Why the First Step in Buying a Home is NOT Looking at Houses

When you shop for a stereo, you go to the store an look at stereos. If you want to buy new shoes, you head to a shoe store. But when you start thinking about Buying a Home, if your first stop is viewing homes, you’re setting yourself up for a less than ideal situation. Here’s why.

The real Step 1 of Buying a Home is to consider what you want and need in a home. Consider the shoe example again. If you set out looking for shoes, it’s likely you’ve already considered what color and style you need. Is there an outfit you’re trying to coordinate with? What purpose will these shoes play in your wardrobe? It’s alright once in awhile to buy shoes on a whim then realize later it wasn’t a smart buy. But buyer’s remorse for a house is something altogether different. Think soberly about what your needs and wants are, from home to neighborhood to school district to commute, and more. It’s too easy to get caught up in the emotion of a home if you haven’t set the ground rules for what you will or will not consider. For more information on thinking about what you need in a home, click here: A Guide to Determining Your Home Wants & Needs

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Step 2 of Buying a Home is to get a good coach for your team by meeting with and hiring a Real Estate Agent who serves as your Buyer’s Representative. If you skipped this and went straight to looking at houses, chances are good you are seeing the home with a Seller Representative. When you call the agent listed on a real estate sign, that person already has a contract with, and a loyalty to, the seller of the home. You want someone who will be loyal to YOU! Learn more: Why You Need a Buyer’s Agent

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Step 3 of Buying a Home is to meet with a mortgage lender. By talking with a loan officer BEFORE you shop, you gain the upper hand in negotiations because you will know how much you can afford, what your payments will be, how high you are comfortable going on sales price, how much you need in closing costs, and you know you will be able to close more quickly and give the seller more confidence in your buying position than a competing buyer who has not yet taken these steps. Plus, by getting the mortgage ball rolling early, you can relax while home shopping and not stress about “I hope I can afford this house” but instead focus on homes you know you can afford.

Armed with the knowledge of what you want & need, the partnership of a great buyer’s agent, and a loan pre-approval, you’re ready to look at homes.

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