Buying a house is a big deal, and no small decision but where do you start? Our team specializes in breaking it down, meeting you where you’re at, and splitting the process into simple steps makes it much easier.
Here are 4 easy steps to follow:
1. Check Your Finances 💰
This can be daunting. No one is expecting you to be the most experienced person with money. Sometimes knowing that you’re tired of paying rent is enough to start the process. This is a place where if you’re unsure of where you stand, a conversation with a helpful agent will help you put your financial position into perspective. If you do want to get a handle on how that conversation will go and get a head start, here are four steps to take.
- Review your credit score and report.
- You can check your credit report for free from each of the three main credit bureaus. We did a video about this on our YouTube channel. You won’t get a score but it will tell you if there are any outstanding bills or derogatory issues affecting your credit that would cause your score to go down.
- Save for a down payment (typically 3-20%).
- If you have the downpayment already saved
- Maybe you’ve already got the savings in place or maybe you’re getting a gift from a family member, perfect!
- But what if you don’t?
- There are some grants available for home buyers depending on your income. Our team can provide you with more information and connect you with lenders who can help.
- If you have the downpayment already saved
- Get pre-approved for a mortgage to know your budget.
- We work with a list of highly talented local lenders who know our contracts, will be able to compete with national banks on rates, and have lower closing costs than many national or online lenders. When you work with our team, we can connect you with these lenders to see who is the best fit for you.
2. Determine What You Want 🏡
Sometimes knowing what you don’t want is just as important as knowing exactly what you want. A real estate agent can help you determine what is important to you as your guide through the process. Our team tries to ask open ended questions to learn what buyers are looking for in a home. Storage, space, usable square footage, location, and many other factors go into deciding what home is right for you.
- Decide on location, size, and features.
- After our initial conversation, we will send you our “Getting to Know You” questionnaire which will ask you what you’re looking for in a home and where you’d like to live. This will also provide us with information about your schedule for touring homes and other aspects of the home purchase process that will help us as your agent.
- Consider school districts, commute, and amenities.
- What do you enjoy doing? If you’re not familiar with the area, we can help with that too! We offer an area tour to help clients learn about the different neighborhoods and things that Peoria (or the surrounding communities) have to offer.
- Make a list of “must-haves” vs. “nice-to-haves.”
- We have a number of “guidelines” for clients. One of those guidelines is “don’t settle”. Knowing what is negotiable and not is imperative, especially in a competitive market. We often express that we sometimes are “harbingers of hope” as much as we are real estate experts and guides. For over 13 years, we’ve been helping clients through this process. It’s easy to get disappointed in the home purchase process which is why we serve to remind clients that there is a light at the end of the tunnel and to walk beside them to get there.
3. Find a Real Estate Agent 🔍
You’re going to want someone who makes you the focus of the process. Buying a home can be overwhelming. Your life doesn’t slow down just because you’ve decided to buy a home. That’s where your agent comes in, to handle the details so that you can focus on the big picture.
- Choose a reputable local agent.
- You’re on our website, look no further! It’s not a bad idea to compare a few agents. Who do you relate to? Do you like them? We spend a lot of time with our clients so having a good rapport is essential. Are they competent? Do they follow through and do what they say they’ll do? Can you trust them? All of these are essential to a good working relationship and that’s what you’ll get with our team. Talk with one of our team members and you’ll probably find someone that you’ll be confident can help you along the path.
- They’ll guide you through listings, negotiations, and paperwork.
- Our mission is to empower and educate by providing you with the information, resources, and counsel you need to make great decisions. Our job is to offer suggestions about options for homes to consider although most often clients will also send us homes they like. We negotiate on a daily basis and have trained to improve our skills. It’s also our job to understand and summarize paperwork as part of the process. When our contract, industry, or market changes, we are up to date on all the details so that we can communicate those to clients.
4. Start House Hunting 🚪
This is where the fun begins for many people and the part that they mainly show on TV for a reason.
- Visit open houses and schedule showings.
- Your prequalification or preapproval letter from your lender is your ticket to view homes without worry. We as your agent are happy to attend open houses with you as well. Or you should feel free to visit open houses and inform the agent hosting the open house, who is most often not the listing agent, that you are already working with an agent.
- Compare options based on budget and needs.
- You want to own your home, it shouldn’t own you. We believe that your home should be restorative and be the place where you recharge to take on the challenges of life and work. You can’t do that if your home is too large a part of your take home pay. When talking with your agent, they should help you figure out where you’ll be most comfortable.
- Be patient—finding the right home takes time!
- In a competitive market some clients have made multiple offers to find the right home. Following the steps above will put you into the best position to be successful in finding a home that you will love.
If you’re ready to start with the home buying process, we’re ready to help. Talk with one of our team’s agents by setting up a high information/low pressure conversation.
