The home buying process is one of the most exciting, and frequently stressful, experiences you’ll ever go through. This holds true whether you’ve bought many homes or you’re looking to buy your first, whether you’re in the market for a new primary residence, an investment property, or that perfect vacation getaway.

How to Buy a House: Steps to Buying a House for the First Time

Today’s real estate market can offer more opportunities, yet can be filled with more risks, than ever before. There are a multitude of factors to consider and decisions to make. When buying, it’s crucial to have all the available resources necessary to make a well-informed decision, as well as the time required to make use of those resources. It’s important to enlist the help of a trusted real estate professional who will be able to provide expert guidance at each step of the buying process.

Finding and purchasing a home includes the following steps, which we’ll examine in more detail throughout the guide:

1) Define your goals, research your options, and make your plans

Given that buying a home is such a big step, it’s very important to educate and prepare yourself as much as possible. This means clearly determining the reasons you’re buying and what kind of home you’re looking for. Since buying and financing a home are so closely related, it also means examining your current financial situation and projecting how much you can afford.

Once you’ve answered these questions, even tentatively, you’ll be in a better position to research housing and mortgage options and create an action plan and timelines for moving forward. Although it is possible to do this yourself, you may benefit by consulting an experienced real estate professional right from the start.

2) Contact a real estate professional

Buying real estate is a complex matter with many factors to consider since no two homes or transactions are exactly the same. Moreover, with all the unique opportunities and potential pitfalls of the current market, it’s more important than ever to contact a real estate professional once you’ve decided to buy.

When choosing a real estate professional to guide you through the property search, financing, negotiation, and transaction processes, you should consider their local market knowledge, experience, and track record.

3) Get pre-approved for a loan

We recommend that you get pre-approved for a loan before you start viewing homes with the serious intention of buying. The pre-approval process involves meeting with a lender and authorizing them to examine your current financial situation and credit history. On the basis of this examination, the lender may provide you with a document detailing the amount you can borrow to buy a home. Consider looking online to see what different lenders offer, or contacting your local bank or credit union.

The benefits of pre-approval include:

• You’ll know what you are eligible to borrow and be able to plan accordingly
• As a qualified, motivated buyer you’ll be taken more seriously when you make an offer
• Lenders can tell you if you qualify for special programs that will help you afford a better home (particularly if you’re a first-time buyer).

Real estate financing is available from many sources, and an experienced real estate professional will be able to suggest lenders with a history of offering excellent mortgage products and services.

4) View homes and select THE ONE

Simply put, the key to the home search process is knowing what you’re looking for. Among other things, that means distinguishing between “must-haves” and “like-to-haves”.

That said, here are a few recent facts about the search process that might put your experience in perspective:

• 92% of buyers use the internet or mobile apps to search for homes.
• The typical buyer searches for 12 weeks and views 12 homes.
• 97% of buyers view real estate agents as important in the home search process.

There are many benefits to starting the search process on a real estate professional’s website, like the one you’re on now. You can view many homes and their details, access neighborhood info, and read helpful blog posts.

However, it’s also important to view homes in person. While the property details may seem similar online, homes can be very different in terms of layout, design, workmanship and other aspects. Ideally, you should view homes with the help of an experienced real estate professional who’ll notice things you might miss, provide expert analysis, and act as an impartial sounding board.

5) Make an offer and negotiate with the seller

Once you’ve found the home you’d like to buy, it’s time to make an offer. Your state or local real estate association likely has contracts that are generally used for transactions in your area. These contracts enable you to specify a sale price and also allow the inclusion of clauses specifying various terms of purchase, such as the closing and possession dates, your deposit amount, and other conditions.

You should carefully review these clauses with your real estate professional to be sure that they accurately express your intended offer. In addition to drawing up the contract, your real estate professional will be happy to address all of your questions about the offer process.*

Once you’ve written the offer, your real estate professional will present it to the seller and/or the seller’s representative. At that point, the process may vary somewhat.

Generally speaking, the seller can accept your offer, reject it, or counter it to initiate the negotiation process.

Successive counter-offers, with deadlines for responding and meeting conditions, may be exchanged between you and the seller until a mutually pending agreement is reached or the negotiations break down.

Negotiations involve many factors relating to different market conditions, the home itself, and the sellers.

6) Secure your financing

Once you have a pending agreement, it’s time to return to your chosen lender to finalize mortgage details in order to close the deal. This means finalizing your down payment, interest rate, regular payment schedule, and all other financial conditions associated with the closing.

As the saying goes, ‘Let the buyer beware’. Unfortunately, too many buyers suffer negative consequences from not fully understanding their financing decisions. Thus, it’s crucial for you to work with people you trust. In this regard, a good real estate professional can become a true friend for life.

7) Close the deal

If you’ve efficiently taken care of everything connected with purchasing your new home, taking ownership should be a positive joy with no surprises. Key steps to the closing, also referred to as the “escrow” or “settlement”, include:

Getting a title search – you will need a historical review of all legal documents relating to ownership of the property – to ensure that there are no claims against the title of the property. It’s also necessary to purchase Title Insurance for protection in the event of errors in the records or mistakes in the review process.

The final walkthrough – you will be given the chance to look at the home one last time to make sure it’s in the same condition as when you signed the sale agreement.

The settlement – typically, on the Closing Date you’ll meet with a lawyer, real estate professional, or escrow agent to verify and sign all the paperwork required to complete the transaction. The settlement will include paying your closing costs, legal fees, property adjustments, and transfer taxes. At that point, you’ll receive the property title and copies of all documentation pertaining to the purchase.

Oh, and one more thing – you’ll get the keys!

In most cases, the Possession Date will fall within a few days, and you will be able to move into your new home.

Have Questions?

Schedule A Free Buyer Appointment!

 How Does First-Time Homebuyer Assistance Work?

By Charlestien Harris

How do you buy a house? Renters often don’t know. But first-time buyers have tools at their disposal and, oftentimes, access to mortgage assistance.

If you are a first-time homebuyer, you likely have several questions regarding the home-buying process. Let’s start by defining what qualifies as a first-time homebuyer. Generally, this term refers to an individual purchasing their first principal residence. The U.S.

Department of Housing and Urban Development (HUD) provides a broader definition, including the following:

1. Someone who hasn’t owned a principal residence in the three-year period before purchasing a new home.
2. An individual who has never owned a principal residence, even if their spouse was a homeowner.
3. Single parents who previously owned a home with their ex-spouse.
4. Displaced homemakers who only owned property with their spouse.

First-time homebuyers often have access to special benefits, such as lower down payments, grants, and assistance with closing costs, sponsored by state and federal governments. Some lenders also offer incentives and special loan products for first-time homebuyers. Those with low-to-moderate incomes may qualify for grants or loans that do not require repayment if they stay in the home for a specific period. Additionally, certain individuals may be eligible for closing cost assistance based on their circumstances.

These options are provided through government-sponsored programs, with eligibility criteria based on credit scores, income levels, and local lender requirements. If you believe you fall into one or more of these categories, you might be able to take advantage of the programs I am about to discuss.

U.S. Department of Agriculture (USDA)

The USDA’s homebuyer assistance program focuses on homes in “qualified” rural areas.

These areas include open countryside, rural towns (with fewer than 2,500 people), and urban areas with populations ranging from 2,500 to 49,999 that are not part of larger labor market areas (metropolitan areas). The USDA guarantees the home loan, often requiring no down payment, and the loan payments are fixed.

Federal Housing Administration (FHA) Loans

FHA loans are mortgages ensured by the Federal Housing Administration (FHA) and offered by FHA-approved lenders. Lenders must meet specific criteria to be “FHA-approved,” and in case of borrower default, the FHA backs the loans issued by these lenders.

This backing provides lenders with protection against losses. FHA loans offer competitive interest rates, lower down payments, and reduced closing costs compared to conventional loans.

Borrowers must meet certain requirements to qualify for these loans.

First-time homebuyers with low-to-moderate incomes may qualify for grants or loans that do not require repayment if they remain in the home for a specific period. To find an FHA lender near you, visit HUD Lender List Search.

U.S. Department of Veterans Affairs (VA)

The VA supports first-time homebuyers who are active-duty military members, veterans, and surviving spouses. VA loans offer competitive interest rates, require no down payment, and the VA guarantees a portion of the loan. With a VA loan, first-time homebuyers are not typically required to pay for private mortgage insurance (PMI), and there is no minimum credit score for eligibility.

Moreover, if the borrower faces mortgage trouble, the VA can negotiate with the lender on their behalf.

Federal Home Loan Bank System

Check if your bank is a member of the Federal Home Loan Bank system. Membership in this system strengthens financial institutions and enables them to better serve their communities. The Federal Home Loan Bank system consists of 11 regional banking cooperatives that provide member institutions with wholesale lending, credit, and related financial services, supporting affordable housing and economic development.

Down payment and closing cost assistance may be available if your chosen bank is a member and you meet the approval criteria.

First-time home buying can be an exciting journey when you are aware of the numerous opportunities available throughout the purchasing process. Always conduct thorough research to access programs that can help you achieve your goal of owning your first home.

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https://salvatoredomina.cbintouch.com/contact/

SALVATORE DOMINA 

REALTOR-Associate® Coldwell Banker Residential Real Estate

4000 Ponce De Leon Blvd. Suite 700 Coral Gables, FL 33146

 Coral Gables Gallery Night.

Coral Gables galleries and participating art venues open their doors on the first Friday of the month from 6 to 10 p.m. as part of Coral Gables Gallery Night. 

At this monthly event, attendees can enjoy live music and fine art while enjoying a night out in the City Beautiful. Visitors are encouraged to use the City’s trolleys or Freebee on-demand vehicles to travel between galleries.  

https://www.coralgables.com/events/gables-gallery-night

 BENEFITS OF USING A REALTOR TO SELL YOUR HOUSE

You’re thinking about selling your home, but you’re stuck on the age-old question: Are you going to list your home yourself, or are you going to use a listing agent?

Of course, selling your home involves more than just listing it. You’ll want to get your home inspected and ready for viewing. You’ll also need someone to host open houses or show the home to potential buyers. What if you have multiple offers? Who will handle those negotiations? And what should the price of your home be?

You can see where we’re going with this. There are lots to handle when you’re selling your home. Throw in buying another home and moving, which can be downright maddening.

That’s where real estate agents come in. They know the local market, they’re pros at listing your home, and they know how to leverage multiple offers to get you the highest price or best terms.

Risk vs. Reward

Many people believe going the “for sale by owner” (FSBO) route can save money since they don’t have to pay agent commissions, which are typically rolled into closing costs. 

This sounds great at face value, but the truth is that you might save a commission but still fail to achieve the highest price when selling your home.

That’s why it’s important to take a few minutes and learn about the realities of selling your home. Then you can decide for yourself whether the risks outweigh the rewards.

How a Realtor Can Help

Here are the top eight reasons a listing agent can help with your home sale:

Working with a real estate agent can get you top dollar 

For-sale-by-owner homes don’t sell as quickly … or for as much.

A listing agent is an expert in the local market, as well as current sales data. These are huge benefits when it comes to selling your home.

And here’s the thing: Sales data from popular real estate websites aren’t nearly as reliable as the data that real estate agents can get. Website data can backfire if it inspires you to list your home for more or less than it’s worth in the current market.

Statistics show that on average homes listed with an agent sell for a higher price ($58,000 higher on average according to the most recent NAR research report ).

Realtors understand the market

Real estate agents have house-by-house, street-by-street, and market-by-market experience. When competition is fierce, they can help you with strategies to buy or sell your home.

Working with a real estate agent lowers your risk

When you have an agent, you share some of the risks of home buying and selling. As a seller, you’re paying the real estate agent to assist you, advise you, and help navigate the transaction legally and safely.

Listing agents are well-versed in the process

Real estate agents can negotiate more than just price. They know all the terminology and can help negotiate the dozens of sticking points that keep transactions from closing—including repairs, closing costs, timelines, rent-backs, inspection issues, and more. 

They’re also bound by a code of ethics, which means they know what has to be disclosed to a potential buyer—as well as how to disclose it. Their profession also requires that they carry insurance in case something goes wrong.

A homeowner trying to sell on their own is just that: on their own. This can result in money lost if the home sells for less than the price a realtor could have achieved or, even worse, if costly litigation occurs during or after the closing.

A listing agent works closely with all parties

The loan officer, title company, appraiser, property inspector, and others all have jobs to do during a transaction. Your average homeowner simply isn’t privy to all the details that must be tracked during the course of a home sale. 

On top of that, there are deadlines and a closing date to keep track of. The legal ins and outs of real estate transactions can make the for-sale-by-owner path tricky for many.

Real estate agents can vet potential buyers

A listing agent can require interested parties to get pre-qualified or even pre-approved before viewing your home. This reduces the number of showings (in a good way!), which reduces the burden on you, especially if you’re still living in the home.

You’d be surprised at how many looky-loos—neighbors, community members, people thinking about buying some time in the future, homeowners who recently bought and want to compare houses, people just driving by—show up when they see a “For Sale” or “Open House” sign! 

Private sellers don’t have the ability to require that buyers be vetted before they tour a home. You don’t want to waste time on a showing—even if it’s with people who want to buy your home—if they aren’t financially qualified to do so.

A homeowner can do only so much marketing themselves

Here’s the cold, hard truth. Only 9% of homebuyers find their new homes by calling the number on a sign they see while driving around.

The vast majority find their homes with a real estate agent’s help since they have access to current and upcoming listings. A real estate professional knows how to market properties successfully through the MLS, but also within their office, on broker tours, and on open houses. 

They are intimately involved in the market daily, in constant contact with other agents, and they can leverage that to get the word out.

Real estate agents work for free

As a seller, you don’t pay anything until the transaction closes. That means all the work done upfront—such as marketing, staging, repairing, managing inspections, and paperwork—all get done long before an agent ever sees a commission. 

(If you’re a homebuyer it’s typically free no matter what; all commissions come out of the sale.)

The Bottom Line

When it comes to costs, market knowledge, and negotiation strategy, the benefits of working with a real estate agent are plentiful. Plus, large dollar amounts and legal ramifications often detract sellers from going it alone—and for good reason.

If you’re ready to sell but are unsure where to start, I can help you! 

SALVATORE DOMINA 

REALTOR® – Associate Coldwell Banker Realty

4000 Ponce De Leon Blvd. 

Suite 700 

Coral Gables, FL 33146

Ph: 786.353.8945 

Salvatoredomina.com

If you are “waiting” for prices to come down, interest rates to come down and a “deal” to fall in your lap  just listen to this!

1. Forbes Magazine just recognized Miami as one of the best cities in Fla to live in. It was recognized for its diversity, colorful architecture, diverse

  job opportunities and population size.

2. Over 3 million small businesses were registered in Florida in 2022. The Beacon Council in Miami reports the county has 267,064 businesses

  in total.

3.  Best new of all: South Florida international home sales and dollar volume jumped 34% year over year in 2022. Global buyers were up 25%.

 Nationally they dropped 8%.

INVEST NOW!!! ☝🏻

You will fall behind as Miami continues to grow and grow! 😱

Share it to your sphere, 😉they will thank you for the advice 👍🏻

SALVATORE DOMINA 

REALTOR-Associate® Coldwell Banker Realty

4000 Ponce De Leon Blvd. 

Suite 700 

Coral Gables, FL 33146

https://salvatoredomina-cbflorida.sites.cbmoxi.com

First Look: Inside the World’s First Solar-Powered Residential High-Rise

The Boundary for Ytech 

It seems the future of sustainability is here, at least at Miami’s newest solar-powered high-rise, The Residences at 1428 Brickell. The project, recently announced by developer Ytech, is the first project of its kind in the world to integrate photovoltaic glazing within the facade.

The 70-story tower, designed by Milan-based ACPV Architects Antonio Citterio Patricia Viel, combines form and function with the solar energy features blended within the architectural aesthetic. The building features 500 photovoltaic-integrated windows on the west-facing facade that creates a Solar Backbone on the building. There’s 20,000 square feet of energy-producing glass and the system is capable of producing up to 170,000 kilowatts, or 170 megawatts, of clean energy per year. 

“While there are many applications of solar-glass technology existing in the world, The Residences at 1428 Brickell will be a first-time application of the tech in a high-rise residential setting, leading the way on this important first step, pushing this sector of the industry forward,” says Ytech CEO Yamal Yidios. “From a sustainability perspective, The Residences at 1428 Brickell application of photovoltaic glass technology in a high-rise residential tower aims to reduce approximately 4,700 tons of CO2 and the use of 3,000 barrels less of oil per year, which is the equivalent of eliminating the average electricity use of 915 homes per year.”

While many will be attracted to the building’s sustainability commitment, every inch of the property exudes luxury. It’s located in the trendy Brickell neighborhood, just steps from fabulous dining, wellness, shopping and entertaining. There are 189 residences priced from $2 million to $7 million, and a Penthouse Collection priced from $8 million to more than $40 million. Each residence has incredible water views and are generously sized so you feel like you’re living in a private home in the sky. The residences range from two to four bedrooms plus den units that span 1,800 to 4,000 square feet. The Penthouse Collection floorplans span 4,000 to 10,000 square feet and many are spread over two stories. 

Residents will adore the one-of-a-kind Antonio Citterio-designed furniture, found in both the homes as well as the amenity spaces. Italian design and craftsmanship are prevalent throughout all the homes as well, like the Italian Arclinea kitchens in the standard residences and limited-production Vaselli kitchens in the Penthouse Collection. There are contemporary finishes, private elevators, multiple terraces, a foyer, and private storage in every unit. 

Ytech conceptualized the building to prioritize artful living and the utmost privacy, and even the amenity spaces are designed like a private home and act as an extension of the private residences. There’s over 80,000 square feet of amenity spaces that span eight levels. These include a rooftop pool and sky atrium; hot spa and daybed lounging area; a two-story wine and fine art lounge; office suites; private dining rooms and a kitchen; a 10,000-square-foot gym; juice and wellness bar; spa with a meditation room, infrared sauna, steam room, cold and hot plunge pools; and a full-level children’s rec center. There’s also an on-site beverage director and sommelier, wellness concierge, and even fully furnished guest suites for out-of-town guests. 

“One of the main misconceptions is that solar energy can’t be luxurious and exist in a high-design space,” Yidios says. “Our residents seek a more holistic sense of luxury, and we believe that sustainability is a responsible facet of a luxurious experience today. However, most people often associate solar energy with large and bulky solar panels. Although they are a fantastic solution for the right application, they present several problems on the vertical surface of a high-rise residential tower. Photovoltaic glass solves this problem as it presents as typical building glass would while embedding powerful technology within each pane, making it unrecognizable to the eye.”

The Residences at 1428 Brickell is currently accepting reservations with a five percent deposit and is set for completion in 2026.

Check out more photos of the property below:

The eagle 🦅”who was believed a chicken”🐓 A man found an eagle egg 🥚and placed it in a hen’s nest.

The egg hatched 🐣simultaneously with those of the brood, and the eagle grew together with the chicks.

Throughout his life the eagle did what the chickens in the yard did, thinking they were one of them.

He searched the ground for worms and insects, clucked and cackled, shook his wings, rising from the ground a few inches.

Years passed, and the eagle became very old.

One day he saw above him, in the cloudless sky, a splendid bird that glided, majestic and elegant, in the midst of strong air currents, barely moving his strong golden wings.

The old eagle looked up, astonished: “Who is that?” He asked. “It is the eagle, the king of birds” replied his neighbor. “It belongs to the sky. We instead belong to the earth, because we are chickens. “And so the eagle lived and died like a chicken because he thought he was such. 

Taking flight for many of us is a matter of mentality.

The story of the eagle that he believed to be a hen teaches us how the ideas we have about us are decisive in our development path. 

And it emphasizes the importance of being influenced in a direction that is as conscious as possible.

The key to awakening is awareness. Do you want to be the master of your life? 

Start by knowing yourself. 

Find out what your talents are, your strengths and your weaknesses. Be aware of yourself, of what you believe in and of the path you have made to be here until now.

On their own, it is difficult to understand what we are brought for, listen to the suggestions and advice of your friends and the people around you: they see you every day and maybe they know you better than you know yourself.  #salvatoredomina  #coralgables #florida #motivation

As foreign investment in the U.S. real estate market is anticipated to rise, Coldwell Banker releases a comprehensive guide to make the buying process seamless.

Today, Coldwell Banker Real Estate LLC, an Anywhere^SM (NYSE: HOUS) brand, released “The International Buyer’s Guide to Purchasing U.S. Property,” an in-depth collection of guidelines and best practices to demystify the buying process for international clients seeking to purchase property in the United States.

The International Buyer’s Guide also serves as a helpful resource to help Coldwell Banker affiliated agents better serve clients, and as a marketing resource for agents to build referral business globally.

DOWNLOAD FREE GUIDE 

2022-International-Buyers-Guide-to-Purchasing-U.S.-Property