Buying your first home is a big decision. Knowing the process will help you have a more enjoyable experience. Here’s a core guide to each phase of the home buying process.
- Phase 1: Deciding If It’s The Right Time For You To Buy
- Phase 2: The Pre-Qualification Process (Most Buyers Require A Mortgage)
- Phase 3: House Hunting
- Phase 4: Negotiations
- Phase 5: Escrow, Inspections, & Underwriting
Phase One: Deciding If It’s The Right Time For YOU To Buy Your First Home.
Smart buyers decide to buy when it fits into their plans for…
- Family. Are they planning to get married, have children or empty their nest? Will any of these plans compromise their space needs or location priorities?
- Career. Is there job security? Is there possibility for relocation or will they be working in the same area for the foreseeable future? Are there plans to start working less or start their own business in the months or years to come?
- Financial. Are there foreseeable changes in income or expenses? Promotions, school loans, medical bills, having kids, kids moving out or going to college…
- Life. Is there a comfort to make the commitment to live in the same area?
Getting caught up in the game of trying to buy at the absolute bottom of any market is taking a risk of losing very favorable conditions. Many who bought in 2004 through 2006 got caught in that game when they saw inventory and interest rates dropping. That quickly turned into a complete change of the market with inflated pricing. Then a much needed correction in today’s market caused many to lose those homes they bought in the frenzy. It’s no secret that now affordability is at an all-time high with low home prices and interest rates but does owning a home fit into your plans at this time?
First Time Home Buyer Secrets To A Successful Purchase