People often move into 75219 for practical reasons. They want to be close to work. They want to be near Oak Lawn, Uptown, Turtle Creek, the Medical District, Downtown, or the restaurants and nightlife that make this part of Dallas feel alive. They want convenience, access, and a little more…
There are streets in Dallas that people remember long after they leave them. Not because they were the most expensive.Not because the houses were the largest.And not because someone told them they were important. They remember them because of how they felt. The way morning light filters through the trees…
A funny thing happens to a lot of people who move to Dallas. They arrive thinking:“I’ll probably stay a year or two.” Then somehow five years pass. Then eight. Then one day they’re arguing with friends about the best patio in Uptown, walking Katy Trail every weekend, ordering the same…
For years, Henderson Avenue has quietly been evolving into one of Dallas’ most interesting neighborhood corridors. Not polished in the same way Knox has become. Not as vertical as Uptown. Not trying to imitate either one. Henderson has always carried a slightly different energy, more layered, more neighborhood-driven, more transitional.…
The most important beings in my home search don’t pay the mortgage. They don’t contribute to the down payment. They don’t review HOA documents. They don’t care about interest rates. And they have absolutely no opinion whatsoever on granite countertops. Their names are Otto and Giorgio. They’re two Rhodesian Ridgebacks…
Ask someone to describe a luxury home in Dallas and you’ll probably hear the same answers. Marble countertops. Resort-style pools. Wine rooms. Three-car garages. Walk-in closets the size of apartments. Those things are certainly nice. But they’re not the most valuable luxury in Dallas. Not even close. The Luxury We…
If you’ve spent any time in Oak Lawn, you’ve probably noticed something happening over the last several years. The neighborhood isn’t just changing. It’s evolving. Older properties are being renovated, aging retail centers are being reimagined, and developers continue looking for opportunities to bring new density and new investment into…
And they definitely want honesty from their REALTOR®.
At least they think they do.
What most people actually want is validation.
They want someone to tell them their house is worth more than it is.
They want someone to tell them the inspection report isn’t a big deal.
They want someone to tell them they can buy more house than their budget allows.
They want someone to tell them the offer they submitted is brilliant and destined for success.
And sometimes, that’s exactly what they hear.
The problem is that validation feels good for about five minutes.
Reality tends to stick around a little longer.
The interesting thing is that after all these years in real estate, I’ve noticed that the most valuable conversations are often the least comfortable ones.
“Your home is probably overpriced.”
“This isn’t the strongest offer.”
“The buyers aren’t being unreasonable.”
“We need to make some repairs.”
“That neighborhood may not be the right fit.”
None of those statements are particularly fun.
None of them are likely to earn a standing ovation.
But they might save someone thousands of dollars, months of frustration, or a transaction that falls apart at the finish line.
The truth is that real estate is emotional.
People aren’t just buying and selling houses.
They’re buying hopes, plans, memories, expectations, and sometimes a healthy amount of ego.
That’s perfectly normal.
We’re human.
But emotion can make it difficult to hear things we don’t want to hear.
Especially when we’ve already convinced ourselves we’re right.
I’ve had clients hire me because I told them the truth.
I’ve also had people decide not to work with me because I told them the truth.
That’s okay.
My job isn’t to win every conversation.
My job is to help people make good decisions.
Sometimes that means delivering good news.
Sometimes it means delivering news that isn’t quite as exciting.
The funny part is that months later, after the dust settles and the transaction is complete, the thing people most often thank me for isn’t my marketing, my negotiation skills, or even my availability.
It’s honesty.
Not because it felt good in the moment.
Because it turned out to be right.
The best REALTOR® in the room is often the one least afraid of losing your business.
Because the person who is terrified of hearing “no” will often tell you whatever you want to hear.
The person who is comfortable telling you the truth is usually focused on something much more important:
Getting you to the finish line with your eyes wide open.
One of the biggest misconceptions in real estate is that homes only sell because of price. Price matters, but it’s far from the only reason a listing succeeds or struggles. Some homes hit the market and immediately create momentum. Others sit for weeks with very little activity, even in the…
The decision often happens before the front door even opens. Not logically.Not financially.Emotionally. Long before buyers begin discussing interest rates, square footage, or whether the upstairs guest bathroom has dual sinks, something quieter and far more powerful is already happening. They are forming a feeling. And once that feeling exists,…
There is a frustrating reality happening in the Dallas leasing market right now that is quietly setting a lot of tenants up for disappointment, confusion, and friction before they even begin their search. And honestly, I think people deserve a more direct explanation about it. Over the last several years,…
There is a pattern happening in the Dallas rental market right now, especially in highly desirable neighborhoods and properties that are already priced correctly. A tenant walks into a property they absolutely love. Great location. Beautiful finishes. Strong value. Exactly where they want to be. And within the first few…
What Buyers Say They Want vs. What They Actually Need Most buyers start with a list. Three bedrooms. Open kitchen. Quartz countertops. Walk-in closet. Two-car garage. And there is absolutely nothing wrong with that. But after thirty years in real estate, I\'ve noticed something interesting. The features buyers talk about…
Everyone says they want honesty. They want honesty from their doctor. They want honesty from their attorney. They want honesty from their accountant. And they definitely want honesty from their REALTOR®. At least they think they do. What most people actually want is validation. They want someone to tell them…
If you’ve been involved in enough real estate transactions, you eventually discover something interesting. The deals that seem easiest at the beginning often become complicated. And the deals that look completely doomed somehow find a way to cross the finish line. I’ve seen inspection reports that looked like horror novels.…
Most buyers think they’re shopping for square footage.
They’re not.
They think they’re comparing kitchens, bathrooms, floor plans, and countertops.
They’re not doing that either.
What they’re really doing is walking through a home and asking themselves one simple question:
“Can I see my life here?”
And one of the biggest factors influencing that decision often goes completely unnoticed.
Lighting.
Not the light fixtures.
Not the chandeliers.
Not the brand of recessed cans.
The light itself.
Think about the homes you’ve toured that felt warm, comfortable, and inviting.
Now think about the homes that felt cold, dark, or forgettable.
The difference is often lighting.
A well-lit home feels larger. Cleaner. More welcoming. More expensive.
A poorly lit home can make a beautiful property feel smaller than it is and less inviting than it should be.
The interesting part is that buyers rarely walk through a house and say, “The lighting is fantastic.”
Instead, they say things like:
“I love this room.”
“This house feels different.”
“It just feels right.”
They’re reacting to the atmosphere the lighting creates.
Natural light is usually the first thing people notice.
Large windows, thoughtfully placed glass, and rooms that capture daylight tend to photograph better, show better, and leave a stronger impression on buyers.
But natural light is only part of the story.
The homes that feel truly special often use layers of lighting throughout the space.
Accent lighting can highlight artwork, architectural details, built-ins, or decorative niches.
Task lighting improves function in kitchens, offices, and reading areas.
Ambient lighting creates warmth and comfort throughout the room.
Together, these layers create depth.
The room feels intentional.
Finished.
Comfortable.
Luxury builders have understood this for years.
Walk through a custom home and you’ll often find subtle lighting tucked into bookshelves, art niches, cabinetry, stairways, and outdoor living spaces.
The lighting isn’t screaming for attention.
It’s quietly shaping the experience.
Even exterior lighting plays an important role.
A thoughtfully illuminated entry creates a welcoming first impression long before a buyer steps through the front door.
Landscape lighting can make a home feel established, elegant, and secure.
The best lighting does something that every homeowner wants their property to do.
It creates emotion.
Because at the end of the day, buyers don’t remember every floor plan they toured.
They don’t remember every countertop they saw.
They remember how a home made them feel.
That’s why some houses become forgettable before the next showing.
And why others stay with buyers long after they’ve left the driveway.
Sometimes the difference isn’t the size of the room.
Many first-time buyers spend months saving for a down payment.
Then they discover something surprising.
The down payment isn’t the only money they’ll need to bring to closing.
In addition to the down payment, buyers are often responsible for closing costs. These can include lender fees, title fees, prepaid property taxes, homeowners insurance, and other expenses associated with completing the purchase.
Depending on the price of the home, those costs can add up to thousands of dollars.
For some buyers, that’s not a problem.
For others, it’s the difference between feeling comfortable and feeling financially stretched.
The good news is that buyers may not have to pay all of those costs themselves.
One of the most common negotiation strategies in real estate is asking the seller to contribute toward a buyer’s closing costs.
Let’s look at a simple example.
Imagine you’re buying a home and your total closing costs are $8,000.
Instead of paying the entire $8,000 yourself, you might ask the seller to contribute $5,000 toward those expenses.
If the seller agrees, your out-of-pocket cost drops from $8,000 to $3,000.
That’s real money.
Money that can stay in your savings account.
Money that can help with moving expenses.
Money that can help furnish your new home.
Money that can simply make the transition into homeownership less stressful.
This is one of the reasons many buyers work with experienced REALTORS®.
Most first-time buyers know they can negotiate the purchase price.
Many don’t realize they can negotiate other terms as well.
Of course, not every seller will agree.
The likelihood often depends on the market, the property, and the seller’s situation.
A seller receiving multiple offers may have little reason to help with closing costs.
A seller whose home has been sitting on the market for several weeks may be more willing to negotiate.
Every situation is different.
That’s why there is no single strategy that works for every home.
The important thing is knowing the conversation is available.
Too many buyers assume the numbers they see on the first day are the numbers they’ll be stuck with all the way through closing.
That’s not always true.
Real estate is a negotiation.
And sometimes the most valuable negotiation isn’t about getting a lower price.
Sometimes it’s about reducing the amount of cash you need to bring to the closing table.
If you’re planning to buy a home, especially for the first time, make sure you understand all of the tools available to you.
Seller contributions toward closing costs may not work in every transaction.
But when they do, they can make the path to homeownership considerably easier.
Every month, I review market reports, closed sales, and listing activity throughout Dallas. And every month, I find myself asking the same question: Why are so many homes requiring price reductions before they sell? The answer is usually not what people think. Most sellers assume a price reduction means the…
Ask someone to describe a luxury home in Dallas and you’ll probably hear the same answers. Marble countertops. Resort-style pools. Wine rooms. Three-car garages. Walk-in closets the size of apartments. Those things are certainly nice. But they’re not the most valuable luxury in Dallas. Not even close. The Luxury We…
Everyone says they want honesty. They want honesty from their doctor. They want honesty from their attorney. They want honesty from their accountant. And they definitely want honesty from their REALTOR®. At least they think they do. What most people actually want is validation. They want someone to tell them…
Most buyers think they\'re shopping for square footage. They\'re not. They think they\'re comparing kitchens, bathrooms, floor plans, and countertops. They\'re not doing that either. What they\'re really doing is walking through a home and asking themselves one simple question: \"Can I see my life here?\" And one of the…
Many first-time buyers spend months saving for a down payment. Then they discover something surprising. The down payment isn’t the only money they’ll need to bring to closing. In addition to the down payment, buyers are often responsible for closing costs. These can include lender fees, title fees, prepaid property…
What Buyers Say They Want vs. What They Actually Need Most buyers start with a list. Three bedrooms. Open kitchen. Quartz countertops. Walk-in closet. Two-car garage. And there is absolutely nothing wrong with that. But after thirty years in real estate, I\'ve noticed something interesting. The features buyers talk about…
The most important beings in my home search don’t pay the mortgage. They don’t contribute to the down payment. They don’t review HOA documents. They don’t care about interest rates. And they have absolutely no opinion whatsoever on granite countertops. Their names are Otto and Giorgio. They’re two Rhodesian Ridgebacks…
If you’re a first-time buyer, I need you to promise me something. The next time you’re touring a home, spend at least as much time looking at the garage as you do looking at the kitchen. I know. That’s not nearly as exciting. Granite countertops are beautiful. Quartz is beautiful.…
For many people, buying a home feels like something they should have already done. Maybe they assumed they would buy after getting married. Maybe they thought they would buy younger. Maybe they imagined buying with a spouse, two children, a golden retriever, and a white picket fence. Then life happened.…
A funny thing is happening in the Dallas rental market right now. People still think leasing is the wild west of a few years ago, when homes and apartments disappeared within hours and tenants felt like they were competing in the Olympics just to get a callback. The reality today…
The most important beings in my home search don’t pay the mortgage.
They don’t contribute to the down payment.
They don’t review HOA documents.
They don’t care about interest rates.
And they have absolutely no opinion whatsoever on granite countertops.
Their names are Otto and Giorgio.
They’re two Rhodesian Ridgebacks who have somehow managed to become the unofficial directors of my daily schedule.
And while they may not understand real estate, they’ve taught me something important about choosing where to live.
The best neighborhoods aren’t always the ones with the biggest homes.
They’re the ones that make everyday life better.
Before I became a dog dad, I thought I evaluated neighborhoods based on architecture, restaurants, walkability, and convenience.
Then Otto and Giorgio arrived.
They forced me to think beyond the house itself.
Because at some point you realize you’re not just buying square footage.
You’re buying the route you walk every morning.
The park you’ll visit after work.
The coffee shop you’ll stop at on Saturday.
The people you’ll meet.
The life you’ll actually live once the moving truck leaves.
One of the reasons I love Oak Lawn, Uptown, and Turtle Creek is that they work exceptionally well for people who live pet-centered lives.
A great neighborhood for dog owners isn’t simply a place with a dog park.
It’s a place where daily life feels easy.
It’s a place where a morning walk doesn’t feel like a chore.
It’s a place where you can leave your front door and immediately find beautiful streets, shaded sidewalks, trails, green spaces, and other people doing exactly what you’re doing.
Walking their dogs.
Living their lives.
Connecting with their community.
Some mornings, Otto and Giorgio and I walk beneath the massive tree canopy that covers portions of Turtle Creek and Oak Lawn.
The boys are happy.
I’m getting exercise.
And for a few minutes, everybody’s blood pressure improves.
Including mine.
As a bonus, it’s difficult to take yourself too seriously when one of your dogs suddenly decides a squirrel is public enemy number one.
The other thing that makes these neighborhoods special is that they’re built around daily convenience.
Veterinarians.
Boarding facilities.
Groomers.
Dog-friendly patios.
Coffee shops.
Parks.
Trails.
They’re all woven into the fabric of the neighborhood.
You don’t have to plan your life around your dog.
Your neighborhood already supports both of you.
One of my favorite examples is watching how often dogs become social connectors.
People who might never speak to each other suddenly find themselves having a ten-minute conversation because their dogs introduced them.
A neighborhood starts feeling smaller.
Friendlier.
More connected.
Community happens.
And sometimes it happens because a Labrador refuses to mind its own business.
Or because a Ridgeback decides everyone within a fifty-foot radius should come say hello.
The best dog-friendly neighborhoods aren’t necessarily the neighborhoods with the biggest backyards.
They’re the neighborhoods that make daily life enjoyable.
The places where a walk feels peaceful.
The places where a patio welcomes both you and your dog.
The places where green space, shade, trails, and community are part of everyday life.
Before Otto and Giorgio, I thought I was choosing neighborhoods based on location.
Now I realize I was choosing neighborhoods based on quality of life.
The dogs just happened to point it out first.
And while they don’t pay the mortgage, they absolutely influence where I want to live.
If you’ve spent any time in Oak Lawn, you’ve probably noticed something happening over the last several years. The neighborhood isn’t just changing. It’s evolving. Older properties are being renovated, aging retail centers are being reimagined, and developers continue looking for opportunities to bring new density and new investment into…
Ask someone to describe a luxury home in Dallas and you’ll probably hear the same answers. Marble countertops. Resort-style pools. Wine rooms. Three-car garages. Walk-in closets the size of apartments. Those things are certainly nice. But they’re not the most valuable luxury in Dallas. Not even close. The Luxury We…
The most important beings in my home search don’t pay the mortgage. They don’t contribute to the down payment. They don’t review HOA documents. They don’t care about interest rates. And they have absolutely no opinion whatsoever on granite countertops. Their names are Otto and Giorgio. They’re two Rhodesian Ridgebacks…
For years, Henderson Avenue has quietly been evolving into one of Dallas’ most interesting neighborhood corridors. Not polished in the same way Knox has become. Not as vertical as Uptown. Not trying to imitate either one. Henderson has always carried a slightly different energy, more layered, more neighborhood-driven, more transitional.…
A funny thing happens to a lot of people who move to Dallas. They arrive thinking:“I’ll probably stay a year or two.” Then somehow five years pass. Then eight. Then one day they’re arguing with friends about the best patio in Uptown, walking Katy Trail every weekend, ordering the same…
There are streets in Dallas that people remember long after they leave them. Not because they were the most expensive.Not because the houses were the largest.And not because someone told them they were important. They remember them because of how they felt. The way morning light filters through the trees…
People often move into 75219 for practical reasons. They want to be close to work. They want to be near Oak Lawn, Uptown, Turtle Creek, the Medical District, Downtown, or the restaurants and nightlife that make this part of Dallas feel alive. They want convenience, access, and a little more…
If you’re a first-time buyer, I need you to promise me something.
The next time you’re touring a home, spend at least as much time looking at the garage as you do looking at the kitchen.
I know.
That’s not nearly as exciting.
Granite countertops are beautiful. Quartz is beautiful. New appliances are beautiful. Under-cabinet lighting is beautiful.
Nobody has ever invited friends over and proudly announced, “Wait until you see my oversized two-car garage.”
I take that back, a couple of my friends have!
But after more than three decades in real estate, I’ve learned something interesting.
The features that get your attention during a showing are not always the features that improve your life the most after you move in.
And garages are one of the best examples.
When buyers walk into a home, they often spend fifteen minutes discussing the kitchen.
Then they spend about forty-five seconds looking at the garage.
Five years later, they’re using the garage every single day.
The granite?
They’re barely noticing it anymore.
A garage quietly earns its value over time.
You appreciate it when it’s raining and you’re carrying groceries into the house.
You appreciate it when it’s August in Texas and your steering wheel isn’t capable of branding cattle.
You appreciate it when your Amazon package isn’t sitting on the front porch.
You appreciate it when holiday decorations need a home.
You appreciate it when you buy something from Costco that seemed like a good idea at the time and now requires its own zip code.
Suddenly, that garage doesn’t seem so boring.
And not all garages are created equal.
Some buyers love front-entry garages because they’re convenient and straightforward.
Others prefer rear-entry garages because they create a cleaner streetscape and often improve curb appeal.
Then there are tandem garages.
If you’ve never seen one, imagine parking one car directly behind another.
They can work beautifully for some households.
They can also become a daily negotiation if the person parked in front decides to sleep late.
Tandem garages are a little like bunk beds.
They’re fantastic until somebody needs something.
The larger point is this:
Experienced homeowners tend to evaluate homes differently than first-time buyers.
They still notice the beautiful kitchen.
They still appreciate updated finishes.
But they’ve learned to pay attention to the features that affect daily life.
Storage.
Closets.
Pantries.
Laundry rooms.
Parking.
Garages.
The practical things.
Because those are the features you’ll still be appreciating long after the excitement of new countertops wears off.
This doesn’t mean granite doesn’t matter.
Of course it does.
A beautiful kitchen adds enjoyment, functionality, and value.
The smartest buyers simply learn to evaluate both.
Granite may get your attention.
The garage may improve your life.
And when you’re searching for your next home, it’s worth remembering that the features that photograph best aren’t always the features that serve you best.
Every seller wants to know the same thing: “What are buyers looking for right now?” The answer may surprise you. In 2026, buyers aren’t necessarily searching for the biggest house on the block. They’re looking for homes that feel comfortable, functional, and ready for modern life. The good news for…
Most buyers think they\'re shopping for square footage. They\'re not. They think they\'re comparing kitchens, bathrooms, floor plans, and countertops. They\'re not doing that either. What they\'re really doing is walking through a home and asking themselves one simple question: \"Can I see my life here?\" And one of the…
If you’re a first-time buyer, I need you to promise me something. The next time you’re touring a home, spend at least as much time looking at the garage as you do looking at the kitchen. I know. That’s not nearly as exciting. Granite countertops are beautiful. Quartz is beautiful.…
Kitchen cabinets, countertops, lighting, and flooring can all be upgraded. But the thing that keeps drawing people to the eight blocks of Uptown, just south of Knox, isn’t sitting on a shelf at Home Depot. It’s Katy Trail access. Most people search for rentals or places to buy by square…
There are homes people admire, and then there are homes people feel something inside of. The interesting part is that those feelings often begin long before anyone asks about the price per square foot, the school district, or whether the kitchen countertops are quartz or marble. Buyers usually know within…
One of the most overlooked forms of luxury in real estate has nothing to do with marble countertops, imported fixtures, or square footage. It’s landscaping. Not simply “having a yard,” but creating a thoughtful outdoor environment that quietly changes the way a home feels before you ever step inside. The…
One of the most overlooked features in a home isn’t something you can upgrade later. It’s how the home feels the moment you walk in. Natural light does more than brighten a room. It shapes the entire experience. It makes spaces feel larger, cleaner, and more inviting. It softens finishes,…
For many people, buying a home feels like something they should have already done.
Maybe they assumed they would buy after getting married.
Maybe they thought they would buy younger.
Maybe they imagined buying with a spouse, two children, a golden retriever, and a white picket fence.
Then life happened.
Careers took unexpected turns. Relationships changed. Priorities shifted. Some people stayed single longer than expected. Others found themselves buying later in life. Some are purchasing alone for the very first time.
And because the traditional image of homeownership has been repeated for generations, many buyers quietly wonder if they somehow missed the right moment.
The latest data from the National Association of Realtors tells a very different story.
The reality is that today’s homebuyer looks nothing like the homebuyer of twenty or thirty years ago.
The market is far more diverse than many people realize.
Married couples still represent the largest group of buyers, but they account for only half of the market. The other half consists of single women, single men, unmarried couples, and buyers whose circumstances do not fit neatly into traditional categories.
That means millions of Americans are purchasing homes outside the “expected” path.
Not because they failed.
Because life is different.
And because the definition of homeownership has evolved.
One of the most rewarding parts of working in real estate is seeing firsthand how different buyers arrive at the same destination.
Some are buying their first home.
Some are downsizing.
Some are purchasing after a major life change.
Some are buying alone for the first time.
Others are purchasing later in life than they ever imagined.
The common thread isn’t age, income, or marital status.
The common thread is that each buyer reached a point where homeownership became the right solution for their life.
That’s an important distinction.
Too many people compare their personal timeline to someone else’s.
Too many buyers believe there is one correct age, one correct income level, one correct relationship status, or one correct life stage to purchase a home.
There isn’t.
What matters today is less about who you are and more about what you need.
A stable place to live.
A sense of control over your future.
More room.
Less maintenance.
A shorter commute.
A better school district.
A place to build equity instead of paying rent.
The motivations may be different, but the goal is often the same.
When you look beyond marital status and demographics, something interesting happens.
Buyers begin prioritizing many of the same things.
Comfort.
Security.
Lifestyle.
Financial stability.
Community.
A place that feels like home.
The old playbook suggested that homeownership followed a single predictable path.
The new reality is much more flexible.
And honestly, much more encouraging.
The takeaway from all of this is simple.
If you’ve been waiting because your life doesn’t look exactly the way you thought it would, you may be comparing yourself to a version of the market that no longer exists.
There has never been one right way to become a homeowner.
There has never been one correct timeline.
And there has never been one type of buyer.
The people purchasing homes today come from every stage of life imaginable.
The question is no longer whether your story matches someone else’s.
The question is whether homeownership solves a problem, creates an opportunity, or improves your life today.
Because when it does, that’s usually the right time to start looking.
Every month, I review market reports, closed sales, and listing activity throughout Dallas. And every month, I find myself asking the same question: Why are so many homes requiring price reductions before they sell? The answer is usually not what people think. Most sellers assume a price reduction means the…
Many first-time buyers spend months saving for a down payment. Then they discover something surprising. The down payment isn’t the only money they’ll need to bring to closing. In addition to the down payment, buyers are often responsible for closing costs. These can include lender fees, title fees, prepaid property…
For many people, buying a home feels like something they should have already done. Maybe they assumed they would buy after getting married. Maybe they thought they would buy younger. Maybe they imagined buying with a spouse, two children, a golden retriever, and a white picket fence. Then life happened.…
A funny thing is happening in the Dallas rental market right now. People still think leasing is the wild west of a few years ago, when homes and apartments disappeared within hours and tenants felt like they were competing in the Olympics just to get a callback. The reality today…
There’s a strange disconnect happening in the Dallas leasing market right now. Some people believe the market has slowed down dramatically because they’re seeing price reductions, concessions, and lease listings sitting online longer than they used to. And yes, compared to the frenzy of 2021 and early 2022, things have…
The goal isn’t perfection. It’s helping buyers emotionally connect with the home the moment they walk through the door. Thoughtful preparation almost always leads to stronger photography, better showings, and ultimately better offers. Thinking about selling this year? I’m always happy to walk through a home and discuss where preparation…
Right now, the Dallas market is showing signs of a subtle but meaningful shift. We’re not in a downturn, but we are seeing more balance, and that changes how both buyers and sellers need to approach the market. Inventory has increased slightly, days on market are stretching in certain segments,…
Right now, the Dallas market is showing signs of a subtle but meaningful shift. We’re not in a downturn, but we are seeing more balance, and that changes how both buyers and sellers need to approach the market.
Inventory has increased slightly, days on market are stretching in certain segments, and buyers are taking more time before making decisions. That alone creates a different dynamic than what we’ve seen over the past couple of years.
For buyers, this means more negotiating power, more time to evaluate options, and less pressure to make rushed decisions. The urgency hasn’t disappeared, but the playing field is more forgiving than it was.
For sellers, it means pricing and presentation matter more than ever. The homes that are positioned correctly are still moving. The ones that aren’t are sitting, sometimes longer than expected.
If you’re buying, this is a moment to be strategic instead of reactive. The opportunity isn’t just in having more options, it’s in knowing how to evaluate them and when to act.
If you’re selling, this is where professional positioning makes the difference between activity and silence. The right strategy doesn’t just attract attention, it creates momentum.
The market is always changing. The advantage goes to the people who understand how to move with it.
If you’d like a quick look at how this applies to your specific situation, reach out. I’ll walk you through it.
Seasoned homeowners weigh in on what caught them off guard, what delighted them and what lessons you can learn from them.
Ask any homeowner, and they’ll likely share the excitement they felt when they first purchased their home. However, after some time, they might also tell you about the surprises—both good and bad—that came with homeownership. From the joy of having the freedom to make the space their own and creating lasting memories, to the unexpected expenses and the seemingly endless maintenance tasks, owning a home can be full of surprises.
We reached out to first-time homeowners on Facebook, asking them to share “the unexpected aspects of homeownership everyone should know.” Over 4,600 people responded, offering valuable insights for those stepping into homeownership for the first time.
What surprised new homeowners after buying their first home?
1. The significant amount of maintenance required, especially for single-family homes.
One of the biggest surprises for first-time homebuyers is often the amount of maintenance required to keep a home running smoothly. From the continuous upkeep, the associated costs, and the feeling that the tasks never seem to end, maintenance can be an unexpected challenge.
According to a survey, about 32% of buyers experienced buyer’s remorse, particularly those who found their new home needed more work or maintenance than anticipated.
“Everything breaks down,” recalls homeowner Wilma about her first few months in her new home. “The washing machine was broken, water leaked through our sliding door when the snow melted, and the worst part was when the driveway collapsed into a 3-foot hole.”
Amy, a local real estate agent (and friend of mine), pointed out that “things happen, even with well-maintained homes.” She emphasized that these costs can quickly add up, especially if you need to hire professionals for repairs rather than tackling them yourself.
The level of maintenance required varies depending on the type of home. For example, condos generally require less upkeep because homeowners associations handle exterior maintenance, landscaping, and shared spaces. Condo owners typically only need to maintain and repair appliances and the interior of their unit.
As a homeowner, you’ll quickly learn how fast grass can grow, why cleaning your gutters regularly is essential, and how to unclog a drain.
“Taxes will go up, as will insurance,’’ wrote Donna in Carrollton, Texas. ”It’s a given. Make sure you can afford MORE THAN you are approved for, as even with a fixed rate mortgage, costs will increase steadily — and often quicker than you may be prepared for.”
Home buyer tip: Pay attention to your escrow statement both at closing and as you make payments over time. The escrow accounting that comes with your statement shows you the share of your mortgage payment that is going to things other than paying for your home.
2. The fluctuating costs of property taxes and homeowners insurance.
When you purchase a home with a fixed-rate mortgage, you might assume that your initial mortgage payment will stay the same throughout the life of the loan. However, this monthly payment typically includes property taxes and insurance, which your mortgage servicer collects into an escrow account and pays on your behalf. These costs can and often do change over time.
3. The potential benefits of tax write-offs.
Clark recognized the costs and time involved in maintaining a home, but he also highlighted the significant advantages, such as the freedom of not having a landlord and the tax benefits of homeownership.
“One of the biggest perks is being able to write off mortgage interest on your taxes,” he shared. “Plus, there’s the freedom! No landlords dictating how you should live, and you have the liberty to make changes to your home (within reason).”
For more details on the potential tax benefits of homeownership, check out our guide on Tax Breaks for Homeowners.
4. The impact neighbors can have on your quality of life.
No matter how much you love your home, the quality of life there can be greatly enhanced or severely affected by the people living around you.
“Get to know the neighbors!” advises my friend Karen. “Don’t just do a quick drive-by—take the time to walk through the neighborhood, talk to people, and visit with them. There’s nothing worse than buying your dream home only to find it’s surrounded by a nightmare!”
Marcus shares a similar sentiment: “Before you buy, meet the neighbors! They can make or break your experience and even influence the value of your home.”
Karen adds, “For me, it’s all about the neighbors. It’s not just the neighborhood itself, but who you’ll see and hear every time you step outside.”
Consuelo was fortunate to end up with “great neighbors who are always willing to say hello or help when needed,” which has significantly improved her living experience.
Homebuyer Tip:
Make sure to visit the home and neighborhood at different times of the day when neighbors are likely to be active. Whether you’re a night owl or an early riser, take note of the noise levels during evenings and mornings.
5. The amount of knowledge required to maintain a home.
Remember when something broke, and you could just call the landlord or property manager to handle the repair? Now, that responsibility falls on you. Consider all the things that make your home comfortable and functional: heating and air conditioning systems, appliances, clear sewer lines, and leak-free plumbing. When something goes wrong, it’s up to you to either fix it yourself or hire someone to do the job.
“Get to know your house,” advises Gabby. “Understand how the sprinkler system works, where the water and gas shut-off valves are, and how to maintain the hot water heater and water softener. Learn to handle basic repairs.”
Abigail adds more to the list: “Be aware of the costs of utilities, tax bills, and potential tax increases, as well as the expenses involved in maintaining a yard or pool. Also, consider the costs of addressing hazards like lead paint, asbestos, and radon, or repairing a sea wall if your property has one.”
Homebuyer Tip:
Before purchasing a home, ensure it undergoes a thorough inspection to minimize unexpected issues. Create a budget for potential repairs and renovations, and plan for the unexpected by pricing out any upgrades you might want to make.
6. The relatively stable monthly living costs, even in a fluctuating real estate market.
Rose shared that purchasing her home has been the best investment she’s ever made.
“When the stock market drops, your money can vanish, and you have to wait for the market to recover to regain what you lost, often while paying fees to someone managing your investments,” she explained. “In contrast, if the housing market dips, you still have a place to live. Unless you’re in a hurry to sell, you haven’t really lost anything because it’s still your home. While there is maintenance involved with any property, unlike cars, a home’s value will appreciate over time rather than depreciate.”
7. How external factors can influence your property.
Various factors can influence what you’re able to do with your home. If you live in a subdivision governed by a homeowners association (HOA), you’ll need to be aware of the rules regarding what you can and can’t do with your property. Additionally, county zoning laws or local projects could impact the character of your neighborhood.
Maya from Lewisville, shared her experience: “Be sure to thoroughly review the entire property and what it involves. We didn’t realize we had pipelines on our land, or that we couldn’t build a shed, or that they could remove our trees at any time. It’s important to be very, very careful.”
Cassandra in Wylie, Texas, emphasized the importance of considering adjacent properties: “If the property borders anything other than a road or other residential areas, examine it closely! Abandoned railroad tracks, a cornfield, an empty lot—anything with the potential to change could impact your home life.”
Homebuyer Tip:
Conduct thorough research on the property and surrounding areas and ask questions.
8. Maintenance isn’t a one-time task, some things require regular upkeep.
Certain systems in your home require regular inspections and maintenance. Homeowners often highlight these essential tasks:
“You should have your furnace and air conditioning serviced every year,” advises Madison.
“Don’t forget to drain your water heater annually and check the anode rod. If you have a private septic system, it’s important to learn how to maintain that as well. Remember, your house needs to breathe, your plumbing pipes have vents. Make sure to clean out your dryer vents and keep a fire extinguisher handy, just in case,” adds Sophia.
Rebecca emphasizes the importance of staying proactive: “It’s crucial to maintain your home on a regular schedule, though it’s not always easy. Clean your gutters, keep an eye on your roof, and know when it’s time to paint the exterior or replace rotting wood.”
Homebuyer Tip:
Keep a calendar to track scheduled maintenance tasks and stick to it. Check out our monthly maintenance checklist to help you get started.
9. Understanding the quirks of your home.
There’s a unique comfort in getting to know your home over time. Much like a car you’ve driven for years, your house will start to “communicate” with you when something needs attention.
Homeowner Hayden suggests that you “Listen to your home. Learn what the ‘normal’ sounds are and what might indicate a problem. It can take a few years to understand these patterns.”
Hayden also pointed out that each season brings its own challenges. For example, he discovered that two pipes in his home are prone to freezing when temperatures drop below 20 degrees. During winter, he keeps an eye on the forecast and prevents freezing by opening cabinet doors and letting a small stream of water run through the pipes overnight.
10. Remember, even if a problem existed before you moved into your condo, you’re still responsible for the repairs.
David thought he was leaving behind all the maintenance headaches when he sold his single-family home of 42 years and moved into a condo. However, he quickly discovered that the building’s upkeep had been neglected, and he was hit with a special assessment to cover maintenance that should have been done long before he purchased the condo.
Homebuyer Tip:
Work with a real estate agent who has experience with condos to guide you through the process. Make sure to thoroughly review all the details before signing a contract. Request to see the HOA’s meeting minutes and carefully examine their financial statements.
11. The unexpected attachment you develop for your home and the joy of making improvements.
Live in a place long enough, and it becomes more than just a house, it’s filled with memories and emotions. Parting with those memories can be tough, especially when you’ve put your own efforts into improving the space, leaving you with a deep sense of accomplishment.
“It’s surprising how much you can obsess over something you’ve changed,” wrote Ula. “You replace a faucet with one you like better, and suddenly it’s, ‘I did that! Wow, it’s so much better.’ You might think it’s just a faucet, but then you realize the new one makes it easier to wash your hands without bumping the sink, and you can fill a glass of water without awkwardly tilting it. As small as it seems, it’s worth getting excited about.”
Ula also adds, “You may fall in love with your home and find it incredibly hard to leave when the time comes to sell—that’s both the good news and the bad news.”
The thought of someone else creating their own memories in the space you once cherished can be difficult for some. “When you sell,” wrote Penny, “all those wonderful memories that are priceless to you don’t really add to the value of the house. Someone is just going to paint over them and start making their own memories.”
12. The deep satisfaction of knowing that it’s truly yours.
Wendy summed up her feelings after adding shade trees, an orchard, archways over entryways, hunting down deals at estate sales and end of season bargains to improve her yard and ability to entertain at home: “Every improvement you make,’’ she wrote, “you can stand back and proudly know ‘It’s yours!!!”
When it comes to buying a home, your credit score is a key factor. Generally, a credit score in the high 600s to 700s is considered strong and will likely help you secure a favorable mortgage rate. Scores above this range are often seen as “exceptional,” offering you the best possible interest rates.
While it’s possible to buy a home with a range of credit scores, having a higher score can improve your chances of securing better loan terms. If you’re purchasing a home outright with cash, your credit score won’t be a concern since you won’t need financing.
Why Does Your Credit Score Matter in Home Buying?
Your credit score is crucial when it comes to qualifying for a mortgage. Not only does it affect your eligibility, but a higher score can also lower your interest rate. Even a small difference in your rate, such as 0.25% or 0.5%, can save you thousands of dollars over the life of your loan.
Lenders place significant weight on your credit report because it reflects how you’ve managed your finances over time. A strong credit score indicates you’re a responsible borrower, while a lower score may suggest past financial challenges, making lenders view you as a higher risk for mortgage payments.
Understanding the Role of Credit in Home Buying
When applying for a mortgage, lenders don’t just look at your credit score—they also analyze your entire credit report to get a full picture of your financial history and current situation. Your credit score is derived from this report, which includes details like your payment history, the types and number of open accounts you have, whether any of your debts have gone to collections, and if you’ve ever filed for bankruptcy.
The Importance of Mortgage FICO Scores
In the mortgage approval process, lenders primarily rely on your FICO score, a credit scoring model specifically designed for home loans. This score is calculated using a unique formula that draws on data from the three major credit bureaus: Experian, Equifax, and TransUnion.
FICO scores range from 300 to 850, with most consumers falling between 600 and 750, according to Experian.
Key Factors That Influence Your Mortgage FICO Score
Your FICO score is influenced by several factors, each contributing differently to the overall score:
Payment history (35%): Timely payments on all your credit accounts.
Credit utilization (30%): The percentage of your available credit that you’re currently using.
Length of credit history (15%): How long you’ve maintained an active credit profile.
Credit mix (10%): The variety of credit types you have (e.g., credit cards, loans).
Recent credit activity (10%): New credit accounts or recent inquiries.
Buying a Home with a Co-Borrower
If you’re purchasing a home with a partner, lenders will evaluate both of your credit scores to determine what’s called a “decision score.” This is the lower middle score between the two borrowers.
For example, if your three credit bureau scores are 720, 740, and 760, and your co-borrower’s scores are 640, 660, and 680, the decision score will be 660, the lower of the two middle scores. Lenders use this score to decide whether to approve the loan and on what terms.
One advantage of buying a home together is that a higher combined income can qualify you for a larger loan. However, if one partner has a lower credit score, you might consider applying for the mortgage under the name of the person with the stronger credit score. Keep in mind that omitting one person’s credit score from the application also means omitting their income.
What’s a Good Credit Score for Home Buying?
A credit score of 720 or higher is generally considered good for buying a home. Scores of 800 or above are ideal, as they unlock the best loan rates and terms. However, even with a score around 670, you can still qualify for competitive rates.
Understanding Mortgage Credit Score Ranges
If you’re just starting to explore mortgage options, you might not have accessed your official mortgage credit report yet, which includes your FICO score. Lenders are required to use FICO scores to meet loan qualifications for programs like Fannie Mae, Freddie Mac, VA, FHA, and USDA.
You can also check your credit score through various online sources. While these typically provide your Vantage score rather than your FICO score, both score types range from 350 to 850. Keep in mind, however, that Vantage scores might differ slightly because they evaluate your credit information differently. For example, a Vantage score of 660 is generally considered good.
Getting a Handle on Your Credit Score: A Key Step in Home Buying
Your Vantage score can serve as a useful initial indicator of your overall credit health and provides a reasonable approximation of your FICO score. If you’re receiving a lot of promotional offers for credit cards or credit lines, it could be another sign that your credit is in good shape.
What’s the Minimum Credit Score Needed to Buy a Home?
The lowest credit score generally accepted for securing a mortgage is a FICO score of 500, but this usually comes with the requirement of a larger down payment and higher interest rates. For an FHA loan, which is a popular choice for first-time buyers, a score of at least 580 is typically required.
The specific credit score you need can vary depending on the type of loan you’re applying for and other factors like your down payment, income, and debt levels. Here’s a breakdown of the minimum credit scores required for various types of loans:
• Conventional Loans: Minimum credit score of 620 to 660. These loans are common, especially among repeat buyers with larger down payments. They often come with lower interest rates and the option to avoid private mortgage insurance with a 20% down payment. However, qualifying can be more stringent since private lenders back these loans.
• FHA Loans: Minimum credit score of 500 to 580. FHA loans are government-backed, making them more accessible to first-time buyers. A score of 580 or higher qualifies you for a down payment as low as 3.5%. With scores between 500 and 580, a 10% down payment is required. Keep in mind that FHA loans come with a lifetime mortgage insurance premium.
• VA Loans: Minimum credit score of 580 to 620. Available to military service members and veterans, VA loans offer competitive rates and the potential to buy with no down payment. Unlike FHA loans, VA loans don’t require mortgage insurance, but an upfront funding fee is applicable.
• USDA Loans: Minimum credit score of 580 to 620. USDA loans are designed for low-income buyers in rural areas and offer flexible qualification terms. No down payment or mortgage insurance is required, but an upfront funding fee applies.
• Jumbo Loans: Minimum credit score of 680 to 700. Jumbo loans are used in high-cost housing markets where the loan amount exceeds conventional limits. These loans often require a 20% down payment and come with interest rates similar to conventional loans, but the qualification standards are stricter due to the higher loan amounts.
Other Key Factors in Mortgage Qualification
While your credit score is crucial, lenders also consider several other factors when deciding whether to approve your mortgage:
• Income and Assets: Your lender will review your income and assets to ensure you can comfortably manage your mortgage payments. This typically involves submitting documents like W-2s, pay stubs, tax returns, bank statements, and, if applicable, a signed purchase and sale agreement.
• Employment History: Proof of steady employment is important, especially as you get closer to buying a home. Lenders will typically verify your employment during the pre-approval process and again before closing.
• Debts: Lenders assess your current debts to determine whether you can afford additional mortgage payments. They’ll examine your credit report for any outstanding debts, such as credit card balances, car loans, student loans, and any other financial obligations.
• Debt-to-Income Ratio (DTI): Your DTI ratio is a key metric that compares your monthly debt payments to your gross monthly income. A DTI of 40% means that 40% of your income goes toward repaying debts. A healthy DTI is generally under 50%, including your prospective mortgage payment, although some loan programs may allow for higher percentages.
The maximum DTI allowed depends on the loan type and individual lender criteria, which consider your overall financial picture, including income, debts, down payment size, and credit score.
Understanding Loan-to-Value Ratio in Home Buying
As you move forward with your home purchase, your lender will calculate your loan-to-value (LTV) ratio once you’re under contract. This ratio compares the amount you’re borrowing against the appraised value of the property. LTV is a key factor in determining whether you’ll need to pay for mortgage insurance. It’s expressed as a percentage, with a lower percentage being more favorable. A larger down payment can reduce your LTV, as it means you’re borrowing less.
To calculate your LTV, divide the loan amount by the home’s appraised value, then multiply by 100 to get a percentage.
For example, a first-time buyer might have an LTV of 96.5% with an FHA loan, or even 100% LTV with a VA loan. Conventional loans often have an LTV around 97%, but reducing your LTV to 80% or lower can help you avoid mortgage insurance.
Preparing Your Credit Score for Home Buying
Before you start the home buying process, it’s important to review your credit report and check your Vantage score. You can request free annual credit reports from Equifax, Experian, and TransUnion through AnnualCreditReport.com. Errors on credit reports are common, and even small mistakes can negatively impact your score. It’s wise to check your reports early and frequently, and to request corrections if you find any inaccuracies.
If you’re new to building credit, you might not have a credit score yet. It usually takes three to six months of credit activity to generate a score. A good starting point is to open a single credit account and make consistent, on-time payments for several months. Additionally, some services can report your rent and utility payments to the credit bureaus, helping to establish your credit history.
Tips to Improve Your Credit Score
If your credit score isn’t where you want it to be, there are several strategies you can use to boost it before buying a home:
• Pay off any delinquencies: If you have late payments, try to pay them off as soon as possible. If full payment isn’t an option, consider consolidating your debt into a new account with a lower promotional rate.
• Set up automatic payments: To avoid missing payments, use automatic payment tools to ensure your bills are paid on time.
• Reduce your credit utilization: Lower your credit usage by spending less on your credit cards or requesting a credit line increase.
• Keep old accounts open: Even if you don’t use them often, keeping credit accounts open can benefit your score, as the length of your credit history is a contributing factor.
• Minimize hard credit inquiries: While you can shop around for mortgage rates within a 45-day window without multiple inquiries affecting your score, it’s best to avoid other hard credit inquiries, such as applying for new credit cards, in the months leading up to your mortgage application.
Buying a Home with Poor Credit
If your credit score is low, homeownership might still be within reach. Start by getting pre-qualified to estimate how much you might be able to afford with your current credit profile. Be open with your lender about any past financial challenges so they can work with you to find a suitable financing option. An FHA loan, for example, could be a good choice as it allows for credit scores as low as 580, or 500 with a larger down payment.
Frequently Asked Questions About Home-Buying Credit Scores
• Can you buy a house without a credit score?
If you’re paying in cash, you can purchase a home without a credit score. However, if you’re seeking financing, having a credit score is essential.
• Do you need good credit to buy a house?
While it’s possible to buy a house without excellent credit, it will likely cost you more over time in the form of higher interest rates, larger monthly payments, and potentially additional upfront costs to reduce your interest rate.
• What should your credit score be to buy a house?
Ideally, aim for a credit score between 720 and 760 to secure the best terms on a conventional loan. For FHA, USDA, or VA loans, a score around 670 can still result in favorable loan terms.
Buying a home can be challenging, especially in a competitive market. While some details may vary, the core steps of the buying process remain consistent, and understanding these steps can help you achieve your goal and turn your dream into reality.
Regardless of when you decide to buy, it’s essential to be prepared. On average, the home-buying process takes about six months. In recent years, buyers typically spend 2 to 3 months searching for a home, followed by an additional 30-45 days to close.
However, buying a home involves more than just touring properties. You’ll need to assess your credit and financing options, find a trustworthy real estate agent, make offers, negotiate terms, arrange for inspections, and prepare for the move before finally closing on your new home.
Portrait Of Couple Holding Keys Standing Outside New Home On Moving Day
Where to Begin When Buying a Home
Start by considering how much you want to spend, where you’d like to live, and what factors are most important to you as a buyer. Here are some key questions to ask yourself:
How much can I afford to spend on a home?
Will I need a mortgage, and what are my financing options?
How much have I saved for a down payment?
Can I afford a home in my desired neighborhood?
Are property values in the area increasing or decreasing?
How long will my commute be?
Is the school district suitable for my family?
Is the home close to amenities and activities that matter to me?
Once you have clear answers to these questions, you can begin your home search with confidence.
Step 1: Review Your Credit Score
Before allowing a lender to check your credit score, it’s wise to thoroughly review your own credit report first.
What is a Credit Report?
A credit report compiles data from the three major credit reporting agencies: TransUnion, Equifax, and Experian. This report is used to calculate your FICO score and Vantage score.
You’re entitled to free reports from all three agencies at least once per year. If you spot any errors on your report, dispute them immediately to ensure they’re corrected before you apply for financing.
What is a FICO Score?
A FICO score is what lenders use to assess your creditworthiness. This score, calculated by Fair Isaac & Co., ranges from 350 to 850.
What is a Vantage Score?
A Vantage Score is the credit score you typically see when checking your score on consumer credit websites. It can differ from your FICO score, but lenders rely on your FICO score, not your Vantage Score, to evaluate your creditworthiness.
Step 2: Determine How Much Home You Can Afford
When you get pre-approved, your lender will inform you of the maximum amount you can borrow (we’ll cover the pre-approval process in more detail later). However, you don’t have to wait for pre-approval to get a general idea of what you can afford. The Zillow Home Affordability Calculator can help guide you to the appropriate price range by considering factors such as your annual income, monthly debts, and projected down payment amount.
Align Your Wish List with Your Budget
Once you have a budget in mind, create a list of must-have features for your future home. Your budget will likely influence the size, location, and amenities of the property. Here are some wish list items to consider:
Number of bedrooms and bathrooms
Square footage
Outdoor space
Preferred location
Type of home
Layout, features, and finishes
School district
Pet-friendliness
Work commute
Prioritizing these features will help you find a home that fits both your needs and your budget.
Step 3: Find a Real Estate Agent
Having a professional real estate agent on your side can be invaluable during the home-buying process. Here’s how a buyer’s agent can assist you:
Market Insights: Provides information on home value trends, new developments, buyer demand, and the overall state of the market.
Offer Price: Helps determine what a home is worth and recommends a competitive initial offer amount.
Negotiating: Knows when to push for a lower price and how to negotiate contingencies and repairs.
Local Familiarity: Offers insider tips about the neighborhood and area schools.
Professional Recommendations: Can refer you to trusted lenders, attorneys, contractors, and other vendors.
Experience: Simplifies the process by managing potential issues, keeping track of important dates, and handling paperwork.
It’s essential to find the right agent for your needs. A 2022 Zillow survey revealed that 24% of recent home buyers wished they had chosen a different agent. Of course, I encourage you to read these 7 points of an excellent real estate professional.
Step 4: Get Pre-Approved
Unless you’re purchasing a home with cash, getting pre-approved by a lender is a crucial step that gives you a clear understanding of your home-buying budget. Pre-approval is required before going to look at property.
To get pre-approved, a lender will assess your financial health by calculating your debt-to-income ratio and reviewing various financial documents, including:
Income statements, such as W2s, 1099s, rental income, and tax returns
Assets, including bank statements and retirement accounts
Debts, like student loans, credit cards, and other mortgages
Records of bankruptcies and foreclosures
Current rent, child support payments, alimony payments, and any down payment gifts
Once pre-approved, you’ll receive a pre-approval letter, which not only confirms how much you can borrow but also strengthens your offer when you find a home. In competitive markets, this letter shows sellers that you’re a serious buyer, which can give you an edge over other offers.
Also, keep in mind that your debt-to-income ratio will be re-evaluated before closing. Taking on new debt during the financing process can reduce the total loan amount available to you, so it’s best to avoid any significant financial changes until your mortgage is finalized and you have closed on your new home.
Step 5: Start the home search
Searching available homes online is a great way to start your house-hunting process. According to the Zillow Group Report, 95% of buyers use online resources in their home search. Start on kevinday.co (you’re here already) and search for homes in your target area, then filter by price and your must-haves.
Try to stay flexible, you’ll probably need to adjust your criteria as your home search continues. For example, you might decide it’s worth sacrificing an extra bedroom to be in your desired neighborhood. Play around with search parameters and see what your money would buy if you changed your wish list a bit.
What to look for when touring homes
Once you start visiting homes in person, be sure to consider the home’s “health” so you’ll have an idea of any major challenges that might be coming your way if you decide to make an offer. Ultimately, the inspection will give you an official report on the home’s quality and condition, but while you’re touring, keep an eye out for the following:
Structural defects and cracking
Water pressure (turn on faucets and shower heads)
Electrical issues (try the light switches)
Functionality and heat retention of doors and windows
Roof and exterior quality
Noise from neighbors or traffic
Step 6: Make an Offer
Once you’ve found the perfect home, your next step is to make an offer. Your agent will help you determine a fair offer price and decide whether to leave room for negotiation, depending on the state of your local real estate market.
Beyond a pre-offer CMA, here are additional factors to consider when making your offer:
Disclosures: Disclosures reveal known issues related to the property, such as structural problems, un-permitted work, natural hazards, or flood risks. Most states require sellers to provide these documents, so ensure your agent requests them.
Closing Date: When purchasing a home with a mortgage, it typically takes 30-45 days after the contract is signed to close. You can request a specific closing date to match your moving plans, but be prepared for the seller to negotiate on this point.
Contingencies: Contingencies are conditions that must be met for the sale to proceed. For example, your lender will likely require an appraisal contingency to ensure the home’s value matches the loan amount. An inspection contingency is optional but highly recommended, 88% of successful buyers did choose to include an inspection contingency in their offer.
Earnest Money: An earnest money deposit shows the seller that you’re serious about purchasing the home. This deposit typically becomes part of your down payment if the sale goes through, but you may forfeit it if you back out of the deal outside of any contingencies.
It’s important to remember that not every offer will be accepted. While it can be disappointing, don’t get discouraged if your first offer isn’t successful. 59% of buyers who submitted an offer ended up making multiple offers before successfully closing on a home.
Step 7: Schedule the Inspection
88% of buyers conduct a home inspection before finalizing their purchase, I encourage 100% of my buyers to do so. Including an inspection contingency in your offer and completing the inspection are the best ways to ensure the home you’re buying doesn’t have any significant underlying issues.
Typically, the inspection is scheduled within a week of the contract being signed. It’s advisable to attend the inspection, as it provides an opportunity to understand the inner workings of the home. After the inspection, you’ll receive an official report detailing the findings, which you can then review with your agent to decide how to proceed.
If the inspection uncovers major, non-cosmetic issues, you can renegotiate with the seller. You might request that the seller fix the problems before closing or ask for a credit so you can handle the repairs after the sale is finalized.
Step 8: Secure Your Financing
Even if you’ve already been pre-approved for a mortgage, there are still a few more steps to take to officially secure your financing. Once these steps are completed and everything checks out, you’ll receive the “clear to close,” meaning the lender has approved your purchase.
Loan Application
You may need to provide updated financial statements. The key here is to respond promptly to any requests from your lender, delays in providing documents like W2s could slow down your closing process. If you decide to work with a different lender, they will inform you of the documents required to complete your application.
Appraisal
Your lender will arrange for an appraiser to evaluate the property, payment will need to be made to get this scheduled and can be anywhere from $500 to $900 depending on the size of the home and other factors. Your real estate agent will coordinate with the seller’s agent and the appraiser to schedule the appraisal. Once the appraisal is complete, you and your agent will receive copies of the appraisal report, which will detail the appraised fair market value and the comparable properties (comps) used in the calculation.
• If the appraisal matches your offer price: You’re clear to close.
• If the appraisal comes in above your offer price: Even better! You’re purchasing the home for less than its market value, giving you instant equity.
• If the appraisal comes in low: Your lender won’t approve the full loan amount because they believe you’re overpaying. You’ll need to either cover the difference between the appraised value and the offer price in cash or try to renegotiate the price with the seller.
Step 9: Purchase a Homeowners Insurance Policy
Before you can close on your new home, you’ll need to provide proof of a homeowners insurance policy. If you already own a home, your current insurance agent can assist you in setting up a new policy for your new property. If you’re a first-time homebuyer, take the time to shop around for a policy that best suits your needs. Your lender may also help coordinate a policy that can be paid through your monthly escrow account, making the process even smoother.
Step 10: Closing and Moving In
It’s common for buyers to conduct a final walkthrough either the day before or on the morning of the closing. This walkthrough ensures that the property is in the same condition as when the offer was made and that any repairs agreed upon by the seller have been completed.
On the day of closing, you’ll likely spend about an hour at the title company signing the necessary paperwork. Be prepared to bring the funds needed to cover your closing costs, which usually range from 3-5% of the home’s sale price.
After all the documents are signed and the sale is officially recorded, you will receive the keys to your new home once the title company informs all involved the transaction is closed and funded.
Next, you’ll want to set up utilities for your new residence, including electricity, cable, and internet. If you are moving into a condo with a homeowners association (HOA) that includes some utilities, make sure to review the contract details with your real estate agent to understand your responsibilities.
With everything in place, you can now proceed with your move and start settling into your new home!
