Do it yourself

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Now it’s time to take action! To begin your home search, take the following steps:

Step-by-Step Guide:

(Note: If you have not already analyzed your finances, been pre-approved for a loan, and found a realtor and lender that you can trust, complete these steps before proceeding.)

First, identify your criteria for a prospective home. Use the following list of questions as a starting point to help you identify your criteria.
  • What size is your current home? Is it too big, too small? What size would be ideal?
  • Are you planning to increase the number of people living in your home (by having a baby, having a parent move in, etc.)? If so, how much space would you need for them?
  • How long is your current commute? What commute length would be ideal? How long is too long?
  • Do you travel often? Would it be difficult to maintain a yard and building? (If so, a condo might be right for you.)
  • Are neighborhood schools a consideration? If so, what are you looking for in a school?
  • How important is location to you, versus the size of your home?
  • Are you willing to do repairs to a new home? If so, how extensive? Would you be willing to delay moving in in order to renovate a fixer upper?
  • What layout are you looking for? (What annoys you about your current living space? What do you like about it?)
  • Do you need a fenced in yard?
  • How much outdoor space would you like?

Continue thinking about additional criteria. When you are done identifying criteria, whittle your list down to the top ten criteria you are looking for. From this list of ten, divide the items into two lists of five – those criteria you are not willing to compromise on and those that you are.

Take your list with you as you search for a home. As you look, your priorities may shift, which is okay, as long as you believe they are shifting based on well-thought out decisions rather than impulsive reactions to some of the homes you view.

Meet with your realtor to review your list of criteria and establish a communication plan.
  • Your realtor may ask you questions to help you refine your list of criteria even further.  Make sure that you are both “on the same page” regarding what you are looking for.
  • Set up a communication plan with your realtor – how should you share listings you’re interested in with him or her? How should your realtor contact you? Develop a means of communication that allows you to share information about and evaluate homes that are on the market.  That way, if he or she finds about a new listing, you can get a call, an e-mail, or an instant message that alerts you to it. At the same time, if you discover a listing you like, you can pass it along for your agent to evaluate. It’s important to develop this partnership!
  • If you happen to live somewhere that the real estate market is particularly strong, you can ask your agent to use the multiple listing service (MLS) database to program in property criteria alerting you to when a new home meeting your needs enters the marketplace.
 Search for properties online.
  • Visit the website of the National Association of Realtors, www.realtor.com , as well as the many sites managed by the large real estate brokerage companies.
  • Also, while you’re online, you can check on the estimated value of the type of homes in the areas in which you’re looking: free home valuation service .
  • Ask your realtor for suggestions about where to search online.
Once you’ve identified homes you’re interested in, go see them in person with your realtor. Following are some tips when searching in-person:
  • It’s a good idea to visit homes both during the day and during the evening, to get a sense of a neighborhood at different times of day.
  • Don’t be shy—ask people who are living where you are looking what they think. Are the schools good? What do they think about the condo association? How is crime? Are home prices rising steadily in the area? … The more you know, the easier it will be for you to decide if a property is right for you, and the more likely you are to be an informed negotiator when it comes time to make a deal.
  • Take detailed notes about each home you see. It can be easy to forget the differences between properties when you are looking at several homes a day. Make a note of anything that needs to be fixed so you can evaluate the cost of these repairs. You may also want to bring a digital camera along with you.
Happy Hunting!

Key takeaways:

  • Forge a partnership with your realtor; you and your agent should agree to shop for homes together, as partners. 
  • Make a list of criteria you’re looking for in a prospective home and take it with you as you as search for a home – it can be difficult to remain objective when you are home-hunting.
  • Use the internet to search for a home. You’ll be able to evaluate far more properties and get a sense of different neighborhoods and what’s available within a certain price range far more quickly than you would searching only in person. But remember, the internet should never substitute for an in-person visit to a home you are seriously thinking about buying.
  • Don’t take the seller’s word when it comes to a realistic price for their property; look up the estimated value online and consult with your realtor.
  • Educate yourself before you try to buy a foreclosure; buying foreclosures can be a complicated process, and can be risky if you don’t know what you’re doing. If you do decide to buy a foreclosure, be sure to buy once the foreclosed home has been transferred to the lender’s ownership, NOT when it is at auction, and work with a trusted, experienced realtor.
  • Condos are often a low cost, low maintenance option, especially for first-time home buyers. But be sure to check the condo association’s financials thoroughly before buying a condo.

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