The Guide To Buying Your First Home

Are you ready for your first home? It just so happens that I take great pride in helping first-time home buyers like you find their dream home in the Knoxville area!

Buying your first home can be an exciting, but also overwhelming experience. There are many factors to consider, from finding a lender to securing a real estate agent and deciding what you want and need in a home. Let me share with you just a few tips to guide you through the process.

1. PRE-APPROVAL: Before you start searching for homes online, the most important step to home shopping? Getting pre-approved for that mortgage! Your pre-approval will tell you what you can afford and what your monthly payment will be, so it's important to determine this before you even start searching for your new home. This not only gives you a head start on your home buying when you find your favorite home, it will also help you avoid any heartache if you fall in love with a home only to find out you are just shy of being able to finance it for one reason or another. Let's avoid that!

Your lender’s pre-approval is good for about 30-90 days. I know a few lenders that will offer a rate lock so you can avoid an interest rate increase during your home shopping period. So once you're ready, take the steps and let's get that done. If you don't know someone local, reach out and I'll send over a list of lenders that I know, like, and trust.

2. YOUR REALTOR: Now that you have your pre-approval, it’s time to find your real estate agent! A good real estate agent can make a huge difference in finding your dream home. They have access to resources and knowledge about the Knoxville housing market that you may not have. It’s also important to find an agent who fits your needs and personality. I would be honored to chat with you to see if I am the agent that is right for you!

3. THE NEEDS VS WANTS: Create your needs vs. wants list. When it comes to finding the perfect home, it's important to know exactly what you are looking for now and what you can change over time. Needs are the non-negotiable features- the features you simply must have in your next home, such as the number of bedrooms and bathrooms. Wants are the ones you'd like to have, but you can add or change down the road, such as a pool or a garage. Remember: You can't change the lot or the location so make sure you love both. Making this list will help you narrow down your options and make the most of your home search.

Here’s a tip: Create your wants and needs list separate from your loved one. You might be surprised once you compare! You could find out that you have some different criteria in mind. This can, and does, help avoid intense discussions down the road when deciding on your favorite home.

4. HOME SEARCHING: It's time for searches and showings! Once you have established what you are looking for, I will set you up on a search so you can receive an e-mail the second a home fitting your criteria goes live. If you have any questions about a property, send me the information and I will find out more for you. You can also send me your favorite listing matches and I can set up showings on your behalf. I serve many areas in and around Knoxville - feel free to reach out and see if I serve the communities you are looking for!

5. THE OFFER: After touring houses and choosing the one you love, it's time for you to make that offer! We will work together to make the best offer for you for the home; however, we should be prepared to negotiate with the seller to make some compromises to ensure that both you and the seller are happy with the deal. You will also need your pre-approval letter from your lender (or proof of funds if paying cash) - we will include that with the offer. You'll also need to be prepared to make an earnest money deposit (usually recommended to be 1% of the purchase price) upon acceptance of your offer. This amount will be held by my broker or your title company and will go towards your closing costs at closing. There’s a lot more to go once your offer is accepted, but now you’re on the way to getting your keys!

Buying your first home can be a complex process, but with the right guidance and resources, it can also be a rewarding one!

Have more questions about buying a home or about what happens after making an offer? Reach out to me for the complete details and the full Home Buyer guide today!