Are you thinking about buying a new home? The process of starting the house hunt can be both exciting and overwhelming. Here’s a guide to what you can expect in the weeks leading up to starting your house hunt.

1. Hiring an Agent:

The first step in the home-buying process is hiring a real estate agent. We like to start with a complimentary buyer intake phone call to discuss your needs and preferences. Once you decide to work with us, you will sign a Buyer Agreement (this is a requirement as of August 17, 2024 as a result of the National Association of Realtors settlement agreement earlier in 2024, however our team has always worked with buyer representation to ensure the most protection for our buyers). This agreement ensures that your Realtor represents you, the Buyer, otherwise we are working for the Seller. It also outlines the compensation and responsibilities of each party (buyer and broker). It’s important to work with an experienced Realtor who is up-to-date on the latest developments in the world of real estate. 

For more on the NAR settlement and what is changing for Buyers and Sellers check out our article here. 

2. Joining Your Compass Collection:

Once you’ve signed a Buyer Agreement with our team, we will set you up on Compass Collection, where you can view all of the active and coming soon listings that fit your personalized criteria. Here you can also send us notes on what you do/don’t like about a certain property allowing us to further tailor your search. You can also favorite listings and request tours. Additionally, you’ll be able to view Compass Private Exclusive listings which are available only to Compass agents and clients. Roughly 25% of the homes we sell in a given year are these off-market opportunities for our clients. 

For more on the benefits of Compass Private Exclusives click here. 

3. Getting Financing:

Securing financing is a crucial step in the home-buying process. Before you start looking at homes, it’s important to get pre-approved for a mortgage as you will need this to put in an offer. Speaking with one of our recommended local lenders will give you a clear understanding of your budget and show Sellers that you are a serious Buyer. Or, if you plan on writing a cash offer you’ll need to make sure you have proof of funds (that are current as of the offer date) and that you can provide your banker or financial advisor’s contact information to verify the funds. 

4. Neighborhood or Property Tour:

Once you’ve signed the Buyer Representation Agreement, it’s time to start exploring neighborhoods and properties. Depending on your needs we can take you on a neighborhood tour to help you get a feel for different areas. Or if you are already familiar with the area and ready to begin looking at specific properties we can schedule a property tour for homes that match your criteria, giving you the opportunity to envision yourself living in each space. 

Looking for more help buying a home in the DMV? Read these posts next:

• How to Shop for a Lender: Questions You Should Be Asking 
• Can Millennial First-TIme Buyer Skip the Starter Home?
• How to Find a Home for Sale with the Best Value: Assessing Affordability and Quality

5. Refining Your Search:

As your Buyer’s Agent we will continue to refine your home search and make adjustments based on your needs, what homes are available and offering new ideas and suggestions for homes and neighborhoods you may like. This is where we also dive into how we can identify more off-market properties for you to consider. We’ve had great success finding our clients off-market homes because of our years of experience, tenacity, creativity and connections in the area. We have a multi-step plan in place to find our clients off market opportunities. 

6. Making Offers and Closing:

As you find homes that you’re interested in, as your Buyer’s Agent, we will guide you through the process of making offers. We’ll help you craft a competitive offer and negotiate on your behalf. Once your offer is accepted, you’ll enter the closing process, which can involve inspections and contingency timeframes, and finalizing the details of the purchase.

The Bottom Line: 

Starting the house hunt can be a thrilling journey, and having the right support and resources can make all the difference. With the help of our knowledgeable real estate team and access to exclusive listings through Compass Collection, you can navigate the home-buying process with confidence. Happy house hunting!

If you’re looking to buy or sell in the DC Metro area, we’d love to help. Contact us today! Fill out the form below or call us directly 703-362-3221, email us at sue@thegoodhartgroup.com or allison@thegoodhartgroup.com.