Buying a home is both exciting and stressful. You can experience a roller coaster of emotions between making your initial decision to buy and moving in. Let’s explore these stages of buying a home — in Giphy form.
1. Deciding to buy a home/take advantage of mortgage rates
Many home buyers are looking to get in on the current mortgage rates. After all, not only will low mortgage rates affect how much you’ll pay to borrow the money, it also boosts your buying power. If you’re in the process of budgeting and planning to buy a home it’s always recommended knowing what your options are at the rate available and how it can impact your future monthly mortgage payment.
2. Save money
Budgeting and saving money for a home can be daunting. However, there are a few relatively easy things you can do to start saving money fast. Having a budget in place and tracking your spending will put you on the right path towards homeownership.
3. Interview Realtors and selecting one
With such a momentous event, you’ll want to find an expert Realtor you can trust to guide you through the process. Interviewing agents on their experience, processes, and knowledge will help you gain perspective on who will keep your best interests at heart.
4. Get Excited!
You’ve got your budget in place and have hired a Realtor — now what? Your Realtor will discuss your wants and needs and find homes that fit your specifications. Tour homes, visit open houses, and get to know neighborhoods to see what you like. Soon, you will find a home that you love.
5. Missing out on your first few offers
We are currently in a seller’s market, which means that many houses are getting multiple offers over the asking price. Excitement can quickly turn to frustration, so it’s good to keep an open mind and reevaluate your wants, needs, and situation.
6. Every time your phone dings with a notification and you hope it’s a message from your realtor
Waiting for the perfect home can be excruciating. But soon your realtor will zero in on the perfect listing that meets your top criteria.
7. Your realtor tells you to look at just one more house
According to NAR, the average home buyer will visit 10 homes over a 10-week time span before finding the perfect home. And if you have very specific requests, it can take even longer! But don’t get discouraged! Go look at one last house.
8. Finding the perfect home
Looking at and ultimately finding your perfect home can be an emotional process, and many buyers have a hard time balancing between emotional and rational thinking. They enter a home and immediately begin to imagine what their life will be like in that space. They imagine all celebrations, joys, and sorrows that happen in a home. However, you need to ensure you are making informed decisions. Are there any major flaws? Do you like the neighborhood? Can you afford the home you love? The emotional aspect is important. However, it’s more important to take a step back and look at the overall picture before you make a decision. If everything matches your wants and needs, and logically makes sense, put in your best offer!
9. Learning your offer was accepted
The seller accepted your offer! The process is over, right? Wrong! I hate to tell you this, but this couldn’t be further from the truth. Go ahead and celebrate, but be aware that there are things that can go wrong between offer acceptance and getting keys. Experienced Realtors know the ins and outs of the business and are there to guide you towards the best decision and ensure the process is moving along smoothly.
10. Putting down a deposit
One way to show a seller that you are serious is to put down an earnest money deposit. This provides a fail-safe for the seller if you back out of the deal. If the transaction moves successfully throughout the process, the buyer will put that money towards their down payment or closing costs.
11. When you offer to forgo the inspection
Combine a home shortage with high demand, and what do you get? A seller’s market! There are several ways to get a leg up on the competition, but one of the most popular is to waive the home inspection. Inspections and repairs are one of the biggest stressors for home sellers. Eliminating this from an offer is one of the best ways to set yourself up for a winning offer. Just make sure to thoroughly look over the home if you are considering waiving a home inspection and listen to your Realtor’s expert advice.
12. When you find out how much money you’ll pay over the course of your loan
Your mortgage payment covers more than just how much your house is worth. Interest, taxes, and insurance in addition to how much you’ve borrowed are used to determine how much you pay. It’s important to know this structure and how much you will pay throughout the term of your loan.
13. Unexpected costs after moving in
You’ve moved into your new home — what an exciting time! But wait! Unexpected costs start popping up. Landscaping, HOA dues, maintenance of home appliances and re-keying the home can all be unexpected costs that new homeowners face. It’s always a good idea to budget for a bit of a cushion after you sign the papers.
14. Enjoying your new home
You’ve made it to the end! You can relax and enjoy your new home.
As you can see through these stages of buying a home, it can be a stressful endeavor. With an experienced real estate agent in your corner throughout the process, it doesn’t have to be. Contact us today to get started.
The Blythe Real Estate team has helped people in the Omaha and surrounding areas buy, build and sell homes since 2000. Our team of leading real estate agents will provide accurate information, industry knowledge and expert real estate advice to ensure you understand the process — from start to finish.