What to Expect: Buyers Edition

I am a little overdue for a new blog post, so today I am devoting some of my time to write a post that will hopefully be very helpful to some of you! :) As I sat at my desk this morning I tried to brainstorm something that would be helpful to those of you who read my blog. 'What to Expect' is what came to mind. Until I got into Real Estate, I honestly would have had no idea the first thing about buying or selling a house, and I'm sure there are many of you who feel the same way. So Today I am going to focus on What to Expect when Buying a house-- my next post I will focus on What to Expect when Selling a house :) 

#1 What to Expect With Expenses:

When buying a home, there are 3 primary "up front" expenses you will want to save for--

• Earnest Money
• A home inspection
• Your appraisal

At the time you write an offer you will be writing a check for Earnest Money-- which is a deposit made to a seller showing your good faith in a transaction. Earnest Money can be any amount you choose, but $500 is a good amount to estimate on.
** Earnest money is credited back to you at closing. :)

A home inspection is also an expense you will want to have set aside. Home inspections are optional, however most people choose to have them. Most home inspectors require for inspections to be paid at the time of the inspection, they vary in price but a good estimate to set aside is about $300. 

The third "up front cost" is the cost of your appraisal. This can sometimes be paid at closing however plan on setting aside $300-$400.

Some additional expenses that are paid at closing are your down-payment if your loan requires one (there are zero down loans available in most areas if you do not have the funds for a down-payment) & closing costs associated with getting your loan (if you do not have the funds for closing costs we can negotiate that in with your offer asking them to be paid).

#2: What to Expect for the timeline:

 Last year I did a post on the home buying process. To see the steps in the process, click HERE.

Typically, once you get an accepted offer on a home, you can expect to close on it within 30-45 days. :) If you are hoping to get into a new home by Spring, now would be a good time to start house hunting. 

#3 What to Expect with Negotiating:

This year we have seen a shift in the housing market. Inventory is LOW. With less houses on the market, houses are in higher demand, meaning that sellers are getting closer to their asking price. Negotiating isn't going to be as easy as it has been in years past. You may even find yourself competing against another buyer for the same house, make sure to offer your best and talk to your Realtor about making your offer as strong as possible :)

Hopefully this post answered some questions you have been wondering about. As always, if you have any additional questions, never hesitate to call, text, or email! :)

260.609.8348
staciebellam@orizonrealestate.com