What is the first step of the home buying process?

The first step in the home buying process is usually getting your finances in order. This includes assessing your credit score, saving for a down payment, and getting pre-approved for a mortgage.

Why is it important to get pre-approved?

You should always get pre-approved for a mortgage before you start looking at homes. This avoids getting your heart broken if you fall in love with a home that is out of your range. Having a pre-approval letter in hand, speeds up the process of submitting your offer where you won’t have to wait for the pre-approval letter and risk the chance of someone else’s offer getting accepted before yours.

How long does it take to buy a home?

The time it takes to buy a home can vary widely based on factors like the local market, finding the right property, securing financing, and the intricacies of the transaction. On average, it can take anywhere from 4-6 weeks to several months to complete the process.

What is a seller’s market?

A seller's market is when there are more buyers looking for homes than there are homes available for sale. This scenario often leads to increased competition among buyers, higher prices, and quicker sales, typically favoring sellers due to the limited housing inventory.

What is a buyer’s market?

A buyer's market occurs when there are more homes for sale than there are buyers actively seeking to purchase. In this situation, buyers have more negotiating power, prices may be lower or more stable, and properties tend to stay on the market for longer periods.