7Smart Steps for a Successful Home Buying Experience

uying a home can be a daunting task, but with careful planning, thorough research, and patience, it can also be an enjoyable and rewarding experience. From getting pre-approved to working with a knowledgeable real estate agent, these tips will help you navigate the process and make informed decisions along the way.

Choose Pre-Approval Over Pre-Qualification: Getting pre-approved for a home loan is a more comprehensive process than pre-qualification and can give you an edge in a competitive market. It involves verifying all of your financial information, and a pre-approval certificate can be a powerful negotiating tool.

Sell First: Selling your current home before buying a new one can strengthen your negotiating position and prevent you from being forced to accept a lower offer or pay more for a home due to time constraints. Consider taking a window-shopping trip before selling to identify potential houses and locations. Alternatively, you can add the phrase “subject to seller finding suitable housing” to your listing, giving you time to find a new place.

Make a List: Before house hunting, create a list of things you want and don’t want in a new home. Use this as a guide to evaluate each property you see and prioritize substance over style. This helps avoid confusion and keeps things in perspective when comparing available listings. The substance includes things that cannot be changed, such as location, view, size of lot, street noise, and school district. Style represents easily changed elements like carpet, wallpaper, siding color, and window coverings. Buy the house with good substance because the style can always be changed to match your tastes.

Take Your Time (But Act Quickly): Take your time to find the right home, but don’t wait too long to make an offer, especially in a competitive market. Your real estate agent should show you everything that meets your requirements, and you shouldn’t make a decision until you feel you’ve seen enough to pick the best one. And don’t get caught up in a bidding war that could stretch past your budget; as the adage goes, there are always more homes in the neighborhood.

Consider Additional Costs: Beyond the purchase price, it’s essential to factor in additional costs like closing costs, property taxes, homeowner’s insurance, and maintenance costs to ensure you can afford the home you’re considering.

Trust Your Agent: A knowledgeable and trustworthy real estate agent can make all the difference when it comes to buying a home. Look for an agent who has experience in the area you’re interested in and who has a good reputation. They can give you insights on schools, the neighborhood, and other important factors that will help you make an informed decision. Most importantly, an experienced Realtor will have an in-depth understanding of the local housing market so they can effectively negotiate on your behalf and guide you through the entire process from start to finish.

“When purchasing your first home, it’s crucial to work with a reputable lender who can provide you with information on the various mortgage options available and help you secure the best possible loan terms based on your financial situation. Doing your own research and having a clear understanding of your needs and priorities will also help you communicate effectively with your real estate agent and lender, ensuring you find a property that meets your needs and budget.”

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Valley/Liberty Lake

Licensed as a managing broker in Washington and Idaho, Joel Elgee has 20 years of full-time experience selling real estate. He’s been ranked among the top 225 Realtors in America and ranked among RealTrends America’s Best Real Estate Professionals multiple times. Joel graduated from the Universtiy of Washington School of Business in 2002 and started his career in Real Estate shortly after graduation. Joel was born and raised in the Spokane and Coeur d’Alene area and is married to the most wonderful person in the world and has three amazing children.

“These accomplishments feel good; they also motivate me to get better. There is always more to learn and lots of opportunities to grow in this business.”

— Joel Elgee