The home buying process can be elusive to first time buyers and the experienced alike. With factors like fluctuating market trends and closing costs buyers need to be well informed to make the right choice. Buyers hesitant about the process should partner with local experts like Lisa Bowman for quick answers to all their questions and concerns. Eliminate any uncertainty about the home buying process by following the steps below.
Know your goals
Enter a home search confidently by determining the goals for a home purchase. Some buyers may be looking for a property where they can raise a family while others may be interested in a retirement home. First narrow down essentials like the number of rooms, the size of the property, and the price of the property. Then consider aspects of a home that would be nice to have, like extra features or home upgrades.
Buyers should also think about what type of neighborhood and community they want to live in. A career-oriented person may prefer a property close to work while buyers with a family may prefer communities next to parks and schools. Consider how close essentials and amenities are like health care centers, grocery stores, shopping centers, and outdoor recreation areas.
Buyers should also think about what type of neighborhood and community they want to live in. A career-oriented person may prefer a property close to work while buyers with a family may prefer communities next to parks and schools. Consider how close essentials and amenities are like health care centers, grocery stores, shopping centers, and outdoor recreation areas.
Research the area
A buyer searching for New Fairfield real estate should reaffirm they’re making the right choice by researching the surrounding area. A community should align with a buyer’s lifestyle and personal preferences for long-lasting satisfaction. New Fairfield is a lush town interspersed with forests and green hills. The Squantz Pond State Park and Lake Candlewood’s shores makes it a popular summer destination for seasonal residents and vacationers. Residents are a convenient commute away from Westchester, lower Fairfield County, and New York City.
Partner with an agent
Buyers unsure about the home buying process should always partner with an agent local to the area. Only licensed agents have access to a local MLS which they’ll use to find properties that best fits a buyer’s needs. They also have in-depth local knowledge which they can use to point out New Fairfield’s amenities, services, and neighborhoods.
With their network of connections, a buyer’s agent can supply contacts for necessary service providers like a mortgage lender, home appraiser, or an attorney to manage the closing process. Buyers who partner with expert agents like Lisa Bowman always have somebody they can contact with pressing questions or concerns. An experienced agent knows all the ins and outs of buying a home and can offer explanations about any part of the process.
With their network of connections, a buyer’s agent can supply contacts for necessary service providers like a mortgage lender, home appraiser, or an attorney to manage the closing process. Buyers who partner with expert agents like Lisa Bowman always have somebody they can contact with pressing questions or concerns. An experienced agent knows all the ins and outs of buying a home and can offer explanations about any part of the process.
Research mortgages
Buyers financing with a mortgage should get pre approved before starting their search. Having a preapproval helps buyers narrow down a home search and saves them from investing time in a home they can’t purchase. Most sellers also won’t take a buyer’s offer seriously without proof of funds or a preapproval letter.
For the best chances of getting pre approved buyers should maintain a high credit score and a low debt to income ratio (DTI). This shows mortgage lenders that a candidate can manage their finances and will pay off the loan. A person with a high credit score is also more likely to qualify for a lower mortgage rate. Be sure to research multiple different loan types and lenders for the best deal.
One of the most common types of mortgages buyers use are conventional loans. These loans are not federally backed and require buyers to have higher credit scores and lower DTIs. Loans themselves can be fixed-rate or adjustable-rate. Fixed rate loans have the same interest rate throughout its payment period, while adjustable-rate loans fluctuate depending on market interest rates. Buyers can also research federally backed options like VA or FHA loans.
For the best chances of getting pre approved buyers should maintain a high credit score and a low debt to income ratio (DTI). This shows mortgage lenders that a candidate can manage their finances and will pay off the loan. A person with a high credit score is also more likely to qualify for a lower mortgage rate. Be sure to research multiple different loan types and lenders for the best deal.
One of the most common types of mortgages buyers use are conventional loans. These loans are not federally backed and require buyers to have higher credit scores and lower DTIs. Loans themselves can be fixed-rate or adjustable-rate. Fixed rate loans have the same interest rate throughout its payment period, while adjustable-rate loans fluctuate depending on market interest rates. Buyers can also research federally backed options like VA or FHA loans.
Negotiate an offer
A seller considering a buyer’s offer may either accept the offer as it is, reject it, or make a counteroffer. Counteroffers can include changes to any part of the offer including its price, a buyer’s contingencies, or set closing dates. The negotiation process can become emotionally charged so buyers should establish what they’re willing to compromise before starting.
An agent is also invaluable at this stage as they have the expertise to represent a buyer’s interests confidently during negotiations. They will learn a seller’s motivation to either sell a house fast or sell to a buyer who will care for their property, then use this to a buyer’s advantage to secure the best deal. They keep buyers updated throughout the process and can offer guidance through negotiations.
An agent is also invaluable at this stage as they have the expertise to represent a buyer’s interests confidently during negotiations. They will learn a seller’s motivation to either sell a house fast or sell to a buyer who will care for their property, then use this to a buyer’s advantage to secure the best deal. They keep buyers updated throughout the process and can offer guidance through negotiations.
Prepare for closing costs
After coming to an agreement with a seller a home transaction enters the closing process. First, buyers order a home inspection to ensure there aren’t any issues with the property. If problems arise a buyer may re enter negotiations with the seller. Buyers financing with a mortgage will also need to order a home appraisal to finalize the loan. They should also prepare for other costs like a down payment, private mortgage insurance, and title or recording fees.
In Connecticut, buyers pay closing costs between 2-5% of the home’s final purchase price. Using the median list price of $475,000, buyers should expect expenses between $9,500 and $23,750. Buyers should also prepare for property taxes for the portion of the year they lived in the home. In Fairfield County, buyers pay an average of 1.3% of their property’s assessed fair market value in annual property taxes. Using the median list price yearly taxes equate to $6,175.
In Connecticut, buyers pay closing costs between 2-5% of the home’s final purchase price. Using the median list price of $475,000, buyers should expect expenses between $9,500 and $23,750. Buyers should also prepare for property taxes for the portion of the year they lived in the home. In Fairfield County, buyers pay an average of 1.3% of their property’s assessed fair market value in annual property taxes. Using the median list price yearly taxes equate to $6,175.
Buy confidently with these steps
Buying a house doesn’t have to be intimidating when following the steps listed above. Always start with clear goals for a home purchase and shop for mortgages before a search. Buyers who work with a local agent have access to valuable tools like the MLS, in-depth information about New Fairfield and its amenities, and advice backed by years of experience. When you’re ready to start your home search in the area, contact experienced local agent Lisa Bowman to guide you through the process.
*Header photo courtesy of Shutterstock
