Buy your dream house with confidence

So, you want to buy a new home—what's next? Whether this is your first time purchasing a home or your fifth, it can be an emotional, exciting, and sometimes exhausting experience. You might be wondering, "What am I missing?" This is a common question among homebuyers. Here’s a clear overview of the buying process from start to finish:

• Do some preliminary online searching. Begin by researching what homes are selling for in the areas you're interested in. This will give you an idea of what to look for and help you communicate your wish list effectively with your real estate agent.
• Take care of the budget. Use an online mortgage calculator to determine what your monthly mortgage payment would be if you were to purchase one of these homes you’ve found online. Make some additional estimates for utilities and see if this fits into your budget.
• Get pre-approved. To get pre-approved for a mortgage, gather your pay stubs, W-2 forms, bank statements, and tax returns from the past two years, along with a list of credit lines and previous landlords' information, if applicable. Start the process with your current bank, but be sure to explore competitor banks as well, as you might find a better mortgage loan rate by comparing options. Remember, the amount your lender approves you for should be viewed as a maximum; it doesn’t mean you have to spend that entire amount.
• Find an agent. A highly qualified real estate agent will provide you with expert guidance throughout every step of the buying process. From understanding market trends and pricing strategies to negotiating offers and navigating paperwork, they ensure that you are well-informed and supported at each stage, making the experience smooth and successful. If it is necessary to sell your current house prior to acquiring a new one, your real estate agent is available to provide assistance throughout this process.
• Look at homes. Be patient during this stage. Your real estate agent may show you a variety of homes to gauge your preferences regarding features you may like. Provide your agent with detailed feedback to help them find homes that are perfectly tailored to you. This process can sometimes take months, so it’s important to remain patient.
• Make an offer. Once you've found your dream home, it's important to act quickly. Your agent will help you determine a reasonable initial offer for negotiations based on current market conditions. Additionally, be sure to factor in closing costs, which are calculated based on the home's price.
• Negotiate. Prepare to engage in multiple rounds of negotiation with the seller regarding both the price and the terms of sale. Your real estate agent will serve as your advocate, striving to secure optimal value for your investment while maintaining a fair and respectful demeanor towards the seller and their representative.
• An accepted offer. If you come to an agreement, you'll be required to make a deposit into an escrow account as a sign of good faith. The escrow period typically lasts for 30 days, during which the seller will take the house off the market, expecting that you will proceed with the purchase. This is contingent on the outcome of your inspection; if you discover any significant issues, it may affect the transaction.
• Do a home inspection. Even if the home appears to be flawless, there’s no substitute for having a professional inspector review the property for quality, safety, and general condition of your potential home. You don’t want to be surprised with a home that needs a lot of unexpected repairs. If the inspection reveals undisclosed serious defects, you can negotiate further to have the seller make repairs or discount the selling price. You’ll also likely have the option to withdraw your offer and get your deposit money back.
• Closing. It's time to pop the bubbly! When you've successfully negotiated with the seller and received a clean inspection report, you're ready to close on the property. During the closing meeting, you'll spend a little over an hour signing a lot of paperwork, and then you'll receive the keys to your new home.