15 Steps to Buying a Home 

Preparing to Buy

1. Choose a REALTOR®

Choosing the right REALTOR® should be your first step. Your REALTOR® will explain the buying process, help you prepare for homeownership, recommend trusted lenders and other professionals, negotiate on your behalf, and guide you through every stage of the transaction.

2. Assess Your Finances

Review your income, savings, debts, and monthly budget to determine how much home you can comfortably afford. Your REALTOR® can also help you understand the additional costs of homeownership, including closing costs, property taxes, HOA fees, homeowners insurance, and ongoing maintenance.

3. Check Your Credit

Review your credit report and correct any errors before applying for a mortgage. A stronger credit profile may qualify you for better loan terms. Your REALTOR® can recommend experienced mortgage professionals if you don’t already have a lender.

4. Compare Mortgage Lenders

Obtain loan estimates from several lenders or mortgage brokers. Compare interest rates, closing costs, loan programs, responsiveness, and customer service—not just the interest rate. Your REALTOR® can recommend lenders with a proven track record of closing transactions on time.

5. Choose the Right Mortgage

Select the mortgage program that best fits your financial goals and long-term plans. Your lender and REALTOR® can help you understand the advantages and disadvantages of the available loan options.

6. Get Pre-Approved

If you’re financing your purchase, obtain a mortgage pre-approval before making an offer. If you’re paying cash, you’ll need proof of funds. In Arizona, a pre-approval letter or proof of funds is generally expected when submitting a purchase offer. Having this documentation ready strengthens your offer and demonstrates to sellers that you’re a qualified buyer. Your REALTOR® will help ensure your offer package is complete.

Finding the Right Home

7. Define Your Priorities

Create a list of your must-haves, needs, and wants. Your REALTOR® can help you prioritize features and focus your search on homes that best fit your lifestyle, needs, and budget.

8. Select Your Preferred Areas

Identify the neighborhoods and communities that best fit your lifestyle, commute, and budget. Your REALTOR® can provide valuable insight into market trends, schools, amenities, commute times, and future resale potential.

9. Start Your Home Search

Tour homes, compare features, condition, location, and value. Your REALTOR® will help you evaluate each property objectively and identify potential concerns that may not be obvious during a showing.

Making an Offer & Navigating Escrow

10. Make a Competitive Offer

When you find the right home, be prepared to act quickly with a realistic and competitive offer. Your REALTOR® will prepare the purchase contract, analyze comparable sales, develop an effective negotiation strategy, and advocate for your best interests throughout the negotiation process.

11. Secure Your Financing & Homeowners Insurance

Don’t wait. As soon as your offer is accepted, stay in close contact with your lender and promptly provide any documentation requested. At the same time, begin shopping for homeowners insurance. In today’s Arizona market, insurance premiums and coverage availability can vary significantly by property and location. Unexpected insurance costs can affect affordability and, in some cases, jeopardize a transaction.

Your REALTOR® and lender can recommend reputable insurance professionals and help keep your transaction on schedule. Acting quickly during the first several days of escrow helps prevent unnecessary delays and gives you time to address financing or insurance concerns while important contractual deadlines are still in effect.

12. Open Escrow & Deposit Earnest Money

Once your offer is accepted, escrow is opened and you’ll submit your earnest money deposit according to the purchase contract. Your REALTOR® will coordinate the transaction, monitor important deadlines, and help ensure every contractual requirement is met.

13. Complete Your Due Diligence

Schedule a professional home inspection, carefully review the Seller’s Property Disclosure Statement (SPDS), evaluate any HOA documents, and investigate anything that could affect your decision. Your REALTOR® will help you interpret the findings, negotiate repairs when appropriate, and help you make informed decisions before your inspection period expires.

Closing on Your New Home

14. Conduct a Final Walk-Through

Shortly before closing, conduct a final walk-through with your REALTOR® to verify the property is in the agreed-upon condition and confirm that any negotiated repairs have been completed.

15. Close on Your New Home

Review and sign the closing documents, receive your keys, and celebrate becoming a homeowner. While your agency relationship generally ends at the close of escrow, your REALTOR® can continue to be a valuable resource by recommending trusted contractors, answering general real estate questions, and assisting you whenever you’re ready to buy or sell again.

Your Homeownership Journey Continues

Every home purchase is different. Market conditions, financing, inspections, and negotiations can vary from one transaction to the next. Understanding the buying process before you begin helps you make informed decisions and avoid unnecessary surprises.

Whether you’re buying your first home or your next home, an experienced REALTOR® can explain each of the 15 steps to buying a home. By  answering your questions, and providing professional representation from your first conversation through closing.