HOME BUYING GUIDE FROM McGRAW REALTORS
The search for the perfect home can sometimes seem like an unachievable goal. You want the right home in the ideal location, with exceptional amenities at an unbeatable price. Is your dream home out there?
Buying a home can be complicated—and overwhelming—unless you have a comprehensive list and a good realtor to find the right house to meet your qualifications. A great realtor can usher you through the home-buying process without a hitch. After all, they will have a strong network of connections and resources from a reputable real estate company to help you find the right home at the best price.
How can you find all of this in one place? By hiring a realtor who works for a reliable real estate company; someone who can help you plant new roots in the home you’re meant to own.
There are all kinds of reasons why people set out to buy a new home:
No matter your reason, at McGraw Realtors, we’ll walk you through the entire process of buying a home here in Oklahoma:
We’re here to simplify a complicated process. Here’s what you need to know about buying a home.
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We all picture the American dream with 2.5 kids, maybe a dog and, of course, a white picket fence. However, there are many steps you have to take to acquire the home that comes along with that picket fence.
Is it worth it? What are the perks of buying your own home?
Here’s what you need to know about home buying benefits and why it makes sense to buy a home:
Your realtor will be well-versed in all the benefits that you’ll see from buying a home and can even help you prepare for the changes you’ll see in your annual taxes. This can include all kinds of perks:
The home buying process is so much more than finding a home with a gourmet eat-in kitchen or an expansive walk-in closet. Of course, it’s important to find a home that fits your needs, but how do you make it officially “yours”?
Here’s what you should know about buying your first home and what the entire home buying timeline entails:
Before you start making a home buying checklist, don’t forget that your realtor is there to help you with all of this. At McGraw Realtors, we know all the little tricks to make this process an easier one.
Buying a new home can be an emotional process. How can you keep your emotions in check while keeping a clear eye on your finances?
Here are a few common home buying pitfalls to be aware of before you begin house hunting:
You may also not know where to look for expensive, disaster-causing hidden problems with the home. Certain issues can end up costing you more than you expect once you move in, like:
You can ask your realtor to keep an eye on these things for you at each house you visit. Especially when looking to buy a lakefront home or a home near Grand Lake, you want to be armed with knowledge about what you need and what you should expect from each home.
Before you buy your first home, there are a few things to take note of, like how much your mortgage payment will be or what the process of buying a home can cost. You can use this mortgage calculator to ensure that you are shopping for a home within your budget.
Finding the right home loan is just as important as finding the right home. You should prepare a budget ahead of time and be aware of the kinds of loans available.
When coming up with a home budget, you should keep the following costs in mind:
Your home buying budget should also include things like emergency repairs, updates, and new appliances throughout your time in the home as well as the rest of your life. After all, you don’t want to buy “too much house” and not have room in your budget for other things. Using a mortgage calculator can help you come up with a budget that’s manageable so you know how much house you can afford.
When financing a home, there are several kinds of loans to consider before you talk to a mortgage lender:
These loans are covered by the Federal Housing Administration for low- to middle-income homebuyers, and they require lower down payments and lower credit scores to finance.
This type of loan is available through the U.S. Department of Veteran’s Affairs to those who have served in the armed forces. A portion of the loan is guaranteed by the VA, and the loans are provided by private lenders.
These loans are not guaranteed by a government entity and are acquired through a private bank or mortgage lender. They come in multiple varieties based on your needs and preferences.
Whether you are a first-time homebuyer or looking to upgrade to a luxury home, you can ask your lender about what to expect, including document prep fees or if it offers any kind of mortgage incentives or first-time buyer assistance programs.
When buying a home, the seller will expect that you may do some negotiating to bring down the price, and most realtors encourage homeowners to price their home a bit above market value to allow for these negotiations.
What should you know about home negotiation?
Once you’ve landed on a home sale price, what should you know about closing on a home?
The process of a home closing is run by an escrow agent. It involves a lot of paperwork and a lot of signatures. Homebuyers bring a cashier’s check to pay for closing costs, which means you should be prepared to pay 3 to 5% of the loan in total. The title is signed from the current homeowner to the new homeowner, and the deed is registered with the appropriate government office.
At this point, the real estate agents receive their commissions, and the seller receives any profit they may have made from their sale once the balance and closing costs are paid.
To protect your credit score and your loan, avoid doing the following after closing on a home:
There are so many reasons to hire a buyer’s agent when you’re searching for a new home. Unless the home is being sold by the current owner, there will be a seller’s agent involved. What is the main difference between a buyer’s agent and a seller’s agent? The seller’s agent isn’t there to represent you; they’re there to represent the seller. It makes sense to have an expert on your side to protect your interests so you get the best deal possible.
A buyer’s agent can do the following things for you:
What should you expect when you work with an agent?
Realtors work on commission, which means they get paid when the sale is closed. This commission is based on a predetermined amount established by the seller, which is somewhere between 2.5 and 3% of the sales price, which comes from the seller’s profits. The seller’s agent receives a similar commission.
Should you use the same realtor to sell your current home and help you find a new one? If you’re moving close by, it might benefit you to have the synergy of working with the same person. They even know what you love and hate about your current house to help you find the next one! If you are planning to move to a new neighborhood or city, your realtor may be able to help you find a new agent to make things simpler.
What kinds of questions should you ask before hiring a realtor?
At McGraw Realtors, we have a large roster of branches and realtors throughout Oklahoma and Arkansas, which means we have qualified experts right down the street from your ideal neighborhood. We can help you find the best home for you in the perfect location.
When looking for the right real estate company and realtor to help you find your dream home, McGraw Realtors is the right choice. When it’s time to buy a home, we’re here for you as a full-service brokerage with innovative technology and a large collaborative network of professionals in the industry.
We’re well connected, and every real estate agent on our team uses these connections to help you find your forever home at the optimal price with streamlined, stress-free processes.
McGraw Realtors is the largest local real estate company in Northeastern Oklahoma, and our real estate agents have been named to the list of top realtors in Tulsa, but our reach doesn’t stop there. We served future homeowners throughout Arkansas too, and we’re well versed in the nuances of Oklahoma real and Arkansas real estate.
For over 80 years, we’ve been helping homeowners sell their homes for the best prices possible, and we can help you find the right home at the right price too. Every real estate agent on our team goes through our real estate school for Realtors to learn more about the industry and our high standards.
In our opinion? Our name and reputation are built on the work of our agents, and we work carefully to hire the best in the business. We’re committed to working with leaders who are dedicated to ethics, excellence and creating a strong community.
McGraw Realtor is a true full-service brokerage. We’re regularly expanding to offer you the best possible experience and the most offerings in every neighborhood you desire.
At McGraw Realtors, we’re here to take the stress out of buying a home. We’ll help you land the best price and ensure it’s not just a stress-free experience, but an enjoyable one. McGraw Realtors operates on one simple tenet:
It should be simple to find and buy the right home.
Our team of experienced real estate professionals will listen carefully to your needs, then deliver the best results. Ready to find your dream home? Schedule a free consultation with us today, and get a no-obligation consultation and a list of homes for sale that fit your needs.