Money Matters: Purchasing a home; it’s the American dream!
My parents came to the United States as refugees from Vietnam in 1975. In the mid ’80s, they were finally able to scrounge up a small down payment to purchase their modest home in Seattle. They have lived in that same home ever since. Our family has had countless memories there and it remains the best investment my parents ever made.
What’s your home ownership dream?
Owning real estate is definitely part of the American dream. But unless you’re armed with vital information regarding the buying and selling process, it could become overwhelmingly stressful. Our team provides full service for both buyers and sellers, but for the purposes of this article, we will take a look at a seven-step process first-time home-buyers can use to get started:
The first step is to imagine your ideal home. We recommend writing down characteristics that are important to you. If you have a partner, this may be a fun exercise you can do together!
The second step is to categorize your “must-haves” and “nice-to-haves.” There may be a time you may have to choose between properties and it will be very beneficial to know your priorities beforehand.
The third step is to contact an experienced real estate professional who can team up with you towards achieving your homeownership dreams.
Step four is to get financially qualified; this will involve contacting mortgage lenders. Your income, credit scoring, and debts are part of this process. Once you know what “up to” purchase price you’re qualified for and how much down payment you’d need, then you’re ready to begin the search. According to recently published articles, Washington state mortgage interest rates have been at their lowest in recent years. First-time buyers are benefiting from favorable loan products, and repeat buyers are taking advantage of the attractive rates and loan terms.
Step five is where the fun comes in! Your real estate broker will work closely with you to identify properties that align with your parameters. You may end up touring four homes in one weekend, or fourteen homes in one month, depending on available inventory on the market.
Once you find that perfect home, it’s onto step six: Preparing your offer. With your financial health being the driving factor, your real estate professional can advise you on strategies of a competitive offer.
Step seven starts when you’re in contract and components of the purchase and sale, such as Title, Escrow, Inspections, Funding, Closing, etc. is part of the transaction. Lean on your real estate team for their expertise during this process.
While it may feel overwhelming at times, with the right team being your advocate and facilitator, your dream of owning a home can become a reality!
At RE/MAX Northwest, there’s a caption that resonates with me: “Home is not a place; it is a feeling.” Our team’s priority is matching you with a home that gives you that special feeling each and every day.
How may we help you?
Daniel Dovinh, Broker RE/MAX Northwest, Bothell MDO & Associates, LLC Mary Ong, Managing Broker Real Estate License #25032.
Telephone: (425) 442-0303 / (206) 310-3362.