Homebuying Made Simple
Are you thinking of buying a new home? It’s exciting to envision yourself enjoying a beautiful house in a neighborhood you’ve always dreamed of living in. But the homebuying process can also feel overwhelming. There are so many complex details to navigate, so how can you be sure that you’ve made the right decision?
With over 82 years helping homeowners, our McGraw REALTORS knows the smoothest ways to create a pleasurable, successful homebuying experience. And we’re dedicated to making the process easy for you, so you can enjoy your dream home.
What is the Homebuying Process?
Purchasing a home is not like buying a pair of shoes or even a new car. There are certain things you will need to do to prepare before you start looking for that perfect home, and then certain steps that industry professionals can help you take as you move forward. Though not exhaustive, these 11 steps are the backbone of your home buying process.
1. Define Your Goals
Start by considering what you want in a home. It’s particularly important to ask questions before you buy your first home, but it’s also useful for experienced homeowners. Clarifying why you want a new home, what features are must-haves, and what you are willing to compromise on will help you narrow the search and recognize the homes that will work best for you.
2. Check Your Credit
The better your credit score, the easier it is to obtain a loan with a low interest rate. It can also determine the total you can borrow and the types of homes and mortgages you’ll be qualified for.
3. Establish a Clear Budget
Research the area where you’d like to live to see how homes there are valued, and also weigh the monthly mortgage payments you’re comfortable with to come up with a budget range you’d like your purchase to fall into.
4. Obtain a Lender’s Pre-Approval
The homebuying process moves more quickly when you have been preapproved for your loan. Many seller’s agents will request that only pre-approved buyers tour homes, especially in competitive markets. A pre-approval will ensure that you know much the lender is willing to loan you, avoiding the disappointment of falling in love with a house and then realizing it’s not affordable.
5. Select a Real Estate Agent
While searching on your own can give you some starting ideas, it’s smart to choose a real estate agent early in the process. Real estate agents have access to hundreds of listings, including homes that may not be listed elsewhere. Their expertise is so useful, you’ll be glad you chose someone early to help you navigate the homebuying process.
6. Decide on Neighborhoods and Begin Looking
There are many promising areas in Oklahoma and Northwest Arkansas for homebuyers. When you know which neighborhoods or towns you prefer to live in, it’ll streamline your search. You can drive by houses, look at photos/videos, and visit in person to get a better feel for each home you’re considering.
7. Make an Offer
Once you have found a house that is promising, it’s time to make the seller an offer. This is when a real estate agent can benefit you, because they’ll help you negotiate the asking price, an attractive bid, and a good contract.
8. Get an Inspection
Inspections protect you as a homebuyer by ensuring there are no hidden surprises that lessen the value of the home. This is also a good time to begin measuring and envisioning how you’ll lay out furnishings.
9. Set Up Insurance and Utilities
You’ll want a home insurance policy that begins as soon as you close on the house. Setting up utilities to begin on your closing date is also a good idea.
10. Attend the Closing
On this day, you’ll review and sign paperwork, such as the deed to your home, and provide a bank check to the seller. Papers will be filed at the local courthouse to make it all official.
This is the day you’ve been waiting for since you first began your home search. You can move in and make your new home your own!
How a Realtor Makes the Homebuying Process Simple
The homebuying process can be daunting, especially when you try to go it alone. That’s why using an experienced real estate agent who listens closely to your needs can make the process a lot smoother. Here are eight reasons why using a real estate agent makes home buying simple:
1. Provides expert advice
Real estate agents are specialists in their real estate market. If you’re looking to buy real estate in Oklahoma or Northwest Arkansas, our McGraw REALTORS know the area inside and out.
2. Requires no-cost commitment
It’s the seller who pays, and you enjoy the benefits of expert assistance.
3. Eliminates problems
Realtors can spot red flags fast, helping you avoid problem houses and difficult sellers.
4. Navigates financing
Purchasing a home is a significant investment, involving loans and more. Real estate agents can provide guidance.
5. Eases time spent
Researching neighborhoods, homes, and more can be time-consuming. Your realtor helps by doing much of the legwork for you.
6. Negotiates contract
This is one of the key ways an agent can help you. Realtors have handled numerous contracts in their time; they know what to look for and how to ensure you get the best deal.
7. Provides recommendations
The homebuying process involves a variety of people — lenders, inspectors, repair teams, attorneys, title companies, other realtors, etc. An experienced realtor knows them all and can recommend reliable people to you.
8. Is objective
Realtors can provide you with a realistic, objective assessment of each home and contract you consider, saving you from emotional decisions.
Enjoy the Peace of Mind that Comes with Homebuying Guidance
Purchasing a home can be full of ups and downs, but working with an experienced real estate professional who knows your market can smooth the process and make it delightful. Our McGraw REALTORS provide expert advice as we show you stellar properties that fit your preferences in Oklahoma and Northwest Arkansas. And it’s easy to begin the process! Simply schedule a consultation, and let us know what you’re looking for. We look forward to helping you find the home of your dreams.