Have you and your significant other been discussing buying a home, but arent sure when you should call a realtor? This article will teach you the best timeline for connecting with a local professional, so that you can plan accordingly and not feel like you are jumping the gun or acting too late.
Im Bailey Beckman, a local realtor that specializes in the Twin Cities, assisting young couples find their first home. 82% of my clients in 2021 were first-time homebuyers!
WHY you need a professional advisor...
Before connecting with a realtor, it is important to share the reason WHY you should have a professional advisor during the home buying process. In an industry that is always changing and is market driven, I would always recommend the help of an active, licensed agent.
- Realtors are required to stay on top of the current laws as well as understand the paper work and contracts that are necessary to transfer ownership of homes.
- Your realtor should also be a skilled negotiator, so that they can get you the best deal possible.
- They will also be able to help you see homes that are active and point out potential red flag issues, as well as send you off market opportunities so that you can potentially avoid multiple offer situations.
There are hundreds of ways for a real estate deal to fall through and it is much easier to tackle with a realtor by your side. Plus- buyers don't *pay for agent representation in the state of Minnesota! The seller of a home pays the commission to both their own agent and the agent that brings a buyer in.
* Some brokerages charge a "brokers administration fee" for filing paperwork, contracts, etc. This can range from $100- $900, so be sure to ask your agent what their broker's fee is.
General rule of thumb
Everyone moves at a different pace when it comes to buying a home, but as a general rule of thumb I would recommend that you connect with an agent 6-12 months before you are ready to submit that first offer. If you give yourself this lengthened timeline, the less stressful the whole process will be because you have time to prepare and feel less pressure.
I would recommend that you and your partner interview 2-3 agents to be sure you have a professional that will not only get the job done, but one that you and your partner get along with!
In addition to meeting with a realtor, I would recommend meeting with a lender 6-12 months in advance, to be sure that you are taking the right steps to save and prepare financially. A preapproval will typically take 3-5 business days to process, depending on how fast you supply the necessary documentation. You and your partner will need to gather pay stubs, bank records, and a few other pieces depending on the lender.
Your preapproval will typically last 3-4 months, so you will have plenty of time to search for a home without the preapproval expiring.
If you are ready to learn more about the buying process, download my FREE home buyers guide here.
Now that you know the best timeline for connecting with a local professional, you can plan accordingly and not feel like you are jumping the gun or acting too late. If you enjoyed this video- you should check out my other videos here!