Buying A Home

BUYING A HOME

5 Steps to Buying a Home

Buying a house requires a lot of time and effort, but these 5 steps can help make the home buying process manageable and help you make the best decisions possible. but these 5 steps can help make the home buying process manageable and help you make the best decisions possible.

Step 1: Start Your Home Search Research Early

As soon as you can, start reading Web sites, newspapers, and magazines that have real estate listings. Make a note of particular homes you are interested in and see how long they stay on the market. Also, note any changes in asking prices. This will give you a sense of the housing trends in specific areas.Be aware that many real estate websites have inaccurate and outdated listings of homes for sale.

Zillow,com, Trulia.com, Homes.com, & Homefinder.com all use third party listings syndications that don’t have accurate MLS (multiple listing services) that is accessible to each licensed real estate agent and realtor.  This is why it is important to first find the best realtor and real estate agent possible, so that they can give you access to 100% accurate listings of homes for sale.

Step 2: Speak with a Mortgage Lender to Find Out How Much Home You Can Afford

Lenders generally recommend that people look for homes that cost no more than three to five times their annual household income if the home buyers plan to make a 20% down payment and have a moderate amount of other debt. But you should make this determination based on your own financial situation. Agent Omega has a network of mortgage lenders and loan officers that we can recommend to assist you with your home loan needs.

You can use an affordability calculator to see how much house you can afford, this will provide you with a general estimate for purchasing a home. It would be valuable to contact a couple different mortgage professionals to see if one could help you get a lower interest rate. Speaking with a mortgage lender will also help you determine what what of mortgage would be best for your specific needs.  For example, which loan type is best for you: Conventional, FHA, VA, Jumbo, etc.

Step 3: Find The Best Local Agent to Begin Viewing Properties

There are many resources online to review and search for realtors and real estate agents within your city or town, but unfortunately many of them are only subject to provide the information that the real estate agent themselves have uploaded into that website’s agent biography or profile page. For example, on Zillow.com, Trulia.com, and Homes.com if you are reviewing an agent’s profile page it will only list the homes they have sold or are listing if they have taken the time to upload the information to their profiles. Likewise, client testimonials and reviews are all done manually as well. So if you find an agent who has the most reviews or sold homes, this doesn’t actually mean they do the most volume, they simply have more time (because they may actually not be the best real estate agents in the community) and therefore are able to update this information with their free time.

The best agents in the country don’t have time to manually update this or upload information, they are too busy working with new buyers and sellers to help them find their dream home or sell their homes.We have saved you the time from having to struggle with finding the best real estate agents because we have spent hours interviewing them, reviewing their client testimonials, and analyzing the number of transactions they handle on a monthly and annual basis.

Our entire network of real estate agents and realtors are screened and only allowed to join Agent Omega if they have sold at least 50 homes within the past 12 months or 90 homes within the past 24 months.  No longer will you have to spend your time wondering if any of our agents and realtors are good at their jobs and if they will be able to find you the home for you and your family, or selling your home in the time and price point that you require.

Step 4: Submit Your Offer on Your Dream Home

Once you have scheduled a showing with your agent to view properties, you can begin deciding exactly what you like about each home. Sometimes you may fall in love with the first home, and other times it make take 50+ homes being viewed.  The average home buyer will view approximately 15 homes before submitting an offer.

In some regions of the country the housing market is extremely competitive and submitting an offer to purchase a home may not be a strong enough offer to have your offer accepted by the seller and listing agent. In these cases you may have to submit an offer well above the asking price of the home. Other regions of the country you could possibly offer much lower than the asking price and have it get accepted. It just depends on the strength of the housing market, and this is another reason working with one of the top agents or realtors in the area can help you with the process and understand which housing market you may currently be living in.

Now that you have found the home you want to buy, you are ready to submit an offer! If the offer is accepted by the seller, your agent will guide you through the process of being “under contract” to purchase a new home. You will need to schedule a home inspection fairly quickly after your offer being accepted, unless you are waiving your right to inspect the home. You will also need to schedule an appraisal for the bank to review the home you are purchasing and make sure that it is worth the amount you have offered and how much you need for a mortgage loan.

Step 5: Closing Day

You have navigated through the home buying process!  Finding a mortgage lender, finding the best real estate agent for your home search, viewed multiple homes for sale, submitted an offer that was accepted, schedule a home inspection and appraisal, and submitted numerous documents to both your agent and mortgage lender. Today you are meeting your agent, possibly the seller, and the title company that will help you complete the process.  This meeting (your “closing”) will typically last 60-90 minutes, but sometimes will last longer depending on the details of the home loan and purchase.

Once closing is over, you can begin moving your belongings into YOUR new home!

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