The ripple effects of the pandemic have found their way into all aspects of life, including the homebuying experience. Buying a home may seem particularly daunting in a masked, socially distant world, but it needn’t be. That’s why it’s important to find guidance you can trust.
A REALTOR® is a member of the National Association of REALTORS®, and these agents can safely guide you through the process.
Below is a step-by-step homebuying checklist, according to members of the National Association of REALTORS®.
1. Team up with the experts.
You need an expert and an ally in your homebuying journey. When you work with a REALTOR®, you’re working with a professional who has committed to abide by a strict Code of Ethics, which ensures honest and fair dealings with clients, other real estate professionals, and the public.
2. Figure out your finances.
Interest rates are still at historic lows, so your monthly mortgage payment may be less than you expect. But even if you feel confident that you’re ready for mortgage payments, you’ll need to get your finances in order to include all potential costs associated with the home purchase.
3. Establish your property needs.
Carefully consider what you want in your new home. An agent who’s a REALTOR® can help you narrow your search and find the home that’s right for you.
4. Get a mortgage pre-approval.
Unlike pre-qualification, which gives you an idea of the mortgage amount you’ll likely qualify for, a mortgage pre-approval is a conditional commitment to actually grant you the mortgage. Since the start of the pandemic, sellers have wanted to avoid unnecessary showings. Some seller’s agents are requiring pre-approval as a way to weed out people who aren’t serious buyers.
5. Conduct your house hunt.
Now for the fun part! With all of the technology available, you have more options today than ever when it comes to viewing homes, whether that’s in-person or virtually.
6. Make an offer.
Once you’re ready to commit to a house, you’ll need to be prompt in submitting an offer. Work with your agent to discuss the best strategy for placing a competitive bid. Here are the steps you will take with the expertise and guidance of a REALTOR®.
7. Go under contract.
The seller just accepted your offer and you’re officially under contract! Now, it’s time to think about inspections, closing, and moving day.
8. Close the deal.
You’re almost at the finish line – it’s closing day! Buying a home in a pandemic means that some of the administrative work may take place online. Your agent should have the expertise to get you through to a worry-free closing.
Want to find a REALTOR®, a member of the National Association of REALTORS®? Click here.
Click below to watch a video on the Future of Homebuying