Buying Your First Home: A Beginner’s Guide to the Home Buying Process Part 1 of 4
Congratulations on embarking on the journey of becoming a homeowner! Purchasing a home is both a rational and emotional process, and it’s even more special when it’s your first. The KW-Jay Hudson Homes Team is here to help you with our 4-part article series on the Home Buying Process, which breaks down the process into 6 easy-to-follow steps.
Step 1: Getting Pre-Approved
The first step in the home buying process is getting pre-approved for a mortgage loan. This will give you a clear understanding of your budget and save you the disappointment of looking at properties beyond your price range. Your lender will work with you to discuss the financial components and process of buying a home, reducing the chance of unexpected expenses. As a pre-approved buyer, you will also position yourself ahead of the competition.
Step 2: Hire a Realtor®
After determining your budget, it’s time to enlist the help of a professional to assist you in your search for a new home. Working with a licensed Realtor® is an excellent choice, especially for first-time buyers. Your agent will guide you through the entire paperwork process, ensuring that you have all the necessary information and answering any questions you may have.
Step 3: Your List
Next, it’s time to create a list of your needs and wants for your new home. During a buyer’s consultation, you’ll discuss your lifestyle with your agent and create a list of non-negotiable and negotiable needs and wants. Make sure all decision-makers have the same list, and break it down into three major categories: price, location, and features.
Step 4: The Search
When your Realtor® sends you homes and sets up showings, it’s wise to do your due diligence before seeing the home. Research the neighborhood online and drive through it to get an idea of the community before stepping inside the house. Taking notes can be helpful when you’re looking at multiple homes, and they start to run together.
Step 5: The Offer
Congratulations, you’ve found the home you want to make an offer on! Your Realtor® will provide you with a Competitive Market Analysis (CMA), which is a list of recently sold homes in the area. With this information, you and your agent can put together your offer and submit it to the sellers for consideration. Typically, sellers have 24 hours to review and respond to offers.
Step 6: Your Offer is Accepted!
After winning the offer, the next step is to begin the process of contract to close. This involves adhering to timelines and due dates, which can be overwhelming for some individuals. Luckily, the KW-Jay Hudson Homes Team has a Director of Client Services, Brandie Driskell, who is a licensed agent and specializes in this area. Brandie has established step-by-step processes to ensure that you and the team stay on track.
At KW-Jay Hudson Homes Team, we are dedicated to helping you achieve your goal of owning a home. We understand that it’s a significant financial decision and are committed to making the process as seamless and stress-free as possible.