The first step in the home-buying process is to get pre-approved for a mortgage. This involves meeting with a lender who will evaluate your financial situation, including your credit score, income, debts, and assets. You should explore various mortgage options such as Conventional Loans, FHA Loans (which are insured by the Federal Housing Administration and often have lower down payment requirements), VA Loans (available to veterans, active-duty service members, and eligible spouses), and USDA Loans (offered to rural homebuyers with low to moderate incomes). Obtaining a pre-approval letter from a lender not only clarifies your budget and the price range of homes you can afford but also signals to sellers that you are a serious and qualified buyer. This pre-approval sets the ball rolling in the right direction, providing a solid foundation for your home search and strengthening your negotiating position when making an offer.

Buying a home typically takes around 10 to 12 weeks from the initial search to closing escrow. The process begins with searching for properties online, attending open houses, and working with a real estate agent. Once you find a home and your offer is accepted, it generally takes an additional 30 to 45 days to close escrow under normal market conditions. During this period, various steps such as home inspections, appraisals, and securing final mortgage approval take place. Whether you have a Conventional Loan, FHA Loan, VA Loan, or USDA Loan, each type may have different requirements and timelines. It’s crucial to work closely with your real estate agent and lender to navigate these steps smoothly. However, well-prepared buyers paying with cash can often expedite this timeline and complete the purchase much faster, as they bypass the mortgage approval process.

The listing broker compensates buyers' agents (also known as buyer's agents) for bringing purchasers to the table. When a home is sold, the listing broker splits the listing fee with the buyer's agent. This arrangement means that buyers do not directly pay their agents for representation. Instead, the compensation for the buyer's agent comes from the commission that the seller has agreed to pay the listing broker, which is then shared between the two agents. This setup allows buyers to benefit from professional representation without incurring additional costs. Working with a knowledgeable buyer’s agent can provide valuable insights and guidance throughout the home-buying process.

The average down payment in the United States is 11%. However, this figure encompasses both first-time homebuyers and repeat purchasers. First-time buyers often have lower down payments due to limited savings and available financial assistance programs, such as FHA Loans that require as little as 3.5% down. Repeat buyers typically have more equity and savings to contribute to a larger down payment, often opting for Conventional Loans that may require a higher down payment. Understanding your financial options and consulting with a mortgage lender can help you determine the best approach for your situation.

If you plan to use the equity from your current home for the down payment on your new home, you must sell your current home first. This ensures that the funds needed for the down payment are available when purchasing your new property. Understanding different loan options such as Bridge Loans (short-term loans that help bridge the gap between buying a new home and selling an existing one) can help facilitate this transition by providing temporary financing. Consulting with a real estate professional can provide clarity on how to effectively manage this process.

It's entirely up to you! Home buying is undeniably easier today than it has ever been. The ability to browse for homes online and view photos from the comfort of your own home has dramatically transformed the home-buying process. Convenience has never been higher. However, nothing beats seeing a house in person to truly understand its look and feel. While online tools provide a great starting point, visiting homes in person offers a more comprehensive perspective, allowing you to make a more informed decision. Your real estate agent can arrange private showings and provide detailed insights about each property, ensuring that you find the right home for your needs.

The timeframe for the seller to respond should be specified in written offers. Typically, providing them with at least twenty-four hours is sufficient. This allows the seller adequate time to review and consider the offer before making a decision. Your real estate agent can advise on appropriate response times based on market conditions and seller preferences, helping to facilitate a smooth negotiation process.​