Congratulations! Buying your first house is a huge step. It is often the biggest purchase you will ever make in your lifetime. Home is where we live, where we sleep, where we build our lives – and it feels good to own that space.
Your first escrow is filled with unknowns and questions. Your KALEO Realtor is there to guide you through the process, answer your frantic phone calls, and let you focus on the exciting part: you are getting keys to your first house.
Timeline to Buy
You have the idea: I want to buy my first house. How long is it until you are using your own set of keys to open up the front door? The timeline from the idea to close of escrow can be several weeks to months. It depends on a variety of factors like how quickly to do you get in contact with a lender, how many houses you want to see before you find one you like, and whether it is a buyer’s or seller’s market.
Some buyers look at homes for 8-12 weeks before finding the perfect house whereas other buyers walk into an open house and choose to buy that house. Everyone’s home buying experience is unique.
The timeline to buy your first house is what your REALTOR and lender can guide you through. You do not have to be the real estate expert — that is why you have an agent representing your needs and acting as your fiduciary.
Financial Considerations
The financial considerations – how much you can afford and what loans are available to you – are topics handled by your lender and not your agent.
Are you pre-approved?
Are you pre-qualified?
Is there a difference between pre-qualified and pre-approved?
Once you have your pre-approval amount, then you might have more questions.
Is this monthly payment for a house or a condo? Does HOA affect my monthly payment? How much taxes will I pay per year?
Using a Buyer’s Agent
There is no reason not to! A buyer does not have to pay to use a buyer’s agent. In the traditional broker-agent, listing agent, selling agent model, the compensation to the buyer’s agent is arranged at the listing contract date between the listing agent/broker and the seller.
The important part for a buyer to know is that using a buyer’s agent is free to you! A buyer does not pay for mileage, buyer showings, writing up contracts, or any of the services an agent provides throughout the escrow.