Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
To schedule your free consultation call, simply contact us by email, phone or text and we will set up a 30 min call with you to take you through the Buyer steps in more detail to get you started on your home buying journey.
Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.
Talking to a lender is the first step in being clear about your budget and mortgage amount. There are many different loan products available and your lender will find the best option for you based on the time you’ve been with your company, your credit score, your liabilities and your cash on hand. Keep in mind that the lender can advise on the mortgage you qualify for but this doesn’t mean that you have to maximize this limit depending on what you feel comfortable spending.
Your lender will do an initial qualification and pre-qualify you for a certain amount. It’s important to have this ready even though you haven’t found your dream home yet, as sellers won’t entertain offers from those who aren’t already prequalified and you may have to move quickly depending on the market and house. Many houses are listed on Thursdays and will be under contract by Sunday night, this is another reason to have the pre-qualification letter ready ahead of time.
We narrow down the search of homes by features and geography and set up a search so you can receive new listings in your inbox and stay up to date with new homes. Homes can go under contract quickly in a sellers market, and it’s important to stay up to date and regularly check-in on new listings.
This should be the most enjoyable step of the entire process (other than moving in!). We will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.
Once you have selected the perfect home, we work with you to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or above the asking price. We will be able to help you negotiate if you receive a counteroffer and reach an agreement.
We draft the offer which includes the sales price, timelines, different disclosures and details on financing. Once the seller accepts and signs your offer, we send the contract to the lender and title company and you are now officially under contract!
When you work with a qualified Realtor®, in most cases the seller will pay the buyer agent commission. Not only will we help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but we also have a current knowledge of the market that help with negotiations. We may be able to find off market homes, suggest hidden gems, or give you pointers that will help you find your dream home for the right price.
There is no blanket answer for this question, but it is possible to buy a house with as little as 3% down. You also want to factor in about 1-1.5% of the loan value for closing costs in addition to your down payment.
As a licensed Realtor®, we will ask you to sign a buyer representation agreement which allows us to act as a fiduciary on your behalf. Without a representation agreement in place, the buyer agent would be considered working on behalf of the seller. If the seller is working with a licensed agent on their side, their fiduciary is towards the seller meaning they will act in the best interest of the seller. It is advisable for you as the buyer to work with a fiduciary on your end, and at a minimum be aware that the seller agent is not acting in your best interest and has an obligation to the seller instead.
With our problem solving mindset, dedication and deep market knowledge, we have been trusted partners to our clients for many years. Contact us today to start the conversation.
