So, you want to buy a house—now what? Buying a home is an emotional and exciting journey. You may also be wondering along the way—what am I missing? This is a common question. Here’s how the buying process works from start to finish.
Do some preliminary online searching
Researching home values in your areas of interest will give you an idea of how your budget aligns with your wish list. Later, when you meet with your real estate agent this information can provide a foundation for the home search.
Take care of the budget
Use an online mortgage calculator to determine what your monthly mortgage payment would be if you were to purchase one of these homes you’ve found online. Make some additional estimates for utilities and see if this fits into your budget.
Find an agent
Choosing the right real estate agent is the foundation of a successful home-buying journey. A knowledgeable, trustworthy agent acts as your advocate—helping you understand the market, identifying the best opportunities, and guiding you through each step with confidence.
Your agent will listen to your needs, explain the process clearly, provide expert insights on neighborhoods and pricing, and negotiate on your behalf to ensure you get the best value. With the right professional by your side, you can navigate the process smoothly and make informed decisions from start to finish.
Look at homes
Be patient at this stage. Your real estate agent may show you a variety of homes to get your reaction on features they think you’ll like. Give your agent detailed feedback so they can show you homes that are perfectly suited to you. Sometimes, this process can take months or years—So be patient. Also, make sure you let friends and family know you’re looking for a new home--you may even find out about an amazing home before it hits the market.
Make an offer
Once you’ve found your dream home, you may want to move quickly. Your agent will guide you on a reasonable first offer to start negotiations based on market conditions. Also, make sure you consider closing costs which could account for 2-5% of the home price.
Negotiate
Prepare to go back and forth with the seller a few times on price and selling conditions. Your real estate agent will be your advocate here and try to get you, their client as much as possible for your money while being fair and respectful to the seller and their real estate agent.
An accepted offer
Pop the champagne! If you reach an agreement, you’ll make a deposit to an escrow account to show good-faith. Escrow is usually 30 days where the seller takes the house off the market with the contractual expectation that you’ll purchase the house - provided you don’t find any serious problems during the inspection.
Do a home inspection
Even if the home appears to be flawless, there’s no substitute for having a professional inspector review the property for quality, safety, and general condition of your potential home. You don’t want to be surprised with a home that needs a lot of unexpected repairs. If the inspection reveals undisclosed serious defects, you can negotiate further to have the seller make repairs or discount the selling price. You’ll also likely have the option to withdraw your offer and get your deposit money back.
Closing
Once all due diligence has been completed you will be ready for closing! At closing you can expect to spend approximately an hour reviewing and signing documents.
Once completed you will be handed the keys!
