December Market Update 2023

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First-Time Homebuyers Checklist

Photo Cerdit: Unsplash Buying a home can seem like a daunting task, which is why we made this straightforward checklist of the steps you will follow when buying your first home! Gather up financial information and meet with a lender: Before you start the search for your dream home, take the time to gather essential financial information and meet with a reputable lender. This crucial first step ensures you know your budget and sets the stage for a successful home buying experience. Information needed by a lender may include credit history, proof of income, debt information, and assets and savings.    Create your wants/needs list: With your financial foundation in place, the next step is to consider the features and characteristics you want in your future home. Consider your needs, non-negotiable elements that are necessary for your daily life, and your wants, desirable amenities that would enhance your life but may not be essential. Consider your future needs as well as your present ones, and make sure these are prioritized on your list.   Work with a realtor: As you begin your journey in finding your future home, working with a seasoned realtor can make all the difference. Realtors offer invaluable experience and knowledge in local markets, access to listings, skill in negotiating, insightful advice, and guidance through the buying process. Working with a real estate agent will ensure you get the best price and house for your needs.   Start a home search: When beginning your home search, keep your list of wants and needs at the forefront. Use online resources as well as your real estate agent to find houses for sale, and attend open houses when offered. Make sure to share your thoughts on different houses with your agent so they can tailor further showings to your preferences.    View homes, keep notes: When you are viewing multiple homes, it is easy to get mixed up with the layout, location, and amenities each home offers. Taking photos and notes when viewing a home is crucial when you are comparing and looking back on houses later. Consider noting the layout, condition, outdoor spaces, neighborhood, recent renovations, and anything else worth remembering about the home!   Write an offer: Once you found a home you can envision yourself living in, it’s time for the next step. Crafting a compelling and well structured offer is vital for securing your dream home. Your realtor is invaluable at this time, so consult with them to determine an offer price that is reasonable and competitive. An offer typically includes contingencies on home inspection, appraisal, and financing, and a closing date.    Inspection: Once your offer is accepted, the next step is to get your future home inspected. Work with your realtor to find a qualified home inspector, and attend your home inspection to ask questions and get details on the home’s condition. Once completed, you will review your inspection report with your realtor, who can offer insight on which repairs will need to be done and at what price. If the inspection reveals significant issues in the home, you may have to adjust your offer or walk away from the home in extreme circumstances.    Appraisal: The next step after inspection is getting the home appraised (if getting a home loan), which is typically initiated by the lender. The purpose of the appraisal is to ensure the property’s value is significant enough to support the loan amount. The lender will select a licensed appraiser to provide an unbiased assessment of the property's value. The appraised value will then be used to finalize financing of the home.    Closing day: Closing day is the highly anticipated day where you finally become the official owner of your new home. Coordinate with your real estate agent in reviewing the closing disclosure, which outlines the final terms of your mortgage, and conducting a final walk through on closing day or the day before. Make sure you are aware of any closing costs included in your closing disclosure, such as fees for appraisal, title search, or attorney fees. During closing, you will sign a series of documents including the mortgage note and deed of trust. Make sure you read through these thoroughly and do not hesitate to ask questions. After documents are signed and the deed is transferred, you will receive your keys and own the home!  Pro Tip: arrange for utilities and internet to be set up prior to your move-in day to ensure continuous service. Call ahead of the closing day and coordinate timing to be on our after the closing day, but before your actual move in date.   Moving day: Congratulations, you are a homeowner! The last and final step in buying your first home is moving into it. Prepare for the move by coordinating with movers or creating a moving plan, and make sure to label boxes well! Ensure that you set up utilities ahead of time so that you have water and electricity. Also make sure to change the locks so only you have the key to your new home. Pro Tip: change your locks as soon as you receive the keys to your new home.

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November Market Update 2023

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