Buying a home should be one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first-time homebuyer’s guide created by our team will reduce the stress of buying a home and help you enjoy the journey.
Decide which communities, home features, and property types you and your family prefer. Have candid conversations about which of these characteristics are required, and which are “nice to have” in your next home.
Examine your current expenses and determine how they might change if you purchase a home. Create a comprehensive household budget so you can factor in any new ongoing expenses that might come with a home purchase, such as garbage and recycling, water, or homeowner’s association fees. Once you decide how these expenses will change, you’ll be better equipped to leverage the information you get in step three.
Prequalification is a great start for understanding your purchasing power, but it’s not the only factor. A lender may pre-approve you for more than you’re comfortable spending, which is why the budget you compiled in step two is so important. The opposite can also happen, where you believe you can afford a certain payment every month, but the bank doesn’t agree. This often happens when you’re new to your job, have insufficient credit, or have bankruptcies or other financial issues in your history.
Also, a prequalification letter can make you a more competitive candidate in multiple-offer situations to The Arizona Purchase Contract requires a Pre Qualification Form be submitted with your offer too.
Now it’s time to choose your dedicated buyer’s representative. Regulations enacted in 2024 require a signed buyer’s agreement before homes can be shown, ensuring clear representation and accountability. Beyond opening doors, a buyer’s agent helps you understand the local market, identify the right areas and homes for your lifestyle, craft competitive offers that align with your financial goals, and navigate negotiations and details so you can move forward with confidence.
Finding the perfect home and navigating the purchase process can be daunting. Leverage our knowledge and expertise and enjoy your personalized real estate journey.
Your agent will arrange showings of properties that meet your specific criteria and price range, taking note of your likes and dislikes to further refine their search parameters. They’ll help you explore the details — from storage to light switches to the flow of a home — and understand the pros and cons of the options in front of you. They’ll also help you make time to explore the neighborhood and examine elements like local traffic at different times of the day, parking options, and proximity to neighborhood amenities like schools and grocery stores.
Once you’ve narrowed down your home search, it’s time to go back to the mortgage provider who prequalified you in step three and obtain preapproval. With a property and purchase price in mind, your lender can get much more specific about your interest rate, monthly payments, the term of the loan, and special programs such as first-time homebuyer grants and loans through the VA and FHA. While you will primarily work with your bank to select the right options for you, we’re here to offer support and recommend mortgage providers we’ve worked with in the past if you get stuck.
Once you have selected the perfect home and have your finances in order, your agent will help you craft a fair offer price based on the value of comparable homes on the market. You’ll also work through details such as timing, contingencies, and fees. After your agent submits the offer on your behalf, they will help you negotiate counteroffers and reach an agreement with the seller. At this point, the house will go into escrow.
In most cases, your offer will be contingent on the home passing inspection. This protects you from purchasing a property that has serious structural issues or requires major repairs. We have a list of trusted local providers, but you can hire any licensed home inspector you like. If the inspection uncovers major issues, you can withdraw from the sale or renegotiate your offer based on what needs to be fixed.
The appraisal is a standard part of the financing process and helps confirm that the home’s value supports the purchase price. Your lender will order an independent appraisal to evaluate the property and provide an objective opinion of value. In most cases, the appraisal aligns with the agreed-upon price. If questions do arise, your agent will walk you through the options and help determine the best path forward so the transaction can stay on track.
While there are documents to review at closing, this step simply brings everything together. Your lender and title company will have everything prepared and ready, and we’ll be there to guide you through it. Once the paperwork is complete, the home is officially yours—keys in hand and a new chapter underway.
ADDRESS 2485 N GREAT WESTERN DR STE B PRESCOTT VALLEY, AZ 86314
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ADDRESS 2485 N GREAT WESTERN DR STE B PRESCOTT VALLEY, AZ 86314
Fill out the form and a team member will contact you shortly.
