The single most expensive purchase most people make in their lifetime.
When a person moves it is considered one of the top 5 most stressful things they can do. In our legalistic society, buying a home can be complicated and risky with all the forms, contingencies, legal documents and disclosures. To alleviate some of the uncertainty and fear in buying a home here are some tips in sequential order to help you traverse through the process.
According to the National Association of Realtors, 98% of home buyers start their home search online. That’s good. But to get the most accurate information and advice, a potential home buyer should set up an appointment with a Realtor to create a “buying a home” plan. A good agent will discuss your top priorities, goals, objectives and concerns including your time frame. Another topic to discuss is the areas you would like to live in.
Next, you and your agent can talk with a couple of mortgage lenders to determine which would be the best fit. During the lender interview process you can secure documentation (a Good Faith Estimate) to determine your price range and monthly payment. It is important not to skip this step. 25% of all canceled escrows in California were due to buyers not being able to qualify.
Once qualified, your agent will send potential home listings. Drive through desired areas to gauge preferences. Determine top neighborhoods, with backups. Start viewing homes in target area. Interview neighbors, assess comparable sales, and market data. Decision factors: location, price, décor. Ask: Do I like it? Can I see myself living here? Is this the one I want to make an offer on? If 'yes' to all, it's offer time.
In writing an offer, your agent can discuss with you a negotiation strategy that would work best in your current market. Most people prefer to start with a low offer and work to a middle ground with the seller but you may have to submit your best offer first.
Once your offer is accepted, open escrow to initiate the home-buying process. Work with your agent to manage timelines and tasks. Create an organized calendar of events. Hire a professional property inspector. This period can be stressful, managing escrow and your move simultaneously. Take it one step at a time and avoid becoming emotionally attached until closing. Continue exploring the market during escrow.
Closing escrow is an important step in the home-buying process. Don't forget to transfer utilities to your name to ensure a smooth transition into your new home. Congratulations on completing the sale – now it's time to enjoy your new home! We hope this information was helpful, and we wish you the best of luck as you continue with the home-buying process!
Embark on your home buying journey in beautiful San Diego with us by your side. Let's navigate the real estate landscape together and find your perfect place in this sunny paradise. Start your adventure with us today.