Buying a home should be one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first-time homebuyer’s guide created by your agent will reduce the stress of buying a home and help you enjoy the journey.
Decide which communities, home features, and property types you and your family prefer. Have candid conversations about which of these characteristics are required, and which are “nice to have” in your next home.
Examine your current expenses and determine how they might change if you purchase a home. Create a comprehensive household budget so you can factor in any new ongoing expenses that might come with a home purchase, such as garbage and recycling, water, or homeowner’s association fees. Once you decide how these expenses will change, you’ll be better equipped to leverage the information you get in step three.
Prequalification is a great start for understanding your purchasing power, but it’s not the only factor. A lender may pre-approve you for more than you’re comfortable spending, which is why the budget you compiled in step two is so important. The opposite can also happen, where you believe you can afford a certain payment every month, but the bank doesn’t agree. This often happens when you’re new to your job, have insufficient credit, or have bankruptcies or other financial issues in your history.
You’re not required to stick with this lender when you ultimately finance your purchase, but this process is a great way to vet mortgage providers. Also, a prequalification letter can make you a more competitive candidate in multiple-offer situations.
Now it’s time to find your dedicated real estate representative! Regulations enacted in 2024 require real estate agents to obtain a signed buyer’s agreement before showing consumers homes. Of course, your agent does a great deal more than opening up listings; Your agent can help you understand your local market, identify areas and properties that fit your specific criteria, help you create competitive offers that match your financial and logistical needs, and much more.
Finding the perfect home and navigating the purchase process can be daunting. Leverage my knowledge and expertise and enjoy your personalized real estate journey.
Your agent will arrange showings of properties that meet your specific criteria and price range, taking note of your likes and dislikes to further refine their search parameters. Your agent will help you explore the details — from storage to light switches to the flow of a home — and understand the pros and cons of the options in front of you. Your agent will also help you make time to explore the neighborhood and examine elements like local traffic at different times of the day, parking options, and proximity to neighborhood amenities like schools and grocery stores.
Once you’ve narrowed down your home search, it’s time to go back to the mortgage provider who prequalified you in step three and obtain preapproval. With a property and purchase price in mind, your lender can get much more specific about your interest rate, monthly payments, the term of the loan, and special programs such as first-time homebuyer grants and loans through the VA and FHA. While you will primarily work with your bank to select the right options for you, I'm here (Your agent) to offer support and recommend a mortgage provider I've worked with in the past if you get stuck.
Once you have selected the perfect home and have your finances in order, your agent will help you craft a fair offer price based on the value of comparable homes on the market. You’ll also work through details such as timing, contingencies, and fees. After your agent submits the offer on your behalf, your agent will help you negotiate counteroffers and reach an agreement with the seller. At this point, the house will go into escrow.
In most cases, your offer will be contingent on the home passing inspection. This protects you from purchasing a property that has serious structural issues or requires major repairs. Your agent has a list of trusted local providers, but you can hire any licensed home inspector you like. If the inspection uncovers major issues, you can withdraw from the sale or renegotiate your offer based on what needs to be fixed.
The appraisal ensures that you are paying a fair price for the house. Your mortgage provider will hire an appraiser to inspect the property and offer an independent opinion of its value. Sometimes, appraisals may come in too low, which can impact the amount of money the bank is willing to lend. In this case, your agent can help you determine next steps and navigate the appeal process.
No one looks forward to all the paperwork stacked up on the closing table, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company. And, when you’re finished, you’ll be the legal owner of your new home.
Your moment has arrived. Once the final documents are signed, your new home becomes officially yours. In most Florida closings, funding is completed the same day or by the next business day, and once the seller receives the proceeds, the keys are yours. Get ready to step inside, take a deep breath, and celebrate the beginning of a beautiful new chapter in the home you have been dreaming of.
I had found Etta back in 12/20 looking for a home in the Tampa area. At that time I was not sure when or where I was going to move to Florida simply browsing at the time. Somehow [and lucky for me] Etta kept my number. Thru out...
Etta was wonderful in assisting my fiancé and me to purchase this home! We had been searching for months because we were very fickle on our price range, and where we wanted to be so it was a bit of a struggle for a while. Etta ...
We are new to Florida. We met Etta while we were in our old residence. She provided relevant and appropriate information, ideas, and thoughts on the different areas that we were considering. She kept in contact knowing we were ...
Etta was wonderful to work with. What she may have lacked in-market expertise, she more than made up for it with dogged determination and perseverance. At the time, I was looking the market was saturated with eager snowbirds fe...
Etta was a pure pleasure to work within the search for a Florida vacation home. She had an unending drive to find a home that suited my “can be picky” tastes. She quickly observed what I liked and continuously delivered home op...
Her artful negotiation skills have helped her to successfully manage transactions involving the sale of properties. As your real estate agent, she will be honored to have the opportunity to get to know you, what your needs and goals are, and provide you with the best solution to help you reach your real estate dream!
