Broker Note: The Process of Buying

The Process of Buying

Every Fall in Wisconsin, the weather starts to get chilly, and the real estate market generally cools down. There tends to be fewer homes for sale (compared to spring/summer inventory levels), and there are also fewer buyers searching for homes leading into the holidays. With the holidays comes a lot of joy and (hopefully) relaxation, but for many, it also means planning for tax time and setting goals for the upcoming year. Renters are often thinking ahead about if they want to re-sign a lease, or jump into the market, but it’s difficult for many to understand where to start. Fall is the perfect time to get educated about what it takes to buy a home – whether that is your first home, your next home, or your last one.

Regardless of the season, the first step that should always be taken to get ready to purchase a home involves getting in touch with an agent. This meeting is crucial to understand where your starting point is, what your timeline should/could be, and to discuss what may need to be evaluated or considered to get into your next home. During this meeting, it is also important to compare expected market conditions to your goals and discuss buyer agency representation with a realtor.

Up next is the fun part: showings and submitting an offer! Touring properties that fit your criteria can be a short or long process, depending on the availability of inventory, competitiveness, and your must-haves list. Once you have identified the house (or condo!) that you want to write an offer on, your realtor should provide a thorough review of the offer form, discussing the various contingencies that may be written into an offer: inspections, radon tests, appraisals, financing, etc. If the seller accepts your offer, great! You’re officially under contract.

The road from accepted offer to closing takes, on average, 30-60 days, depending on seller and buyer preferences. It can be a rollercoaster of emotions – especially in a competitive market where you may need to compete with many other offers and submit several before having success. However, the buying process is always better with a realtor by your side who can be your advocate for whatever may come up during the purchase. A realtor will also better prepare you for the market and can guide you to understand what it takes to get your offer accepted, with the appropriate protections in place. 

Posted by Alison Crim on
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