How to Start the Buying Process

Getting started in your first home purchase or your fifth includes essentially the same steps. It’s a multitude of considerations including evaluating your wants and needs, deciding on the ideal home style and neighborhood and making sure you are financially ready. That may sound daunting, but it’s an exciting time to explore your options and your REALTOR® will be there every step of the way.

1. Wants vs. Needs.

   These are all important questions to ask yourself as you begin the
   home search process. Your agent will open the door to a bigger and
   better real estate market and create a plan that will allow you to find
   a home that’s as unique as you once you have examined your
   fundamental wants and needs.

   1. What are you looking for in your next home?

   2. How much space will you need?

   3. Are there specific amenities you can’t live without?

   4. How long do you intend to stay in the home?

2. Ideal Home Style and Neighborhood.
   Decide what is important for location. Do you want to be close to work, school, your place of worship or specific city amenities? What home styles speak to you? You will find list making and pros vs. cons analyses an important part of your journey and your answers will be invaluable pieces of the puzzle for you and your REALTOR® as you begin your search.

3. Financial Readiness.
   Obtaining pre-approval shows sellers that you are equipped to purchase and helps you hone in on a purchase price range you find most comfortable. This is important so you don’t search for homes too high or too low for your situation. Getting preapproved requires that a lender verify your financial information, and it serves as their commitment to lend a specified amount based on that information. It will give you a number of advantages. When you find a property, sellers will take your offer more seriously given that you have a lender that has committed to backing your offer. It also gives you the assurance that you’re looking at homes you can confidently afford to finance. Your efforts will be focused on properties that match your financing abilities. You’ll have an edge over other buyers who aren’t pre-approved. In situations where there are multiple offers on a property, this can be the difference between having your offer accepted or losing the property to another buyer.