Real Estate Buying Process
Are you ready to make, what is likely, the single largest financial transaction of your life? We can help you along the way. Here are a few things to know about the buying process for a house.
Know your Finances
Before buying, get prequalified by a lender to understand how much you can realistically afford. Overspending on a home may cause financial hardship and is detrimental to your mental health. The general rule of thumb is housing costs should not exceed 1/3 of your monthly income.
Understand the Market
The real estate market changes over time. In a buyers market there is large inventory and low buyer interest. This allows negotiations to favor the buyer. In a seller's market, high demand and low inventory drive up the medium price point. Interest rates will also impact your buying power.
Find a Lender
Shop around for a loan program that best fits your needs. Inquire about loan program requirements, such as percentage down, years of the loan, mortgage insurance and prepayment penalties. Need help finding a lender? Call us for recommendations.
Time and Patience
Finding the right property requires a lot of time researching the Maui MLS and refining your search parameters. Some buyers find the right home within a matter of weeks while others may spend months looking for the right opportunity. Whatever your scenario, we can help manage your time by creating property watches that fit your lifestyle.
Home Purchasing Flow Chart
New to home buying? This map will help you understand how the buying process generally works.
