Starting the search for your future home can be overwhelming, especially for a first-time homebuyer! In fact, a recent Porch survey stated that first-time homebuyers were 3x as likely as previous homeowners to feel unprepared buying a home. Enter your local Realtor. When housing options, loan commitments, insurance ideas, and more become confusing, a Realtor is a guide you can trust through the entire home-buying process.
The first steps.
About 70% of home-buyers start their search for their future home by perusing online listings. However, once it’s time to schedule a tour, write up an offer, or obtain financing, the average person could use a little help. We recommend having a serious conversation with yourself, your partner, your family, etc. about what you need vs. what you want in your next home. Financing should be your #1 consideration, which is why getting pre-approved for a mortgage amount is so important.
Then, you can consider what type of home you’d like to purchase to get the biggest bang for your buck. HUD (Housing and Urban Development) has a great basic list to help you get started. Then, all you have to do is pick some homes and start looking! You may even begin to update your list based on what is actually available in your area.
Choosing the right Realtor.
If you’ve started your housing search without a trusted real estate professional to back you up, now is the perfect time to start shopping for your ideal Realtor to work with. Ask for recommendations from trusted family and friends, check out info on popular brokerages online, or simply start chatting with the listing agents for the homes you’re touring. Most agents would love to work with you, but it’s important to find someone who you like and can trust to have your best interests at heart through a possible months-long house search and closing process.
Once you find the perfect home, your Realtor should help you write up an offer to help you secure your home, then walk through the mortgage, inspection, insurance, and closing processes with you every step of the way to get you into that home.
Making good mortgage choices.
Regardless of who you may have started your pre-approval process with, most Realtors will suggest getting a second or third opinion on your upcoming mortgage. The lender you choose is important, as you will be in contact with them throughout your purchase and for many years to come. Many real-estate specific lenders may have extra incentives to save you money in the long run, or more importantly, are able to answer any and all questions about the loan commitment process. In the US, most people take out a mortgage with the bank they are already familiar with but don’t dismiss options provided by your real estate agent. A local credit union or bank may even be your best option!
Getting to the closing.
A good Realtor will guide you through the home-buying process with the knowledge and experience that only comes with years of experience. As anyone who has bought a home can tell you, a lack of research and experience can lead to costly financial mistakes. If you’re willing to consult a professional to assist you in reading the paperwork and taking time with your decisions, you can purchase a home with just as much ease as someone who has purchased a home before.
If you’re looking to purchase a home in the near future, reach out to The Dallas-Fincham Team to learn how we can assist you throughout the home-buying process…Because who you work with matters.