Buying Your First Home

Purchasing a home is likely to be the most significant financial transaction in your life, an exciting yet potentially complex endeavor. It is crucial to have a trustworthy ally by your side. Opting for a real estate agent with Accredited Buyer's Representative (ABR®) credentials ensures that your desires and requirements are best advocated for.

Your chosen buyer's agent should not only be enthusiastic about collaborating with you but also possess expertise in the specific area and type of home you are eyeing. It's essential to select an agent who comprehends your needs and with whom you can establish a strong partnership. Northrop Realty boasts specialists in various fields, each offering a high level of proficiency.

Concerned about the cost of a buyer's agent? Typically, you won't have to pay directly. In most instances, the buyer's agent shares the sales commission with the seller's agent, eliminating any commission fees on your end. However, it's advisable to carefully review the Buyer Agency Agreement you sign with your chosen real estate agent to ensure clarity on any potential costs.

The Purchase Process

Talk to a reputable and responsive lender to identify your budget so that you can be prepared to act quickly once you find your dream home. Take into consideration additional expenses such as taxes, insurance, utilities, condo or HOA fees when creating your monthly budget. Remember, do not make any substantial purchases (cars, etc.) while you are in the loan process. Purchases such as these can affect your loan qualification dramatically. Click here to find out how to choose a qualified mortgage advisor.

Identify what you want in a home

Think about your lifestyle and identify which factors will influence you:

  • Type of home

  • Type of community

  • Number of bedrooms & bathrooms

  • Parking

  • Schools

  • Commute time

Once you know what you want, we will:

Work together with your buyer's agent to assemble a list of the top homes to visit and your agent will schedule the showings. This is the most exciting part. Your agent will provide you with a printed overview of the homes, but be sure to take personal notes listing the home's positive and negative qualities. It is amazing how quickly you will forget these details once you start seeing multiple homes. If you find a few houses you like, return for a second or third showing during a different time of day. This extra effort will be worth it as you will be able to experience the home and neighborhood better especially when making such a long-term investment.

Making an offer

Once you find the home you want, you will work with your real estate agent to make an offer. The list price will be a key indicator of the home's value, but your agent will also provide a market analysis to ensure that the list price matches comparable homes in the area that have recently sold. Depending on the home and the inventory, be prepared for a potential bidding war. Your agent should be informed if there is additional interest so that you can put forth your best offer.

Your contract was accepted

Once your contract is accepted, you will proceed through a number of critical stages which include inspections, the appraisal, and final loan commitment. Your real estate agent will be with you every step of the way to ensure details are being taken care of.

Time for settlement

If everything goes as planned, you will then be ready for settlement. You will have selected a title company by this point, and you should plan to spend at least an hour or more at the settlement table reviewing all documents, signing, and then finally acquiring the keys to your new home!