If your goal for 2025 is to stop renting & buy your own home, you've probably found yourself wondering when to start your home search so you aren't stuck paying rent & a mortgage at the same time.

And the classic answer to this question is exactly what you might expect: it depends.

As a very basic guideline, we recommend that you start your search 4 to 6 months before your lease ends or 2 to 3 months before you need to renew your lease. This should take some pressure off you and make the process a little less stressful. 

But there are other things to consider as well, such as: 

• What do your lease terms say about ending your lease early or staying longer? Do you have the option to renew your lease as a month-to-month renter if you don't close on a house before your lease ends?
  
  
• Are you prequalified with a local lender? It's important to remember that while interest rates may be higher than you would prefer, they are actually in the range of what would be considered normal.
  
  
• Do you have the necessary funds for a down payment and closing costs?
  
  
• What is inventory like for homes that meet your criteria? It has been well reported that there is a lack of homes available for purchase, but this is more pronounced in some segments of the market than others. The time of year you are searching, the neighborhoods you are looking at, and price range you can afford will all impact the inventory available to you.

So what are the first steps and when should you start? 

Step 1: Meet with your Realtor® and sign a Buyer Representation Agreement. This agreement outlines the terms of your relationship with your Realtor® including their responsibilities to you as their client and a discussion of how your Realtor® will be paid.

Step 2: Clearly define what you are looking for in a home. What are your needs? What are your wants? And what compromises are you willing to make to find a home that works for you?

Step 3: Get prequalified with a local lender who will be there for you through every step of the process. We know many great local lenders and will be glad to help you find the right lender for your needs.

Step 4: Get a search set up so you will be notified immediately when a house matching your criteria comes on the market. We know that not every listing that comes through will be a perfect match, but the right one can pop up any time. As your Realtor®, we will also be reviewing new listings and coming soon properties to find homes that may not trigger our searches but will work well for your wants and needs.

Step 5: Start looking at homes with your Realtor® and be ready to make an offer when you find a home that works for you. 

Step 6: Work with your Realtor® and Lender to make your offer as strong as possible. You may be competing with other offers and you want to put your best foot forward when you find the right home. 

This process can vary for each buyer, so it's important to put together a team that you trust to help you through the process. Having a Realtor® and Lender who you communicate well with and who understand your timeline and goals is one of the most important steps to a smooth real esate transaction. At New Leaf Team, we listen to how you live and would love to alk with you through finding your new home.