3 Steps To Buying A Home

Have you been repeatedly told by everyone that you need to buy a house to start growing your net worth? In this video, I'm going to give you three simple steps our current homebuyers are taking to analyze this housing market to get a home for less than it’s listed for. We'll also find out how our clients are getting closing costs paid for by the seller.

The Importance Of Preparation

If you've been told by mommy, daddy, real estate agents, or bankers like me that you need to purchase a home to grow your net worth, it's true. You can add to your net worth by owning a home that appreciates in value. However, it’s not always clear if buying a home makes the most economic sense for you.

That said, I do own a mortgage company. We’re helping dozens of clients right now prepare for this housing market shift that we’re seeing. Interest rates are rising, while home prices are starting to come down and mellow out a bit. Because of this, preparation is key - and I'm going to tell you what you need to do.

Is It The Right Time For You?

We're helping our clients to get their homes for less than the listing price as well as getting closing costs paid for by the seller. Our biggest value to date is $73,000 off of list price, and we’re consistently seeing closing cost credits of $6,000 to $10,000.

Homeownership for many is the key to achieving the American dream of prosperity. However, does it make sense to defer that dream in a still-recovering economy at a time of record-high inflation and rising interest rates? Advice to buy a home may not be in your best financial interest. In June, close to 15% of home purchase agreements fell through as buyers backed out of their contracts, according to an analysis by Redfin.

So if you want to buy, I'm going to give you the three steps that our buyer clients are taking right now to take advantage of and prepare for this kind of uncertain market. That way, when the market does turn in their favor, first-time buyers or move-up buyers can take advantage of those ultimate price drops and get under contract on the right property. This will save them money on the purchase price.

The Foundation Stage

Step one is a discovery call that we call the foundation. In the foundation stage, we set the tone of why you are buying or considering buying right now. We’ll discuss your buyer’s triangle like location, the amenities you want in a house, and the possible price point that you have based on what you want to spend on a monthly payment.

In this stage, we also begin to figure out your income, your credit score, and your down payment. We really start to analyze your finances, piecing together the right home loan that fits your specific needs. This meet-and-greet call is designed to take you from uncertainty to confidence, helping you be ready to start the mortgage application process and start shopping for a home.

Here’s a quick tip for you: the best practice is to do this 6 to 12 months in advance. This way, you can get the benefits of a lower sales price for your home and get those closing costs covered.

The Floodgates

Step two is what we call the floodgates. This is the absolutely fun part where you start to go home shopping. Not only that, but you’re going to start analyzing the neighborhood that takes you from a home-buying rookie to Rockstar.

We’re going to give you the tools to calculate a housing payment in real-time with our mortgage calculator. We’ll also show you how to analyze zip codes to see if the market is cooling or remaining hot. We’ll show you how to set up your home searches in a way to see if the listing is poised for a price reduction.

We also show you how our fully verified approval - called the Competition Crusher - allows your realtor to do the absolute number one most important part of their job. Can you guess what that is? If you thought, "negotiate the best contract sales price for you the buyer," you are absolutely 100% correct.

The Home Stretch

The last step of our simple process here is step three called the home stretch. It's what happens when you’re under contract on a property. Quite honestly, a ton happens here - including inspections, earnest money drop-offs, and appraisals.

However, we won’t get too far in the weeds with all of these details. If you're considering moving or relocating to Colorado and are curious about how much house you can afford, what’s going on in the local market here, and what next steps to take, simply click here to complete a one-minute pre-qualification form.

We’ll get you on our calendar for a Zoom chat to explore how we can help. Don't forget to subscribe to our channel where we talk about buying a house, saving money, personal finance, getting a mortgage, and living the best lifestyle. My motto is "better than yesterday," so stay tuned to see what I feature next!