Buyer’s Guide: The Process of Buying a Home in Greenwich, Connecticut
As a realtor in Greenwich, CT, I’ve learned the best practices (and a few tips and tricks) to land my clients their dream homes. Not to mention, I’ve adapted to the market’s highs, lows, and everything in between – and guided my clients through it all.
Whether you’re a first time home buyer or looking to make the move to Greenwich, CT, keep reading for my comprehensive buying guide.
Define Your Goals and Budget
Before embarking on the home-buying process, it's crucial to clearly define your goals and establish a realistic budget. For first-time buyers, I will gladly help walk you through the process and answer any questions that you may have.
You’ll want to consider factors such as:
The size of the property
Desired neighborhood
Proximity to amenities, like transportation, restaurants, shops, etc.
Commute to work
When setting your budget, you should also evaluate your financial situation and expenses, including:
Down payment
Mortgage options
Closing costs
Ongoing expenses, such as property taxes and insurance
According to Realtor.com, the median listing price in Greenwich, CT was $3.4M, trending up 1.5% year-over year. The median home sold price was $2.3M.
Find a Knowledgeable Realtor
Partnering with a reputable and experienced realtor specializing in the Greenwich market is essential to the buying process. This year, I had the honor of ranking in RealTrends’s list of Top Real Estate Agents in Connecticut, by volume. In addition to ranking in the top 1.5% of real estate agents in the U.S., Compass was named the #1 brokerage in the county by sales volume as well.
We credit our high rankings to our abilities to match a home to our client’s needs, negotiate on their behalf, and expertly navigate the complexities of the CT market.
Not only am I knowledgeable about the CT market… I’m also a lifelong resident of Greenwich, and I’m passionate about helping my clients find the best local spots in the Greenwich area. Need to find the best pizza for a family movie night? Or wondering how to spend the perfect summer day? I’m constantly sharing my top-notch recommendations on Instagram and in other blog posts.
Obtain Mortgage Pre-Approval
In order to strengthen your position as a buyer, obtaining mortgage pre-approval is crucial. To make a long story short, a pre-approval letter shows that you can secure a mortgage. This alone gives you an advantage over potential buyers without pre-approval, especially in the competitive Greenwich, CT real estate market.
Pre-approval will give you a clear understanding of your borrowing capacity and show sellers that you are a serious buyer. It will also help expedite the closing process once you find your dream home… There’s only advantages when it comes to getting pre-approved!
Start the Home Search with the Help of Your Realtor
Working closely with your realtor, start the exciting phase of searching for your ideal home in Greenwich, CT.
When I work with my clients, we start by making a checklist of must-have features, prioritizing your preferences, and exploring various options that align with your lifestyle. I’ve built a large network of real estate professionals in Greenwich, which comes in handy when we start looking for open houses, private viewings, and exclusive listings.
Once we’ve landed on the perfect home for you, we’ll determine the appropriate offer based on market analysis, recent sales, and the property’s factors.
Conduct Inspections and Due Diligence
Upon acceptance of your offer, schedule a professional home inspection to assess the property's condition and identify any potential issues.
Additionally, perform due diligence by reviewing the property's title, survey, and disclosure documents. Work closely with your realtor and attorney to ensure a thorough evaluation of the property's legal and physical aspects.
Finalize Your Financing
Once the property passes inspection and due diligence, it's time to finalize your financing!
Contact your lender to complete the loan application process, provide required documentation, and secure your mortgage commitment letter. You’ll want to review loan terms, interest rates, and closing costs, and ensure you have a clear understanding of your financial obligations.
Closing Preparations
As the closing date approaches, we’ll work closely with your lender and attorney to ensure all necessary paperwork and funds are in order.
Coordinate a final walkthrough of the property to confirm its condition and ensure any agreed-upon repairs have been completed. Review the closing statement and clarify any questions you may have.
Consider the following during your walkthrough:
Is everything included in the sale present in the home?
Are all additional exterior features intact (shed, pool, hot tub, water feature, etc.)?
Do all appliances work (oven, dishwasher, garbage disposal, refrigerator, etc.)?
Are the ceilings, walls, or floors nicked, stained, or damaged in a way they weren’t before?
Have all agreed-upon repairs been made?
Should you find any problems with the home, be sure to document each issue. Take plenty of photos and cross-reference them with listing or inspection photos.
Closing Day
Closing day calls for celebration – champagne (or your choice of beverage) for all! On the closing day, you and the seller will meet to sign the necessary legal documents. Be prepared to provide your down payment, closing costs, and any outstanding fees.
Once the transaction is complete, you'll receive the keys to your new home, and ownership will officially be transferred to you.
Although the process of buying a home is technically finished, you’ll now start the process of designing and altering the property to your liking. Luckily, my network extends beyond other agents – if needed, I can provide you with the best interior designers, landscapers, and maintenance companies in Greenwich.
Buying a home in Greenwich, Connecticut, is one of the best choices you can make! Since 2017, I’ve helped my clients land their dream homes, whether it’s their first home purchase or an investment property.
If you’re ready to make the move, I’m happy to help throughout the process! Reach out today:
