Buyer's Guide

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A Step-by-Step First Time Buyer's Guide

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide will help reduce the stress of buying a home allowing to focus on enjoying the journey. 

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Step 1: Research

Have you determined your preferred location for purchasing? Are you leaning towards a condo, townhome, or single-family home? What specific features appeal to you, and are there any you prefer to avoid? Have you explored the current market offerings? If any of these questions remain unanswered, it's advisable to initiate your research now. Alongside identifying properties of interest, observe any fluctuations in listing prices. This observation can provide valuable clues about housing patterns in particular areas, aiding you in making informed decisions when it's time to present an offer. 

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Step 2: Decide on Your Budget

Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you should determine a monthly payment you feel comfortable with prior to speaking with your lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

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Step 3: Get Prequalified

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.

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Step 4: Choose a Real Estate Agent

A buyers-representative is a huge asset to you when you when purchasing a home. This is typically one of the largest financial decisions of your life so it is in your best interest to work with a skilled professional. Not only will I help identify properties that you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you may not possess. Finding the perfect home can be a daunting task, this is where my expertise, experience, and connections come into play. 

My goal is to provide you with the most personalized service that is designed to help you buy your dream home

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Step 5: Find the Right Home

This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Don’t limit your viewing to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

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Step 6: Make an Offer

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.

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Step 7: Have the Home Inspected

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

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Step 8: Select Your Loan

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

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Step 9: Get a Home Appraisal

Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.

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Step 10: Finish Paperwork

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.

Congratulations!

After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams. 

Testimonials

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  • I have never had an experience like I did with Keenan and I probably never will. My home purchase was a frustrating process and in the very beginning it took hours of back-and-forth phone calls with Keenan and me to actually get to closing. Choosing a realtor is difficult since 1/5 people are realtors nowadays but I encourage you to take the time, talk to Keenan, and thank me later because there is no one else that could've gotten me to closing the way that he did. Keenan- I am eternally grateful for your help in this closing and I am looking forward to the rest that follow from here on out even if they are more difficult than this one.
    — Austin G.
  • My family and I had a phenomenal experience working with Keenan as our realtor when relocating to Connecticut. His personal knowledge of Fairfield County, an area that we felt would best suit our family, made this process seamless. From viewing multiple homes prior to us guaranteeing it met our specifications, to always providing comparable home prices so we would feel confident with our bids, Keenan went above and beyond any Realtor. He consistently made sure we were happy with the homes he showed us. We are a family of 6 and he understood our needs and always surpassed our expectations. His persistence and meticulous follow-up are the reasons we a...
    — Uduak O.
  • Keenan helped my wife and I find a house in the height of the pandemic. He was extremely accepting, friendly, and helpful from day 1 of working together. His connection to the client goes above and beyond and has since continued to assist us two years after the purchase of our home.
    — Justin T.
  • Working with Keenan was amazing! He was so professional and worked with us in a timely manner every day! I texted him late one night so the next morning he immediately got back to me and already had a showing set up for my husband and me! He answered every single one of our questions and was available to call or text whenever we needed him! I never felt dumb asking him any questions because he made sure we understood everything we were getting ourselves into! Overall the experience was a 10/10 and I’m so thankful that I was able to buy my house and work with Keenan!
    — Nayara R.
  • Keenan is an outstanding real estate agent. He goes above and beyond for his clients. He made our Condo sale and purchase extra special because he truly cared about our needs. He makes you feel like family, not just another client.
    — Donna M.
  • Keenan has gone above and beyond what is required of a relator to find me my first dream home. In a market where it seemed impossible to find the perfect house, for the right price, he came through when it mattered most. It was his honesty and integrity that stuck out most to me as he didn’t try to sway me one way or another and listened to exactly what I had to say while sticking within my budget. This was essential to me as a first-time home buyer. Even more, Keenan provided me with a great team from lenders, to construction workers and interior designers. He is the whole package and what every buyer and/or seller needs. He is with you every step ...
    — Kevin K.
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From negotiating the best deals to navigating complex paperwork, I am here to safeguard your interests. Let's discuss what makes my approach unique. It would be an honor to work with you.

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Keenan Carey

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(203) 278-3553

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59 OLD SHELTON RD SHELTON CT 06484

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