find your answer.
Step 1: Start your research early
As soon as you can, start reading websites, social media, newspapers, that have real estate listings. Make a note of homes you are interested in and see how long they stay on the market. Note any changes in asking prices. This will give you a sense of the housing trends in neighborhoods where you’re interested in purchasing a home.
Step 2: Determine how much house you can afford
Calculating your debt-to-income (DTI) ratio will help you get an idea the monthly mortgage payment you may be able to afford. You can determine this ratio by adding up the total of your current monthly debt payments and dividing that number by your monthly income.
Step 3: Find the right real estate agent
Real estate agents are important partners when you’re buying or selling a home. Real estate agents can provide you with helpful information on highly desirable homes and neighborhoods.
Their knowledge of the home buying process, negotiating skills, and familiarity with the area you want to live in can be extremely valuable.
Step 4: Shop for your home and make an offer
Start touring homes in your price range. It might be helpful to take notes or carry a checklist along to all the homes you visit. It can be tough to remember everything about them, so you might want to take pictures or videos to help you remember each home.
Step 5: Get a home inspection
Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing. Your real estate agent might be able to help you arrange having this inspection conducted within a few days of your offer being accepted by the seller
Step 6: Coordinate the paperwork
As you can imagine, there is a lot of paperwork involved in buying a house. Your lender will arrange for a title company to handle all the paperwork and make sure that the seller is the rightful owner of the house you are buying.
Step 7: Close the sale
At closing, you will sign all the paperwork required to complete the purchase, including your loan documents. It typically takes a couple of days for your loan to be funded after the paperwork is returned to the lender. Once the check is delivered to the seller, you are ready to move into your new home!
A home is most people’s biggest purchase. A thoughtful, thorough, and comprehensive approach will suit you well when it comes to buying the real estate where you’re going to be spending a significant portion of your time.
Once under contract, the typical timeline is about 20–30 days to close on a home. Let’s not forget the steps leading up to that point—house hunting, pre-approval, and application process. Whether it’s your first home, an upgrade from a starter home to something larger, or downsizing after many years, you shouldn’t rush the process.
