Steps to Buy a Home

If you want to own a home, it may be a good idea to enter the housing market sooner rather than later. That way, you can go from homebuyer to homeowner in no time at all.

Ultimately, there are three steps to buy a home:

1. Conduct an Extensive Home Search

The home search, aka "the fun part" of the homebuying journey, enables you to select a residence that matches or exceeds your expectations.

During a home search, you'll want to attend open houses and home showings. These events will allow you to take an up-close look at a variety of residences.

Of course, don't forget to check out many home listings as well. These listings offer lots of details about a home and can help you differentiate an ordinary residence from your "dream" house.

You also may want to get pre-approved for a mortgage before you kick off your home search. If you receive pre-approval for a mortgage, you can enter the real estate market with a budget in hand and narrow your home search accordingly.

2. Submit an Offer

If you find a house that you want to own, there is no need to wait to submit an offer. Because the longer that you hesitate to make a proposal, the more likely it becomes that a rival homebuyer will swoop in and acquire your dream house.

Prior to submitting a home offer, it often helps to conduct plenty of housing market research. Look at the prices of recently sold houses that are comparable to the residence that you'd like to buy. Then, you can put together a competitive offer that accounts for a house's condition as well as the current state of the housing market.

It is important to note that a seller has the right to accept, reject or counter your home offer. But if you submit a competitive initial offer on a house, you can increase the likelihood of an instant "Yes."

3. Finalize Your Purchase

After a home seller accepts your offer, it may be only a few weeks until you finalize your home purchase. At this time, you'll want to conduct a home inspection to identify any potential problem areas and address such issues as soon as possible.

When it comes to buying a home, there is no need to forgo a home inspection. If you fail to complete an inspection, you risk buying a house that has underlying issues that you may need to mitigate down the line.

In the weeks leading up to closing day, you will want to have a trusted real estate advisor at your disposal. Fortunately, real estate agents are available who can help you discover a great home and streamline the process of getting to closing day.

A real estate agent is happy to keep you up to date throughout the homebuying cycle. And if you ever have homebuying concerns or questions, this housing market professional is happy to address them.

Purchase your perfect home – use the aforementioned steps, and you can make your homeownership dreams come true.