Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by Megan will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Start by thinking about how you live day-to-day. What neighborhoods fit your lifestyle? What features matter most — outdoor space, a home office, proximity to transportation, or top-rated schools? Clarifying your goals early helps to focus your search and find the right fit faster.
Before touring homes, it is helpful to understand what you can comfortably afford. You will need to review your income, savings and credit score. When considering your budget, you also want to factor in property taxes, insurance and potential HOA fees, closing costs and moving expenses.
Your real estate agent will be able to connect you with a few local lender options. It is never too early to connect with a lender who will gather information from you and will outline your financing options. Your lender will provide you with a mortgage pre-approval which will set your price range, show sellers that you are serious, and give you confidence when it’s time to make an offer. In competitive markets, a strong pre-approval can make all the difference.
The agent you choose matters. Your agent will be your guide, advocate and strategist. Look for someone with deep local experience, up to date technology to help you to find properties, an understanding on how to spot value and red flags, clear and consistent communication, positive relationships with other local agents, and superior negotiation skills. Buying your first home is smoother and less stressful when you have an experienced local real estate agent in your corner.
My goal is to provide you with the most personalized service that is designed to help you buy your dream home
Now the fun part begins! Together with your real estate agent, you will set up custom property searches and alerts and hand-select homes that fit your goals and lifestyle. As you begin to tour homes, you may change your search criteria periodically. You will attend showings and open houses until you find the property that fits your current vision. Touring many different properties can help to give you the confidence that you need when you find “the one”.
Prior to making an offer, your experienced real estate agent will provide you with a Comparable Market Analysis (CMA) to help you to determine the ideal offer price, based on local trends, condition and timing. You will have a clear understanding about recent comparable sales, market conditions, and seller motivations as you determine your offer price, earnest money amount, close date, tax prorations, financing options and inspection contingency options. You want your offer to stand out from other offers so that you can secure the home that you love. Often sellers provide a counteroffer to potential buyers. Your real estate agent will help to negotiate for your best overall outcome. When both parties have agreed to the terms, a final contract will be prepared by your agent and signed by the sellers.
After your offer is accepted, you will need to do your due diligence with the help of a real estate attorney and a professional inspector. Your real estate agent will provide you with a list of trusted professional if you need. Your inspector will assess the home’s condition and provide you with a detailed inspection report that will help you to determine if you ask for any credits or repairs from the seller. Your attorney will review the contract, disclosures, and title, and will ensure that you are protected throughout the deal. These steps help to provide you protection and ensure that you fully understand what you are purchasing.
Once the attorney review and inspection review are complete, your lender will order an appraisal to confirm the home’s value. Once approved, your loan moves into the final stages, and you will receive a clear-to-close — the best three words in the process!
On closing day, you will sign the final documents, receive your keys, and celebrate your new home. Closings in Illinois are usually handled by your attorney and title company, with funds transferred electronically the same day.
Congratulations — you are officially a new homeowner! Your experienced real estate agent will be by your side long after closing. Whether you need a trusted contractor, a design referral, or market updates for future planning, they will be there for you.
Contact Megan today to find out how she can be of assistance to you! Work with an experience agent that will put you first. The Scott Stavish Group offers expansive online real estate listings in Evanston, Chicago and the Northshore Communities to help you find exactly what you're looking for! Work with an experienced agent that will put you first.
