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Buying a home is an exciting process, but there are many steps involved. The timeline can vary greatly based on your situation, needs, wants, and goals. We’ve compiled some tips below to help you manage your expectations, which will reduce stress and result in a smoother, more enjoyable process.
Create a Focused Approach
As soon as you start seriously considering the prospect of purchasing a home, make a list that clearly details your needs, wants, and nice-to-haves. Home buyers, especially first-time home buyers, will often talk about a few specific things like a minimum of three bedrooms, a fenced yard, a big kitchen, or their ideal work commute. However, those few details aren’t enough to paint a clear picture. It also won’t filter out that many homes for sale online, and in this process, specificity is your friend.
To create a focused approach, try listing all of the things you’d love if you could wave a magic wand and have this property right now. If you’re doing this with a partner, create separate lists without talking and then come together to share. Also, when collaborating, it can help to do this with sticky notes so that you can put them up on a wall and compare, compile, and categorize needs or deal-breakers, wants, and nice-t0-haves. Get as clear as you can by asking yourself questions like these:
- What is the minimum square footage you need?
- How many bedrooms and bathrooms are necessary?
- Which type of home suits you best?
- If you’re looking at a waterfront home, do you prefer or require a low bank or high bank?
- If you’re buying land to build a home, what is your minimum lot size or acreage?
- Is it really important to you to be within walking distance of a downtown area, specific school, and/or nature?
- What driving distance is a deal-breaker for your work commute?
- What characteristics do you look for in a neighborhood? If you’re looking on Bainbridge Island, which neighborhood will suit your lifestyle best?
- How much are you willing to go over the asking price if a multiple-offer situation arises?
- If you’re downsizing, will this be a home where you can age in place?
- If you’re open to a home that needs some repairing or remodeling, what is your ballpark budget to set aside for that?
- What is your ideal timeline and what is a timeline that you can make work?
(Check out this article if you need to buy and sell simultaneously.)
Learn as Much as You Can Beforehand
It’s easy to look at houses online, but what will really help you is to learn as much as you can before you tour homes. Your Realtor should have extensive knowledge of the local real estate market. Working with a local agent can benefit you in many ways. Not only will they know the latest about your specific market, but they can also tell you about neighborhoods that may suit you best, which schools are known for what, and the amenities that are near homes you’re eyeing. Highly rated local agents also have strong ties to the community, so they can serve as a valuable resource long after closing. They will answer your questions, lay out a general timeline, and guide you through the process. The more you understand the complexities of the market and the home-buying process, the more you’ll know what to expect.
Choose Your Agent Carefully
Choosing your real estate agent is a very important decision. With a highly knowledgeable local agent, you’ll be able to better understand what to look for and what to avoid. You’ll be able to turn to someone who can discuss market trends and provide local insider information. Your agent should be a great listener, a skilled problem-solver, and a strong negotiator. And, if you’re buying here in WA, be sure to watch the video below so you’re aware of our real estate law changes.
