Saturday, January 4, 2020 / by Ariadne Gold
So you’ve decided to buy a home in Spokane; hooray! But you’re probably wondering…. Now what?
1. Find an Agent!
The first thing you’ll want to do is find a Real Estate Agent. The best way to do this is to ask for referrals from people that you know. Ask those people who have bought or sold homes who their agent was, and whether they had a good experience. You want to use an agent who has raving fans! Once you have a few in hand, interview them and find the one who is the best fit for you.
2. Get Pre-Qualified!
Once you have an agent, you’ll want to get pre-qualified for a loan. Don’t just go through your bank; do the same thing that you did with your agent and ask for references from friends and family. Your agent should also be able to refer you to lenders who they have worked with previously and had good experiences with. Loan officers can make or break a sale, and you want to have the most buying power (so the best loan, highest amount down, and quickest closing time.) You should also compare interest rates between lenders! Once you’ve found your lender, ask for a closing cost estimate. Closing costs average around 3 or 4 percent, depending on your price range and whether the lender charges a loan origination fee. This means that your out of pocket expenses will include the closing costs (you can request these to be paid by the seller, but this lowers your buying power), the down payment (varies depending on your loan type) and the home inspection (varies, but I usually see between $300-$500.)
3. Make a List!
Now that you have your agent and your pre-qualification, its time to make a list! Sit down (with the person you’re buying the home with, if applicable) and make a list of musts and wants. How many bedrooms? Baths? Do you need a garage? Keep in mind that as you see what’s on the market and start viewing homes, this list may change. That’s okay! Your agent will also be able to give you an idea of what’s realistic in your current market and price range.
4. Find Your Home!
Now its time to find your home! This process is exciting, but it can also be grueling. The average home buyer in the current Spokane market makes five offers before finding their home. Don’t give up! The right home for you will come along, but it may take more time than you expect (another reason not to count your chickens before they hatch; you never know what will happen and you don’t want to end up homeless!)
As always, I’m here to help with any questions. (509) 217-7172