Ask Garden Gnomes- What are Steps to Buy a Home?

You may have questions about real estate and the steps you need to purchase a home and not sure whom to ask? You could ask me as your personal Realtor "OR" you could ask the usually reliable but sometimes erratic "Garden Gnomes".

You prefer to start with the garden gnomes, you say. OK, OK. Your Realtor is busy and the Garden Gnomes are sitting around outside in where else, your garden. Wisdom awaits...

Ask the garden gnomes about real estate steps to purchase a home and give your Realtor the day off

Walking into the garden, the Garden gnomes meditate and answer the question, "What steps do I need ot consider and do before I purchase a home?" 

Shall I look at listings on Google and then call the Seller's agent to see the home? Do I need to do something else first? Questions, questions, questions.

The Garden gnomes may say, well look for homes that have shady trees, mushrooms and a little pond. Garden gnomes love those things. They also like tall grass to hide in and holes in the wall to get out of the hot sun or cold. Other human home buyers not so much.

What is the very first thing that I should do? OK, your Realtor will jump in with some advice, because that is what I do.

Are you ready to buy a home in Arizona or somewhere else? Great! Get ready, get set, GO!  Here are the 10 steps a Buyer should take.

10 Steps to Buy a Home or What a Home Buyer Should Know (Home Buyer 101)

1. Are you ready to settle down? The average homeowner pays 1 to 4% of their income in home maintenance. The average home owner stays in their home 10 years. Are you ready to settle down with your job or need to travel and explore. Are you ready for a different lifestyle? Mowing lawn, fixing and painting on your own? What are the prospects of staying with your current employer or business. 

2. Are you ready financially? On the average mortgage loan, the borrower has a 728 FICO score. Debts are not too high to allow for the monthly mortgage payments. No past dues? Check this Home Affordability Calculator.

3. Get a Credit Prequalification Letter from your Lender. This  "PreQual" letter tells you how much home you can afford, helps your Realtor in showing you the right homes and gives you buying and negotiting power with a Seller. Without a letter you may be perceived by a Seller as a lookey loo. A Seller will be reluctant to negotiate on the price of their home with a unqualfied Buyer. Plus, you will be able to move fast if you find a great home. See more about Arizona Mortgage Loans and free home buyer grants that may be available for down payment or buyer closing cost assistance. A contract that you submit will have to have the prequal letter for a Seller to take their home off the market and sign your contract.

4. Determine your budget and lifestyle. Do you like to go out to eat a lot? Do you love the theater and ball games? Do you like to go on vacations? Some of these lifestyle choices may have to give if the home you buy is too expensive to maintain that lifestyle with the "all in" costs of mortgage, taxes, insurance, maintenance, repairs, HOA fees etc. The rule of thumb is that a home should not exceed 2.5 times your annual salary.

5. Find a Real Estate Agent to represent you and your best interests. Don't put our trust in the Seller or the Seller's agent. Get your own professional real estate agent to help you with these Realtor Services to  find the right home at the right price and that will pay attention to the contract details, inspections and lender details that benefit you, the Buyer. This will give you the Buyer peace of mind. This is the easiest step. Call or text me Jeff Masich for Buying a Home in Arizona at 480-242-6500. Ask Jeff for a Buyers Advisory with a wealth of information about buying a home in Arizona.

6. Select a property you like. Your Realtor can set up a search for homes that you like in your desired areas and with your desired features and price. This will always be up to date. The average buyer spends 10 weeks searching for homes online and in person. The average buyer looks at 10 homes physically before choosing the one they like. Choosing the home that works for you requires some thought from you and your family. Grab a cup of coffee and look for homes on Free MLS Search.

                          Your Realtor will help you find just the home you are looking for and can afford

7.  Make an offer. Your Realtor, me, will discuss the property and comparable prices with you and Make an Offer to the Seller by writing a contract for the price you are comfortable with. I will help you with comparable home sales, terms, inspections and deadlines. 

8. Inspect the home. 77% of home buyers have the home inspected by a professional inspector. At a cost ranging from $350 to $600 getting a Home Inspection will be some of the best and smartest money to spend when buying a home. The Home Inspection tells you if you should walk from the contract, ask for repairs or concessions or move ahead to close in confidence.

9. Sign a Purchase Contract: sign the contract and open the escrow with a earnest or trust deposit. Most contracts in Arizona have an inspection period and also require you to get your loan approved and home appraised. I as your Realtor will help you with this. See a Sample Home Purchase Contract that is used in Arizona.

10. Closing. The home closes at escrow, you make your down payment along with your lender if you are obtaining a mortgage loan.  I as your Realtor will be there with you and take you on a final walk through of the home prior to closing.

Congratulations on your new home!

Great! You have closed. I will give you the keys. Break out the wine and cheese and french bread and celebrate! By the way, here are some Moving Tips.

The garden gnomes may look wise and have some good answers, but I as your licensed Realtor am ready to help and represent you as your personal Seller or Buyer's agent.

Ready to give the Garden Gnomes the day off and talk to your Realtor to get your home listed? Thanks, I am ready to help you.  Are you ready to buy a home so you too can start doing nothing? For answers to your questions: Selling My Home in Scottsdale or Arizona or Buying a home in Scottsdale or Arizona.

If you are looking to move to Phoenix including Scottsdale or to buy a home in Arizona or sell a home in Arizona, contact Jeffrey Masich, Associate Broker and Realtor. I would be pleased to help you and look out for your best interests while finding you the right home at the right price!