process. They will be able to help not only narrowing down exactly what you’re looking for, negotiating the best price and terms, and making sure nothing gets missed throughout the transaction process.
I think meeting with my clients, either in person or virtually, at the beginning of the home buying process is very important. I can learn their needs/wants, find out their expectations of me and the process itself, and discuss in detail the home buying process and answer any questions they may have.
Narrow down the search
Location, price, and style/condition. Those are the primary criteria in finding your new home. Coupled with your specific needs and wants in a home should really give your agent a great place to start the search.
The Pre-Approval
Getting a pre-approval from a reputable lender is a very important early step in the home buying process. It can prevent disappointment in a couple of ways. First, you know what your price range is, if you didn’t before, or, better stated, your max price. It’s important to figure out what you’re willing and able to spend, to stay within your budget, and then stick to that. Second, especially in a competitive market, you are able to submit an offer quickly and confidently on a home you love, rather than waiting to get your pre-approval letter, and losing the home to a qualified buyer.
Let the fun begin!
Now, it’s time to start looking at homes. Contrary to popular belief, searching for the perfect home is a process of elimination, rather than a process of selection. Viewing homes you don’t like isn’t a waste of time. It helps me learn more of what you like, and it helps build a frame of reference for your search.
Offer up!
You’ve found the home you love, and you want to submit an offer. Purchase price, closing date, conveyances, contingencies. The amount of homes on the market, the asking price, and the current market will all play a part in how you structure your offer. As your agent, I’ll go over all of that with you in great detail, to help you decide how you’d like to offer.
To be continued…
In my next post, I will continue the process explanation from acceptance to moving in. Let me know if you have any questions or comments.