HOME

noun A residence. The physical structure within which one lives; An environment offering security and happiness. A valued place of origin.

Steps To Purchasing A Home In 2023

By: Angela Pownall

Purchasing a home in 2023 can involve different strategies than purchasing a home in the last few years. The housing market has taken a turn, interest rates have risen, and home appreciation has slowed. Sellers don’t have as much the upper hand in transactions, like they have previously. Buyers can negotiate a little more on price, and repairs. Although, there is still a shortage of home inventory today, which still allows sellers somewhat of an edge in negotiating.

Regardless of the state of the real estate market, there are a few things that buyers need to know concerning the home-buying process. This process will undoubtedly be the most exciting, and possibly scary, thing one will ever experience. Buying a home is a life-changing event, so its important to know the course of action required, to ensure a smooth transaction.

STEPS TO BUYING A HOME:

1. Contact a Lender

A lender can steer you in the right direction, based on your credit score, and DTI (debt-to-income ratio), to determine what kind of loan you qualify for. And what kind of loan you qualify for determines what kind of down payment you will need. A lot of new homebuyers will be surprised to learn that you may not need to have 20% of the pur- chase price, down payments can be as low as 3.5%, or some loans require no down payment at all. Speaking with a lender can actually give you a piece of mind and develop a plan of action.

2. Create a Housing Budget

The purchase price and down payment aren’t quite the only expenses involved with purchasing a home. Other expenses such as homeowners’ association fees, and home maintenance costs need to be factored in to your monthly budget, to avoid surprises down the road.

3. Hire an Experienced and Knowledgeable Real Estate Agent

Make sure you make an informed decision, and consult with several real estate agents, to find one that is a fit for you and your needs. Also, finding an agent that is familiar with the areas you are looking for is beneficial. In addition, an informed agent can let you know if your budget is realistic or not, based on the features you request when looking for a home.

4.

See Multiple Homes

Inform your real estate agent of the requirements you have in the house you are looking for. That way the agent can set up a search that includes your criteria, making it easier for you to narrow down the homes, and then your agent can set up showings to go see them in person.

5.

Make An Offer

After you’ve selected your dream home, and are ready to

Real Estate Agent/Salesperson at Mission Haus Group

Licensed Real Estate Agent at Greater San Antonio Real Estate (210) 837-2091 https://missionhaus.home.blog/ submit an offer, this is where your agent steps in. He/she will make a competitive offer packet, including your offer price, proof of funds, preapproval letter, and any terms and contingencies.

6. Have the Home Inspected

The purpose of a home inspection is to provide an overall picture of the property’s condition, as well as any mechanical or structural issues it may have. Depending on the findings of this inspection, you will be equipped with the knowledge to either ask the seller for repairs, or even back out of the purchase.

7. Secure Your Financing

You have only a preapproval up to this point, although throughout this homebuying process, your lender has been working behind the scenes to move things along smoothly, with your home closing date in mind. Keep in mind that under no circumstances are you to make any big purchases or do anything that would jeopardize getting that final loan approval.

8. Do a Final Walkthrough of the Home

A final walkthrough is your chance to view the property one last time, before the home becomes yours. It is also a time to make sure any repairs that you negotiated with the seller have been completed.

9.

Close on Your House

Once all contingencies and repairs are addressed, and you are satisfied, the loan has been finally approved, and “clear to close”, you are ready to meet at the closing table. Once all the paperwork has been signed, you receive the keys, and the home becomes yours. Congratulations!