Thinking of buying your first home? Congrats! You are already taking the first step in building long-term wealth and stability. As with anything worth doing, the hardest part is getting started. Researching the process, like you are now, will set you up for success. Knowing how to get started and what to expect, especially during this phase, is the key to having a positive home buying experience. These are the steps to take if you're considering buying your first home.
The one single thing that will help you the most as a first-time home buyer is connecting with a lender to determine your budget. Even if you know you have good credit and you have a pretty good idea of what you want your budget to be, it's tough to move forward in the process without financial backing. Most lenders these days have an online application, and they prefer borrowers to start the lending process there. In addition to helping you determine your budget for your house, your lender will provide you with a pre-approval letter. See this post for why it's critical to invest time in finding the right lender to support your home search.
While meeting with a lender is the single most important thing in starting your real estate journey, my recommendation is to meet with a real estate professional first. Your real estate professional will provide a framework for your entire real estate experience. He or she will walk you through the process, connect you with a lender if you don't have one, and help you develop a strategy for your purchase based on your goals.
Now that you have professional guidance from your real estate professional, and a locked in budget for your home purchase, the next step in your home buying journey is to begin searching for your new home. Your real estate professional will likely set up an automated search for you in MLS that will send you new listings and price reductions. You can also conduct your own search online via zillow.com, redfin.com, realtor.com, homes.com, etc. All of the sites get their feed directly from the MLS, so they all display the same information. Choose a site that has a design and interface you feel comfortable navigating.
When you see property listings that match your search criteria, you'll want to let your real estate professional know so they can schedule home tours for you. This is where the real fun begins! Depending on the pace of the market, my buyer's schedule, and my buyer's preferred timeline for closing, we may see properties one at a time as they pop up on the market, or we may collect a list of properties and see several at once. I do not recommend seeing more than 6 houses in any one day; they all start to run together, which makes it difficult to prioritize them or confidently choose a front-runner.
To recap, these are the first four steps to getting your first home-buying experience off to a great start and ensuring a positive experience:
1. Select a real estate professional - also called a buyer's agent.
2. Connect with a lender - get your pre-approval.
3. Search for homes using your budget and preferred amenities.
4. Tour homes.
And that's it! Once you start touring properties, you are well on your way to buying your home. If you'd like to get an idea of the entire home buying process, check out this video. If you're moving to Charleston, SC, and want to get the process started with me, you can schedule a call with me here, call or text me at 843-870-0890, or fill out the following form. Good luck to you! You can do this!!
