What to Expect During the Homebuying Cycle

by Meg Burke 11/24/2019



The homebuying journey may prove to be long and complex, particularly for an individual who fails to plan ahead. Fortunately, there are lots of things that you can do to get ready to pursue your dream house, such as:

1. Make a Homebuying Budget

A homebuying budget will give you a good idea about how much money you have at your disposal to find your ideal residence. Thus, if you craft a homebuying budget, you can hone your house search to residences that fall within your price range.

As you craft a homebuying budget, you should consider both your house mortgage and closing costs. That way, you can prepare for myriad costs that you may encounter as you try to acquire your dream house.

You also may want to meet with various banks and credit unions. These financial institutions can help you budget for a home purchase. Perhaps best of all, they can help you get pre-approved for a mortgage.

2. Narrow Your Home Search

You know you want to purchase a house, but it usually is beneficial to understand what you want to find in your dream residence. If you put together a list of home must-haves and wants, you can narrow your house search accordingly.

Consider your short- and long-term aspirations prior to launching a home search. For instance, if you need a home that is close to your office in the city, you may want to check out residences in or near the city itself. On the other hand, if you aspire to own a residence that includes a state-of-the-art heating and cooling system, you should explore homes that offer this feature.

3. Hire a Real Estate Agent

A real estate agent is a must-hire, especially for an individual who wants to seamlessly navigate the homebuying journey. Because if you have a real estate agent at your side, you can take the guesswork out of finding and purchasing your dream residence.

Typically, a real estate agent learns about a buyer's goals and crafts a personalized homebuying strategy based on his or her aspirations. If you want to purchase a budget-friendly house as quickly as possible, for instance, a real estate agent will help you accomplish your goal. Conversely, if you are operating on a tight homebuying budget, a real estate agent will do everything possible to help you find a first-rate house that won't put you in the red.

Let's not forget about the homebuying expertise that a real estate agent possesses, either. A real estate agent understands all aspects of the homebuying journey and will share his or her industry insights with you. Therefore, if you ever have concerns or questions during the homebuying journey, a real estate agent will respond to them at your request.

Those who understand what to expect during the homebuying journey can boost the likelihood of finding a terrific house at an affordable price. Thanks to the aforementioned tips, you could reap the benefits of a successful home search.

About the Author
Author

Meg Burke

 Meg & Loudoun County: Back in 1993, we moved here from Pennsylvania, thinking we'd stay for a year or two -- now it's been well over twenty five! In the past I was a broadcast advertising rep (Philly market) and at-home mom, until in 2000, when I jumped into the real estate business. Even with all the ups & downs, I've loved this business ever since! I've raised two wonderful children in Loudoun County Public Schools (www.lcps.org); one is a recent VA Tech graduate, and the other graduated from UVA. I've come to know Northern Virginia well and truly enjoy calling Loudoun County "home." Northern Virginia, and Loudoun County in particular, expanded dramatically in the mid 2000's; but along with the rest of our nation, experienced the challenging real estate market contraction of the "great recession." Luckily, our area has been back in a solid growth trend in recent years, so we are seeing fewer distressed properties and both resale and new construction homes are selling well. Let me assure you: Even as it grows, Loudoun County continues to be a wonderful place to live! Where else can you live less than an hour from concerts at the Kennedy Center or Capitol Center, Smithsonian Museums, the AND the Appalachian Trail? Loudoun County Notes: One of Loudoun's strengths is that we have a broad-based economy. We are not just a federal government dependant suburb. For example, did you know that over 70% of the world's Internet traffic flows through Loudoun County daily? (https://biz.loudoun.gov/) Ask me about the 45 mile-long Washington & Old Dominion Trail, which is great for jogging, walking the dogs or even an all-day bike trek. https://www.novaparks.com/parks/washington-and-old-dominion-railroad-regional-park Do you enjoy wines? Loudoun County is home to award-winning vineyards, with a reputation that is growing every year. www.visitloudoun.org/things-to-do/wine-country/ Serious shopper? Then you must visit the Leesburg Corner Premium Outlets! The antique shops in Leesburg, Purcellville & Middleburg are fantastic. You won't want to miss my personal favorite: the Waterford Fair in October -- an outdoor juried crafts fair in historic Waterford. www.waterfordfoundation.org History buff? Gardener? Perhaps you would prefer to stroll the grounds of Oatlands Plantation, a National Trust for Historic Preservation property; tour Morven Park or Dodana Manor in Leesburg. The farm and garden tours each year are always fascinating and enjoyable. Country Fairs are still going strong in Loudoun County. The Leesburg Flower & Garden Festival in Apri (another one of my personal favorites); the Bluemont Fair in September; Octoberfest in Lovettsville;... These are just a few of the events to enjoy throughout the year. Loudoun County and Leesburg, the county seat, are frequently included in "best of" lists (http:\/\/money.cnn.com\/magazines\/moneymag\/best-places\/2013\/snapshots\/PL5144984.html ) (https://smartasset.com/mortgage/happiest-places-in-america) There is so much to enjoy in Loudoun. Come see for yourself. I'd be happy to show you around! There are so many reasons to enjoy living here, but remember, the market is still quite fluid and challenging. Let me help you navigate your way through the interesting and sometimes overwhelming resales, short sales, foreclosures and new construction. I take my profession seriously; and although I do have my bachelor's degree (U. Penn, back in 1981), I am constantly upgrading my professional education in order to provide you with the most informed and up-to-date real estate support. Please remember: whether you or your friends are interested in buying or selling, MOVE WITH MEG! Let me help you make this a positive experience for you -- both for your family and your finances!