Hi Future Homeowner! Welcome to my first blog post on the 7 key steps to purchasing a home. We’re focusing this post on Millennials because they make up approximately 43% of our populations First-Time Homebuyers according to NARS (National Association of Realtors). So tell those Boomers to take that avocado toast and shove it because we are here for the equity, the toast, and most importantly the champagne for after we sign those papers!
STEP 1
Interview and work with a Real Estate Agent. Don’t just go with Aunt Sally because your Dad said you had to. First off it’s probably been a hot second since said Dad has purchased a home and Aunt Sally’s last transaction was probably in 1989, the year you were born. Kidding…. Kind of. Interview at least 2-3 agents. I’m a real estate agent and I’m telling you to interview me and two more people before making a final decision. That’s how confident I am in A. My skills as an agent and B. The importance of having a great not just good agent working on your behalf.
Buyers often make the biggest mistake of their home purchase on rule #1. They don’t interview or hire an agent before finding their dream home and then they end up with Joe Shmoe who does one deal a year and is not their best option. When is the last time, if ever, that you forked over $50,000 dollars at a time?! Find yourself an Agent who treats your money like their money.
STEP 2
Connect with a Lender. Sometimes this step happens before rule #1 and honestly that’s fine, you are just that much more prepared. Sometimes the Agent you are working with will require you to get pre-approved with their lender just to verify that you have the funds and to also give you the best options when it comes to mortgage loans. New build communities will always require you to get approved with their lender, BUT as the Buyer you always have the ability to work with whomever your heart desires. Side note: I would take heed in listening to your agent on what lenders are amazing to work with, not all lenders are created equal.
STEP 3
Be specific on your home search wants and needs, BUT if I’m being 💯 with you keep an open mind. Tour the house with the shit pictures. I once had a client that didn’t want to tour a property because of a fireplace picture, that house is now this clients first home and they love it. A fresh coat of paint goes a long way and what you initially think you might like may not be what you end up with. Be willing and ready to be ok with that.
STEP 4
Take the tours. Keep your house tours to a maximum of 6 per day. More than 6 becomes overwhelming in one day, trust me. If you are an out of town client and have to see more than 6 that is of course fine, but after you see 3 you have to eliminate at least one. It keeps you in check and helps make the process smoother for yourself and your agent.
STEP 5
You found the house! And guess what? you’ve also come prepared with the agent you interviewed and hired a few weeks ago and your pre-approval in hand. Put your agent to work and write that offer. If you picked a good one you should be in good company to make this home yours!
STEP 6
You’re under contract, congrats! It’s not over yet though…. you still have home inspections, appraisal and negotiations. Your agent should have several inspection companies to recommend and choose from, the appraiser will be hired by the lender and the negotiations will happen after the inspections are complete. Lucky for you Buyers are starting to gain some negotiating power with closing costs and purchase price, and with your savvy agent your 100% going to come out on top.
STEP 7
It’s closing day, you’ve completed your final walkthrough (hopefully the day prior in the event something is wrong or missing). You’ve wired your money and you have your drivers license ready to go. Let’s sign some papers! IF you gave the sellers a temporary occupancy (lease back period) for after the closing, ALWAYS I repeat ALWAYS, get a key at the closing table. That house is now yours and they are now your tenants. You absolutely need to have a way in to your home. Other than that get that moving van in. Your agent might have a recommendation for that one too, if you hired me!
Chelsea, your Millennial Realtor.
