At the start of a new year, many real estate agents’ phones begin ringing with calls from potential buyers who want to get in the market. If buying a home is on your agenda for 2015, now’s the time to begin working toward your goal. Here’s a guide to the home buying experience to get you started.
The dreaming phase
We are all more connected than ever, which makes researching a new home easy and convenient. The dreaming phase — which has no definitive start time or length — means thinking about what you want in a home, exploring neighborhoods and casting the widest net possible.
This phase includes looking at photos of homes online, comparing and contrasting listings or prices per square foot and understanding the price differential between two school districts.
Dreaming happens on your terms and your timing. It doesn’t require help from a real estate agent or mortgage professional. It’s a good time for you to play around with the market, start to get the real estate bug and develop a feel for what could be a reality in the future. Don’t rush, and don’t feel pressured.
Search and discovery mode
When you feel ready to make a reality of the dreaming phase, it’s time to move the process along. Search and discovery allows you to get the facts, build your team and begin to amass a strong approach to pushing ahead. Connect with a local real estate agent and a mortgage lender to get started.
Typically, buyers meet with a real estate agent first, who then refers them to a good local mortgage professional. Connecting with an agent means asking lots of questions about how the market works, school districts and the home buying process in general.
In the dreaming phase, you don’t know what you don’t know. But during search and discovery, you’ll start gathering solid information. A mortgage professional will run some numbers and do a full review of your finances, including pulling your credit. They will marry that data with available loans in the market and teach you about the different loan options.