The 3 Steps Many Buyers Skip When Buying a Home
In this 8-part series, How to Find the Right Home for You and Your Budget, you’ll learn how to find a home that is the right fit for your lifestyle, needs and, most importantly, your budget. It takes you through every single step in order to help you make a smart real estate decision.
There’s a very specific formula and step-by-step approach that buyers – like you — should take to make sure they end up with the home that best fits their needs and budget.
It requires some initial patience on your part so that each step is done right (and then you are prepared to quickly put in an offer with confidence when you reach that point!).
Don’t Skip These Three Steps
No one should rush out to purchase a home before they are ready since this is a big financial decision. Remember that slow and steady gets the “prize”!
First, you should have determined your deal breakers, “must haves” and lifestyle goals. That process was covered in a previous article from this series —12 Questions to Answer Before You Step Foot in an Open House. Go back and read it again, and then you can move forward once you’ve answered the 12 questions.
Now you’re ready for the next three important steps. But do not bypass these steps since you’ll end up wasting time, getting confused and, ultimately, risk buying a home that you regret.
- Get pre-approved
Many people start looking for a home before they truly know what they can afford. They have an idea of their price range, which is good…but there are several other factors and costs that will affect how much they want to spend.
My most successful transactions happen when my clients first understand all the costs and the timing of when those costs occur. Buying a home is a big deal and a big financial commitment. This can be a great thing for you! Purchasing a home is a great way to build your financial portfolio, and that is a SMART DECISION.
And depending on the current market, houses may be moving very quickly. Not having your pre-approval letter in your hand and knowing exactly what you are comfortable spending will slow you down and you could miss out on THE ONE. Don’t set yourself up to fail by not being prepared!
Instead, be ready. Not sure who to speak to? I have a list of lenders who I am happy to share with you.
2. Slow down and understand the current market
I love watching shows about purchasing homes and renovating homes! That’s what you will find me doing on a Sunday afternoon…but sometimes these shows leave out some very important details of the current market trends.
So, be sure you are not getting your home purchasing lessons from a TV show. Reach out to a local agent and talk through what is happening in the market right now. Is it a seller’s market or buyer’s market? What is the average days on market? What terms are being accepted by sellers?
I know, this takes a little more patience than calling an agent when you have found a house online, but I promise this will result in a better outcome for you.
Finding the RIGHT home is a process so, take a deep breath, slow down and understand the process; you might just enjoy it more and you will find the RIGHT home!
3. Decide who will represent you
There is a lot more than meets the eye to buying a home. You need someone experienced in the type of home you are buying—price range, location, and loan programs you’ll be best suited for. Not every agent knows how to help every buyer.
Start with getting recommendations from friends and family. Think about where they bought and their price range. Only ask people in your life who would be buying something similar. Ask them what they liked and didn’t like about the agent they worked with.
Once you have a list, reach out to at least two to three agents and ask them how they work and where they have sold homes recently and in what price range. Then set up an appointment to meet them for an initial consultation.
You don’t need to know everything about the home-buying process before you meet, they should be educating you about the process and what you need to know to make your first purchase successful.
Be honest with your agent and soon you’ll get a sense if you and your agent will be compatible and well-suited together. It’s important to have a good working relationship and be attuned to each other.
That way, your agent will “get” you and be able to also anticipate your likes, dislikes, and needs in a home even better than you may at this point!
This is important since you want your agent to guide you toward homes that will work best for you, and your wants, needs, and budget … and not waste time on homes that do not.
Congrats, you did not skip these important three steps! Now you can move forward. It’s time to figure out how to pay for your new home!
Hope you are enjoying this series — How to Find the Right Home for You and Your Budget – and look out for next week’s article. You’ll learn the best way to budget for and finance your first home purchase.
I'm Jennifer Mestayer (Med-E-A) and I love helping Cypress families buy and sell their
homes as they move through the varying stages of life. From first homes to forever homes...
Let me know how I can help you make your real estate dreams come true.
Cy-Fair Real Estate
16718 House & Haul Rd, St N
Cypress, TX 77433
schedule your free consultation