The key to successfully buying your first home is being prepared. Using an essential home buying timeline will guide you step by step, helping you secure your dream home with confidence.
Most of my clients use a strategic home buying timeline to help prepare them on the biggest purchase of their lives. It is important to learn what to expect and set up a plan to guide you through the home buying process. Go through the following steps and share them with your agent to make sure it aligns with your goals!
Need Help with a home buying timeline?
Message me for advice!
Step 1: Preparation
The best way to get started is to trust an agent to handle all real estate procedures. This includes lending, showing homes, contracts and negotiations. Some new buyers want to save money by not relying on an agent. It will costs you more out of pocket. Even worse, it will cost you your dream home. Another way to prepare is to have an agent walk you through the home buying process by scheduling a buyer consultation. Most first time home buyers benefit by taking 30 minuets to discuss non negotiables and the location you want to move to.
Once you have identified what you want in a home and the location, it is time to get pre approved! Getting pre approved for a home loan upfront makes the home buying process easier. This allows you to focus on homes within your budget and gives you a clear picture of your monthly payment. Another important topic to bring up during your buyer's consultation is the strategy for submitting offers on potential homes. Have your agent walk you through ways to stand out from other buyers on the market.
Step 2: Home Search
Now we go shopping! This part of the process can be exciting and the best part is knowing that you're pre approved and have a set a budget, allowing you to shop with confidence and peace of mind. Utilize your agent to set home alerts so you are aware of what comes on the market! Search all platforms, Zillow and Redfin are great resources to start with. Make sure you share any homes you see with your agent so you can book an appointment to tour the home. Attend open houses, this is the best way to check out neighborhoods, shops, school districts and size up your competition. Ask your agent for any off market networks they might have access to. Some sellers want to sell their homes off market giving you a better chance to negotiate on price! Lastly, find your dream home.
Step 3: Offers
Now that you have your sight set on a home the next step is to place an offer. Placing an offer needs to be strategic in a way where it sets you apart from other buyers. It is important to be well educated on the market. Before submitting your offer you should know what other homes in the same block or area have sold for. This is called a Comparative Market Analysis. Your agent should be able to provide an extensive analysis before submitting your offer.
Negotiating the terms of your offer is essential for securing your ideal home. How long will it take your bank to fully fund your loan? How quickly can you get an inspector and appraiser to view the home? These are all part of the terms that will make your offer stronger than other buyers. A well educated agent with long term experience will be able to guide you in crafting your offer!
Step 4: Contract to Close
Congratulations! Your offer is accepted, now what? Before you collect your keys and walk into your dream home there are a few things that need to be executed. Escrow will officially open. (depending on your state) Your agent will make introductions to a Transaction Coordinator and the Escrow team. Escrow is where all funds are held during your transaction. You will need to deposit your Earnest Money Deposit (2%-3% of home price) also known as good faith money. The next step, you will need to schedule an inspection for the home and termite inspection. Also, an appraisal will need to be scheduled to appraise the home current value. Don't worry, your trusted agent will handle most of the transactions and reports. Make sure that your agent keeps you updated every step of the way.
A final walk through is a good way to determine anything that might be damaged after placing your offer and conducting your inspection. Lastly, you will sign the final documents and transfer the title to your name. Once the county has recorded the title of the home in your name, it is time to pick up your keys!
A home buying timeline has saved first time home buyers so many headaches and frustrations! This post is all about how to streamline the home buying process for anyone looking to buy their first home.
Leave a Reply