References
NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require the member's nar.realtor login.
Things to Consider When Buying a Home
Buying a House in 2021: What to Expect(link is external) (nerdwallet, Aug. 18, 2022)
Buyers outpacing inventory, home prices increasing, mortgage rates rising, digital tools available to make homebuying easier, and lender shopping remains critical.
Fees You Need to Know About Before Buying a Home(link is external) (the balance, Jul. 29, 2022)
Some fees must be paid up front and require careful planning and budgeting before your home purchase. Other fees can be rolled into your home loan and paid as part of your mortgage payment. Understanding both sets of fees is critical to ensuring a successful, affordable home purchase. Use this guide to understand better the fees you’ll incur as you go about purchasing a home.
What It Really Costs to Buy a Home(link is external) (nerdwallet, Jan. 18, 2022)
One-time costs include the down payment and closing costs, and ongoing costs include mortgage payments, property taxes, homeowners and hazard insurance, mortgage insurance, HOA or co-op fees, utilities and maintenance.
Establishing Credit
How Credit Score Affects Your Mortgage Rate(link is external) (nerdwallet, Sep. 15, 2020)
Credit scores directly impact mortgage interest rates. A difference of just 100 points could cost, or save, you thousands.
Protect Your Credit(link is external) (REALTOR® Party, June 2020)
Protect Your Credit explains the provisions implemented by the Coronavirus Aid, Relief, and Economic Security (CARES) Act to protect consumers’ credit scores. The guide outlines consumers’ rights under the CARES Act, explains how to obtain a free credit report, and offers guidance on how to dispute inaccurate credit information.
FHA Requirements: Credit Guidelines(link is external) (Federal Housing Authority)
FHA requirements are structured so that loan applicants who have a good credit history will likely be eligible for the mortgage. Late payments, bankruptcies, no credit history, and foreclosures will adversely affect your chances.
Fixing Your Credit FAQs(link is external) (Federal Trade Commission)
Understand your credit score, learn how to access free credit reports, how to repair your credit, and how to avoid and report credit repair scammers.
Credit Reports and Scores(link is external) (USA.gov)
Due to the COVID-19 pandemic, many people are experiencing financial hardships. To remain in control of your finances, you can get free credit reports every week through April 2022.
Determining Your Budget
How to Set a Budget for Buying Your First Home(link is external) (Investopedia, Jun. 14, 2022)
What you can buy and what you can afford are two different things.
The Essential Guide to Creating a Homebuying Budget(link is external) (FreddieMac, Jan. 11, 2022)
This article will help you understand the costs of buying, owning and maintaining your home, and how you can budget accordingly.
A Guide to Managing Personal Finances During the COVID-19 Crisis(link is external) (Bankrate, May 10, 2021)Use these tips to be a better money manager, whether you have a stable income or are dealing with financial hardship.
Calculators(link is external) (Freddie Mac)
These calculators are intended to provide guidance and financial estimates.
Hiring a Real Estate Attorney
Do You Need a Lawyer to Buy a House?(link is external) (Investopedia, Mar. 26, 2022)
- It's often worth it to spend money on a real estate attorney, but it is not legally required in most states.
- Attorneys make sure all paperwork is properly drawn up and filed with the authorities.
- Attorneys do title searches and can negotiate should a search uncover a problem.
- Ideally, buyers and sellers in a real estate deal should be represented by lawyers to safeguard their rights and watch their interests.
- While lawyers can help if you face discrimination when buying a home, there are also less expensive options.
What Is a Real Estate Attorney, and Do You Need One?(link is external) (nerdwallet, Apr. 6, 2021)
Your decision to hire a real estate attorney will likely depend on where in the U.S. you're trying to buy property. States vary in what they consider to be the "practice of law," so what's fine for a real estate agent or notary to take care of in one state might require an attorney in another.
Why You Need a Lawyer When You Buy or Sell a House(link is external) (FindLaw)
Buying a home will probably be the largest and most significant purchase you will make in your life. It also involves the law of real property, which is unique and raises special legal issues and problems not present in other transactions. A real estate lawyer is trained to handle these problems and has the most experience to deal with them.
What You Can Expect From Your REALTOR®
Daily Responsibilities in the Life of a Real Estate Agent(link is external) (the balance, Nov. 24, 2019)
Outlines the daily activities of real estate agents, including but not limited to, getting, keeping, and servicing listings, marketing, communicating with clients, potential clients, and contractors, and continuing education in the real estate field.
How Realtors Help You(link is external) (Northeast Florida Association of REALTORS®)
Lists 185 things REALTORS® do for their clients over the course of a real estate transaction.
Questions to Ask When Choosing a REALTOR®(link is external) (REALTOR® Magazine)
A script that consumers can use to interview and evaluate potential buyer and seller agents before hiring a real estate professional.
The Home Inspection
A Huge Increase in Home Inspections Shows That Buyers Are Finally Wresting Back Some Purchasing Power(link is external) (Fortune, Aug. 12, 2022)
“Just 14% of buyers have waived a home inspection so far this year, the lowest share in five years, according to Zillow’s 2022 Consumer Housing Trends Report. That implies that some power is shifting away from sellers, says Nicole Bachaud, an economist at Zillow. “
13 Types of Home Inspections: Are You Getting the Right One?(link is external) (realtor.com®, Mar. 30, 2022)
“Levinson recommends getting a seller’s property disclosure statement, which outlines any issues with the home, before the inspection. That should be shared with the inspector so those items can be checked.
"From there, the general inspection will also reveal whether a specialized inspection is warranted to look at certain aspects more in-depth. In fact, there are 13 specialized home inspections you might need. These can protect you and your family from health hazards (radon and lead, to name two) as well as money-pit situations you might otherwise miss. Here’s a rundown of the types, who should get them, and how much they cost.”
5 Home Inspection Mistakes to Avoid at All Costs(link is external) (Bankrate, Jan. 26, 2022)
“A good home inspector can help you identify potential problems with the property you’re about to own, and they can give you information that will help you with the upkeep after moving in. Based on what the home inspector finds, you can ask a seller to pay for repairs or make concessions before you close the deal. If the inspection turns up significant problems with the home, you might decide to pull out of the purchase entirely.”
Frequently Asked Questions on Home Inspections(link is external) (American Society of Home Inspectors)
A home inspection is an objective visual examination of the physical structure and systems of a house, from the roof to the foundation. The standard home inspector's report will cover the condition of the home's heating system; central air conditioning system (temperature permitting); interior plumbing system; electrical system; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; and the foundation, basement and structural components. A home inspector will not pass or fail a house, but rather describe its physical condition and indicate what components and systems may need major repair or replacement.
Ten Important Questions to Ask Your Home Inspector(link is external) (U.S. Department of Housing and Urban Development)
What does your inspection cover? How long have you been practicing in the home inspection profession and how many inspections have you completed? Are you specifically experienced in residential inspection? Do you offer to do repairs or improvements based on the inspection? How long will the inspection take? How much will it cost? What type of inspection report do you provide and how long will it take to receive the report? Will I be able to attend the inspection? Do you maintain membership in a professional home inspector association? Do you participate in continuing education programs to keep your expertise up to date?
Making an Offer
Can You Offer Less on a House? How to Lowball and Negotiate Like a Pro(link is external) (realtor.com®, Aug. 21, 2022))
- Stay up to date on market conditions
- Be respectful of sellers
- Have your agent talk to the listing agent for context
- Have financing lined up
- Eliminate as many contingencies as possible
How Much to Offer on a House: Should You Go Below or Above Asking Price?(link is external) (realtor.com®, Jul. 30, 2022)
“To help out, here’s a guide on some questions to ask yourself to figure out how much to offer on a house so you can land on the perfect offer price—from how much to offer on a house to how much you can negotiate on a house.”
Making an Offer on a House(link is external) (FindLaw)
“Buying a house can be a stressful and time-consuming experience, so here's a guide to help you decide how much to offer, whether you should add conditions to your offer, how to deal with multiple offers and how to respond to counter offers.”
eBooks & Other Resources
eBooks.realtor.org
The following eBooks and digital audiobooks are available to NAR members:
The 106 Common Mistakes Homebuyers Make (and How to Avoid Them)(link is external) (eBook)
The Complete Book of Home Inspection(link is external) (eBook)
The Complete Idiot's Guide to Buying a Home(link is external) (eBook)
Financing Your Condo, Co-Op, or Townhouse(link is external) (eBook)
Home Buyer's Checklist(link is external) (eBook)
Home Buying for Dummies(link is external) (eBook)
Home Buying without the BS!(link is external) (eBook)
How to Get the Best Home Loan(link is external) (eBook)
The Mortgage Answer Book(link is external) (eBook)
Mortgage Myths(link is external) (eBook)
The Real Estate Process(link is external) (eBook)
A Survival Guide for Buying a Home(link is external) (eBook)
Tips & Traps When Buying a Home(link is external) (eBook)
The Unofficial Guide to Buying a Home(link is external) (eBook)
Have an idea for a real estate topic? Send us your suggestions(link sends e-mail).
The inclusion of links on this page does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked in this page complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.