Homeowner resource
Real Estate Search Guide: How to Find, Evaluate & Buy a Home
Buying a home is the largest financial decision most people make. Here's a clear, step-by-step guide to searching, evaluating, and closing with confidence.
Find a Real Estate Agent Near MeThe Home Buying Process, Step by Step
Understanding the full process before you start searching helps you move quickly when the right home appears.
Get pre-approved for a mortgage
Pre-approval tells you exactly how much you can borrow and shows sellers you're a serious buyer. Gather pay stubs, tax returns, and bank statements before applying. Pre-approval is not the same as pre-qualification — pre-approval involves a hard credit check and full income verification.
Define your must-haves and deal-breakers
List your non-negotiables (bedrooms, school district, commute time) separately from your nice-to-haves. Being clear on this before you start searching prevents emotional decisions on homes that don't fit your needs.
Choose a buyer's agent
A buyer's agent represents your interests, not the seller's. In most transactions, the seller pays the buyer's agent commission, so representation costs you nothing. Interview at least two agents before committing.
Search and tour homes
Use the MLS (through your agent) for the most complete and up-to-date listings. Consumer portals like Zillow and Realtor.com are useful but often lag the MLS by 24–48 hours. Tour at least 5–10 homes before making an offer.
Make an offer and negotiate
Your agent will prepare a purchase offer based on comparable sales (comps). In competitive markets, offers above asking price with few contingencies are common. Your agent will advise on strategy based on local conditions.
Complete inspections and due diligence
A general home inspection ($300–$500) is essential. Consider additional inspections for radon, sewer, foundation, and roof depending on the home's age and condition. Use inspection findings to negotiate repairs or a price reduction.
Close on the home
Closing involves signing loan documents, paying closing costs (typically 2–5% of the purchase price), and receiving the keys. Review the Closing Disclosure carefully — it itemizes every fee and should match your Loan Estimate.
Buyer's Agent vs. Going It Alone
Working with a Buyer's Agent
Advantages:
- Access to full MLS listings, including off-market opportunities
- Expert negotiation on price, contingencies, and repairs
- Guidance through contracts, disclosures, and deadlines
- Local market knowledge — comparable sales, neighborhood trends
- Commission typically paid by the seller
Considerations:
- Must sign a buyer representation agreement in most states
- Agent quality varies — interview carefully
Buying Without an Agent
Potential advantages:
- Potential to negotiate a lower price if seller saves on commission
- Full control over the process
Significant risks:
- No access to full MLS — limited to public portals
- No professional negotiation support
- Risk of missing contract contingencies or deadlines
- Seller's agent represents the seller's interests, not yours
Key Real Estate Terms Explained
Earnest money deposit
A good-faith deposit (typically 1–3% of the purchase price) paid when your offer is accepted. It's applied to your down payment at closing but may be forfeited if you back out without a valid contingency.
Contingency
A condition that must be met for the sale to proceed. Common contingencies include financing (you must secure a mortgage), inspection (you can back out based on inspection findings), and appraisal (the home must appraise at or above the purchase price).
Closing costs
Fees paid at closing beyond the down payment. Typically 2–5% of the loan amount and include lender fees, title insurance, prepaid taxes and insurance, and recording fees.
Comparable sales (comps)
Recently sold homes similar in size, condition, and location used to determine a home's market value. Your agent uses comps to advise on offer price; the lender's appraiser uses them to verify the home's value.
Days on market (DOM)
The number of days a listing has been active. High DOM may indicate overpricing or issues with the property. Low DOM in a hot market means you need to move quickly.
Frequently Asked Questions
Find a Real Estate Agent Near You
Connect with verified real estate agents in your area — free for homeowners.
Find a Real Estate Agent Near Me