Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.
Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.
Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.
Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where my expertise and wealth of knowledge come into play. Let me show you around some homes that meet your dream home criteria so you can find the one that's right for you.
My Goal Is to Provide You With the Most Personalized Service That Is Designed to Help You Buy Your Dream Home
This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.
Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.
In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.
Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.
Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.
No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
We had an incredible experience working with Meghan, and we couldn’t imagine navigating the process without her. From the beginning, her expertise in the Main Line real estate market was evident. She has a deep understanding of...
We are delighted to provide this testimonial for our exceptional real estate agent, Meghan Houder. From the moment we started working with her, it was evident that she is not only incredibly passionate about her job but also hi...
Trish was a pleasure and a privilege to work with in the search for my first home. Trish worked in my best interest always, took initiative, and was extremely thorough and informative about properties and policies so that I was...
I had the pleasure of working with an outstanding realtor over the past two years, and I can't express enough how grateful my family is for her exceptional service. From the very beginning, Meghan exhibited a perfect blend of p...
It was truly a pleasure working with Trish. I knew her from early morning spin classes at the gym years earlier. While I know many realtors personally, I chose Trish because I felt she would truly have my intentions at heart an...
We must admit, we started our home search process confident that with our local area knowledge and armed with all the real estate apps, we would not need a Buyer agent - boy, we were very wrong. Late-night chats, competitive si...
This comes as a most sincere and highest recommendation on behalf of Meghan Houder. We have known Meghan for more than 2 years and met her as the representative of Janizcek Homes when we were searching for a condo that would me...
We met Trish in the early stages of our search to leave the city and find a home in the suburbs in which to raise our baby. We were immediately impressed with her professionalism and felt very comfortable in our interactions. S...
Meghan was the ultimate support system throughout our home buying process. She remained focused on our needs and gave honest feedback as we took months to find our home. She never let us settle and answered (or hunted down the ...
Trish is the epitome of everything you could ever need and want in a realtor. Her market knowledge is unmatched; no one knows the Philadelphia Mainline better. Trish is a gifted communicator, skilled negotiator, and creative pr...
Meghan Houder was our real estate agent when we were handling a very tricky house sale from overseas. Our overseas work commitment was extended, and we decided that it was time to sell our Philadelphia home that we built and ow...
Working with Trish was an incredible experience from start to finish. She was endlessly patient throughout our search, helping us navigate a competitive market with confidence and clarity…and not once did we feel rushed or disc...
My family and I had the pleasure of working with Trish and Meghan during the sale of our home in Wayne, PA. Our primary objective was to expedite the process before the beginning of the school year. Once they learned of our agg...
Just wanted to send a quick but huge thank you for your endless support, advice, and patience with the three transactions (purchase of two units and sale of one). We can be a handful, I know, so dealing with our sudden twists, ...
We cannot begin to express the appreciation we feel, and we are so glad we stumbled upon you that cold day in Villanova. This process was sometimes frustrating, but you never made us feel alone, and we finally made it to our pe...
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