The Home Buying Process Overview

Before diving into the market, assess your financial health. This includes reviewing your credit score, determining your budget, and understanding how much you can afford in terms of down payment and monthly payments. It’s also the time to get pre-approved for a mortgage, which will give you a clear idea of your buying power and make you more attractive to sellers.

With your financial groundwork laid, begin your search. Consider factors such as location, size, amenities, and future resale value. Employing a real estate agent can provide you with valuable market insights and access to listings that meet your criteria.

Once you’ve found a home that meets your needs, it’s time to make an offer. Your real estate agent will help you determine a fair offer price based on comparable homes in the area and any other market conditions. This offer will also include terms such as the closing date and any contingencies. On whether to hire a buyer’s agent at all, how the post-2024 commission rules trap the unwary, and how to claw back a chunk of the commission, see section “Do You Need a Buyer’s Agent — and How to Pay One Less”.