Buying a home can be an overwhelming process. From financing to negotiating to closing, there are a lot of moving pieces that can leave homebuyers bewildered. 
Areal estate agent can help guide you through each step of the buying process, offering sound advice along the way. By working with a professional agent who knows the ins and outs of the real estate industry, you’ll not only end up with a great home, but you’ll also walk away with a great experience.

Overview of the buying process 

The home-buying process is an exciting journey that begins with defining your budget and identifying your preferences. Once you've explored different neighborhoods and started house-hunting, attending property viewings allows you to assess potential homes. After finding the right property, you'll work with a real estate agent to make an offer, negotiate terms, and secure financing. Essential steps include conducting home inspections, finalizing your mortgage, and reviewing all documents. The process concludes with a closing meeting where you'll receive the keys to your new home!

Getting pre-approved by a lender

By providing your real estate agent with some basic information about your income, savings, and debt, he or she can assist you in getting pre-approved by a reputable lender. The lender will then go over your financing options, what monthly payment amount you can afford, and what you can expect for down payment requirements and closing costs.

Choosing a home

For most buyers, choosing a home is an emotional process. An agent can assist you in this process by offering objective information about each property you look at. From local community information like schools and zoning to home-specific details like condition and amenities, an agent can help you find exactly what you’re looking for.

Choosing a location

When choosing the perfect location for your next home, it's crucial to contemplate more than just the property itself. Factors like your daily commute, the type of community you aspire to be part of, and whether an older or newer home aligns with your preferences should all play a pivotal role in your decision-making process.

Making an offer

Once you’ve found the home of your dreams, an agent will research recent comparable sales of similar homes in the area to help determine a fair selling price. Based on those comparable sales, as well as other factors like inspections and repairs, an agent will then help you structure an offer and negotiate to get the very best deal possible.

Closing

Closing, or settlement, can be a complicated process. In some areas, the escrow or title company handles the closing process, while in other areas an attorney handles it. Regardless of where you’re buying, a real estate agent can help ensure that everything goes smoothly.

After closing 

After the closing, make sure to notify essential parties, including the post office and utility companies, about your change of address to ensure a smooth transition. Then, take a well-deserved moment to celebrate your successful home purchase and enjoy  your new space.

Frequently asked questions

What is a buyer vs seller market?

A seller's market happens when there's a shortage in housing. A Buyer's market occurs when there are more homes for sale than buyers.

How do we know what we can afford?

The first step is making an appointment with a mortgage lender to find out what you can afford and if there are any credit issues that need to be fixed to better prepare you when it comes time to buy.

What should I consider before starting the homebuying process?

Before you begin, determine your budget, get pre-approved for a mortgage, and identify your essential needs and wants in a home.

What's the difference between pre-approval and pre-qualification?

Pre-qualification is an estimate of what you can afford, while pre-approval is a more comprehensive process involving a credit check and lender assessment.

What is earnest money?

Earnest money is a deposit to show you're a serious buyer. 

How long does the homebuying process take?

On average, the process can take 30-45 days from the time an offer is accepted to closing. However, it can vary based on factors like market conditions and financing.

What is a home inspection, and is it necessary?

A home inspection is a thorough assessment of a property's condition. While not mandatory, it's highly recommended to uncover any issues before purchase.

What's the role of a title company, and why is title insurance important?

A title company ensures the property's title is clear of any claims or issues. Title insurance protects you in case any title problems arise.

Can I negotiate repairs after the home inspection?

Yes, you can negotiate repairs with the seller based on the inspection report. It's common for sellers to address some issues before closing.

When do I get the keys to the new home?

 You typically receive the keys at the closing meeting, once all documents are signed, and the sale is finalized.