Congratulations! You’ve decided to purchase a home, or are thinking about buying one. You’re at the beginning of an exciting journey that will create many benefits for you and your family. These include the ability to build equity, protect you from inflation, and create a safe place for your family to enjoy. And that’s not even mentioning the tax benefits or the ability to leverage another’s money (the bank) to create wealth for your future!

In today s market, buyers have serious and legitimate questions about why they would purchase a home right now, given economic conditions and fear of what the future may hold for the housing market, locally and nationally. These concerns are at the forefront of our daily conversations with clients. Again and again, we are able to help these people find the confidence to move forward towards their goals. This is because current conditions give buyers a wealth of leverage, time and selection in the buying process. There is no need to rush, to be pressured, to make hasty decisions. We love the opportunities that are available to buyers right now, because it gives us the chance to partner with them towards truly achieving their goals.

Purchasing a new home, whether you’re a first time homebuyer, a seasoned investor, or anywhere in between, is a serious undertaking. There are so many elements that come into play, from all of the usual hurdles like financing, inspections and negotiations to the many unforeseen challenges such as market changes, emotional involvement, deadlines and tension between parties.

If you re going this journey alone, these tough and unexpected challenges can often splinter a contract, sometimes beyond repair. Working with an experienced Buyers Agent will help alleviate these challenges and navigate a successful way forward. The following are steps that we recommend to anyone contemplating a home purchase.

Step 1: Financing

The first and most important thing you need to do is determine how much you can qualify for, and afford to spend on a home. Keep in mind that these are two different things. You may qualify for more than you can actually comfortably afford. Lenders do not take into consideration many of your expenses like health care, auto insurance, daycare, etc. when determining how much home loan you qualify for.

Finding a mortgage broker that you trust and communicate well with is key. They will keep your best interests at heart while searching for the best loan program available to you. Once they’ve helped you determine what you will qualify for, you will be provided with a pre-approval letter that will assist you in your home search and give you leverage as a qualified buyer. It can be heartbreaking to a hopeful homebuyer to discover that a home they’ve already fallen in love with is out of their borrowing reach – so take the time to attend to these critical details before you start on your home quest.

If you do not have a relationship with a trustworthy mortgage broker and aren’t sure where to begin, we will be happy to give you a referral to a selection of mortgage brokers who will exceed your expectations.

Step 2: Find a Buyers Agent to Represent You

Purchasing a home is the largest investment that most people will ever make, and one that carries the most personal weight for them. It makes sense then, during such a critical process, that you have someone knowledgeable and experienced whose sole duty is to represent your best interests. An excellent buyer’s agent will foresee and avoid many of the common pitfalls in a real estate transaction, and will have the experience and resources to help you get through the ones that can’t be avoided. Inspections, negotiations, value, permits, zoning, taxes, financing options and dealing with the people involved in each of these aspects is what a buyer’s agent does day in and day out.

Again, the sole responsibility of the buyer’s agent is to represent your best interests. They are a powerful ally and resource. And the best news to you, the buyer, is that a buyer’s agent doesn’t cost you anything! The buyer’s agent fee is an already established part of a seller’s negotiation with their listing agent, and when you find a home that you are ready to move forward with purchasing, your agent will be compensated by the seller. If you have questions about how that works, we’ll be happy to explain further!

Real estate professionals also have access to every listing that is available, and have tools for searching with your criteria that will save you a lot of time. Craigslist, open houses and driving around neighborhoods are all great ways to look for a home, but do not compare to a good agents knowledge of available, suitable homes and the ability to narrow down the homes to the exact ones that would interest you! This leads to our next step!

Step 3: Search for Homes

Your real estate professional will begin to do a daily and comprehensive search for homes based on the wants/needs that you have established together. This will include area, number of beds/baths, features, size, school district, and whatever other criteria are essential to you in your search (this does not prevent you from looking on Craigslist or driving around – if you see something you like, just let your agent know and they will assist you in getting all the information you need and setting up a showing, if you’d like!).

As properties that interest you are presented, you will let your agent know, and they will begin what we call the research phase to determine if this property really does meet your criteria. This will probably include a trip to view the home and see if the features, layout, etc. are what you are looking for, and a lot of digging to uncover any issues or concerns with the property that would prevent you from moving forward. It is not uncommon for a buyer to be interested in many different homes before they find what is right for them.

Step 4: Find the Right Home

Once you’ve found the right home, and are comfortable moving forward, your agent will draw up the sale agreement (offer) that reflects all of the terms that you agree to. Upon delivery of this offer to the seller, negotiations will begin. Again, this is where working with a real estate professional skilled in negotiation is so essential. They will fight for your interests and your bottom line. Ultimately, they will guide you through this stage and keep you objective, which will help you determine what changes to your offer are acceptable, and when to walk away.

From there, your real estate professional will walk through every step of the process with you; ensuring that financing is successfully put in place, that inspections are conducted and that any issues are resolved, that all paperwork is attended to properly, and that closing and possession occur as planned and as convenient for you. They will also provide you with the necessary information to arrange your move successfully, from rental trucks to utility hookups. Above all, they are a resource that you can turn to with any questions or concerns that you have, at any stage.

We trust that you can see how surrounding yourself with skilled professionals that take pride in the level of service and excellence that they provide to their clients will help to take most of the stress out of a home purchase. We look forward to being that team!

You will find links to many resources on the About Portland page that will guide you on your home search. They cover material on everything from neighborhood information and stats to permit and zoning resources. Please use, enjoy, and ask if you have questions!