Buying a new home, especially if you already own one, is a process with many moving parts. In addition to working closely with a real estate agent whom you trust, brushing up on the process will help ensure your home buying experience will be as smooth as it can be. Read on if you need a refresher on the homebuying process, so you’re ready to place an offer this spring selling season confidently.
Find a Real Estate Agent
Whether it’s an agent you previously worked with, or a brand new relationship, partnering with a trusted real estate professional is your first step to help ensure a seamless home buying process.
Assess the Market
Before you list your existing home and start looking for new homes, assess your current and prospective new markets. Familiarize yourself with comparable homes to yours, as well as the market conditions for the new area you’re home searching.
Review Your Finances
Depending on your financial situation, meet with your mortgage lender, accountant or financial planner to ensure your finances are in order. Discuss scenarios such as whether or not you need to sell your home before buying a new home, what you can afford and if you require financing. It’s also important to factor in potential costs of remodeling and maintenance, in addition to furnishing a new home, which can range from 10-50% of the purchase cost, depending on your needs and preferences.
Obtain a Pre-Approval Letter
Having a pre-approval letter from your lender before starting your home search will allow you to move quickly once you find your dream house.
Prepare Your Home to List
The earlier you can begin preparing your home to list, the better. The home selling preparation process can be a significant time investment from decluttering, making repairs and having your home staged and photographed.
List Your Home
Your real estate agent will create a customized marketing plan for your home, bring in a staging company and have a photographer take professional photos. Then, they will execute their marketing plan, which will likely include digital marketing, a social media plan, flyers or mailers, open houses, broker open houses, private appointments and more.
Begin Searching for a Home
If you’re moving to a new area, you may want to work with a real estate agent who is more familiar with that area. Or, if you’re staying local, you can use the same agent for both buying and selling. In the luxury market, working with an agent who is both familiar with your new home requirements and innately familiar with the area is paramount to finding your dream home. They may know about houses about to be listed or homes listed on the private market.
With the foundational steps in place to begin searching for your new home, you can now start looking for your dream home. Whether you’re expanding, downsizing, searching for your forever home or your for now home, being organized in your home search process will help you enjoy the homebuying experience. In addition, this will help you focus on finding a home that exceeds your dream house vision.