If you’re preparing to buy your first home, your timing couldn’t be better. With interest rates still historically low and a surplus inventory of homes on the market, the conditions are in your favor.
Market Reality Check: Does this mean you’ll get a “screaming deal” on a home? It’s unlikely. The fact is that in Champaign-Urbana, IL homes are still selling, and the best homes are even receiving multiple offers. You might find somewhat of a deal on a short sale or foreclosure, but there aren’t too many of those within Champaign-Urbana city limits and the hassle and stress of the purchasing procedure isn’t a good match for most buyers.
But what you WILL be able to buy in this market is a great home at a fair price with a low interest rate. If you can afford it and it personally makes sense for you to buy right now, then right now is truly a wonderful time to be a home buyer.
Here’s a brief outline of the homebuying process from start to finish:
- Talk with your real estate agent about your needs
- Obtain pre-approval for a loan from a bank of your choice
- Find a home
- Negotiate the sales contract with the sellers
- Acceptance of contract
- Complete the loan application
- Have the home inspected and negotiate any repairs
- Home will be appraised and termite inspection conducted
- Final walk-through to make sure the home is move-in ready
- Closing – this is where final documents are signed and the keys to your new home are now yours!
The amount of time it takes to find the right home will vary. It could take a day, or it may take months to find “the one”! Once you’ve found a home and have a signed contract with the sellers, the remainder of the process usually takes around 30-60 days to complete.
If you’d like more information about this process, just let us know and we’ll send you our “First-time Homebuyer’s Guide” right away.
You can also use the glossary of real estate terms here on Your Champaign Home as a resource.
We love meeting with first-time buyers for a free initial consultation where we can answer your questions and help you prepare for the process. Simply call or email us to make your appointment today!