As of August 17, 2024, prospective home buyers are required to sign costly agreements with real estate agents before they can tour homes.
The agreement will detail how the buyer's agent will be compensated, typically averaging 2.5% of the home's purchase price. For example, on a $1 million home, this could mean that buyers will have to pay their Agent $25,000.
Homa can show you how to represent yourself in the home buying process, letting you put that extra money towards the down payment or to strengthen your offer on a home.
Get Pre-Approved
If you plan on buying a home with a mortgage, getting pre-approved with a lender early is critical. Not only will you need this pre-approval when you start submitting offers on properties, starting the process early will ensure you identify (and fix) any issues in your credit history. In addition, the pre-approval process will give you a better idea of how much of a home you can afford.
Visit homes without committing to a Realtor
While you're working on your pre-approval, you should start looking for your ideal neighborhood and start visiting homes in that area. Once you're ready to view a property in person, start by seeing if there's an Open House for that property. If not, you'll need to get creative and reach out to the Listing Agent directly or find a buyer's agent that's willing to work with you without forcing you to sign an expensive contract.
Figure out the right offer price
Once you've found a home you love and are ready to put in an offer, you'll need to leverage market data on comparable homes in conjunction with specific information about the property itself to come up with the right initial offer price.
Submit your offer the right way
Once you find a home you love, you'll need to put together a competitive offer. Each state has different forms that are usually used in the offer process so it's to your benefit to use the right ones.
Start the Escrow process with confidence
When the house is in Escrow, you're able to do inspections, appraisals, and make sure you feel comfortable with the home you're about to purchase. Learn your rights & responsibilities and how to handle issues that come up and when those issues can actually turn into opportunities.
Learn the ins and outs of the Closing process
In many states, a title company or attorney will handle most parts of the closing process including doing a title search, ordering a survey, processing the final paperwork, and filing the deed with the local property appraiser.
Conclusion
The landscape of real estate is evolving, and with these changes come new opportunities for home buyers. By choosing to buy a home on your own, you can save money, gain control over the process, and utilize modern tools and AI assistance to make informed decisions. Now, more than ever, is the right time to take charge of your home buying journey and achieve your dream of homeownership on your terms.
Your journey to homeownership is unique and, with the right resources and support from Homa, you can navigate the process confidently and successfully. Homa is here to provide you with the tools, information, and AI assistance you need to make your home buying experience as smooth and rewarding as possible.