Get Pre-Approved
The path to homeownership should begin with a pre-approval. Buyers who are pre-approved receive preferential consideration during negotiations because they have already demonstrated their financial ability to purchase and are viewed as more serious than those without pre-approval. Securing pre-approval also prevents the disappointment of finding the perfect home only to discover that financing cannot be obtained. In addition, a pre-approval establishes a clear and accurate price range, helping buyers shop with confidence and focus on homes within their budget.
Select a Realtor
Choosing the right real estate agent is one of the most important steps in the home-buying process. Your agent will work in partnership with you from start to finish, often handling both business and personal matters with discretion. Because the agent plays such a critical role in resolving issues and guiding you through each stage, it is recommended that buyers interview at least three real estate professionals before making a decision. Look for an experienced agent, knowledgeable about the local market, and willing to provide references. Once you select the right agent, formally designating them as your buyer’s agent ensures they are fully committed to representing your best interests throughout the transaction.
Look at homes
It is important to limit the number of homes looked at in one day because they begin to run together. It’s a good idea to use a checklist to help future homebuyers track the properties they have seen. It is also helpful to actually begin to narrow down the properties after each visit. For example, if house #3 was better than house #2, immediately eliminate house #2.
Communicate which houses you don’t like with your Real Estate professional. Sometimes it takes time for home buyers and agents to really have a good grip on exactly what home buyers like. If home buyers become interested in a for-sale-by-owner, they should ask their agent to contact the seller to see if the seller will cooperate with a buyer’s agent.
Select a Home
Once the search has been narrowed to one or two homes, the agent will conduct the necessary research to assist in the evaluation; however, the final decision rests with the buyer. In most cases, buyers find the choice easier than expected. For additional information, buyers may contact local chambers of commerce for community statistics or consult local zoning and planning offices to learn about future development plans.
After a specific property has been selected, the agent will prepare a comparative market analysis (CMA). This analysis helps determine the property’s fair market value by reviewing recent sales of similar homes in the same neighborhood or area, providing a solid foundation for making an informed offer.
Making an offer and negotiation
When preparing to make an offer on a property, it is important to determine in advance how much to offer. Your agent’s market analysis will serve as a valuable tool in establishing a fair and strategic starting price. If there is personal property the buyer wishes to include, it should be clearly stated in the purchase agreement. The agreement should also outline the proposed closing date and identify any planned inspections.
During negotiations, it is best to remain objective and avoid taking anything personally. Placing yourself in the seller’s position can provide perspective—understanding what may be non-negotiable while remaining flexible on other points can help move the process forward. A skilled agent will provide guidance on how to structure the offer effectively. Once submitted, the seller may accept, reject, or present a counteroffer. The countering process can continue through several rounds, so it is important for all parties to remain patient, keep emotions in check, and stay focused on the ultimate goal of reaching an agreement.
Get inspections and remove conditions
If your offer includes time to complete inspections or other requirements, it is considered a conditional offer. Conditions may include financing approval, satisfactory inspection results, receipt of acceptable condominium estoppel certificates, the sale of an existing property, or other specified terms. It is essential that all deadlines outlined in the contract are met and that each condition is removed in the precise manner described. Your agent is responsible for overseeing this process to ensure everything is handled accurately and in compliance with the agreement.
Walk-through
Most sales agreements grant the buyer the right to conduct one pre-closing inspection, often referred to as the final walk-through. This is the buyer’s last opportunity to identify any issues and ensure the seller has corrected previously agreed-upon repairs. Typically, contracts require that major systems—including electrical, plumbing, appliances, heating, and air conditioning—be in working order at closing. During the walk-through, buyers should confirm these items, as well as any other repairs or replacements the seller has committed to.
If defects or missing items are discovered, several remedies may be available: the seller may correct the issue prior to closing, provide a credit to the buyer for the cost of repair, or place sufficient funds in escrow to ensure the work is completed if the seller does not follow through.
For new-home purchases, the process may differ. Builders typically conduct a walk-through one to two weeks before closing to create a “punch list” of items requiring attention. Ideally, all items are completed prior to settlement; however, most new-home contracts permit builders to resolve minor outstanding issues within a “reasonable” timeframe after closing.
Closing on your home
Closing day is when the borrower signs all of the required mortgage documentation, which can often feel extensive. There is no need to feel intimidated—borrowers are entitled to receive all closing documents at least three business days in advance, allowing time for review and questions. At the closing appointment, the borrower must provide any required down payment and closing-cost funds. These funds must be in the form of certified funds or a cashier’s check, as personal checks are generally not accepted.
Moving day
The final step in the home-buying journey—moving—can feel overwhelming, but with thoughtful planning, the process can be much smoother. Begin by arranging for a moving company as early as possible, and request estimates from at least three providers to secure the best value. Most movers will conduct a home visit to assess the volume of items and the distance involved.
Be sure to update your address with the post office, your bank, and any creditors at least 30 days before your move. To avoid missed statements or late payments, follow up to confirm the changes have been processed. About 10 days prior to your move, contact utility providers to schedule service connections at your new home, ensuring everything is ready when you arrive.