To buy a house in the United States, follow these steps: secure pre-approval, save for a down payment and closing costs, work with a real estate agent, make a competitive offer, and complete the closing process.

The homebuying process begins with financial preparation. A credit score of at least 620 is typically required for conventional loans, with higher scores securing better interest rates. As of 2023, the average down payment for first-time buyers was 13%, while repeat buyers paid 14%, according to the National Association of Realtors (NAR). Pre-approval from a lender is critical, as 63% of buyers found it helpful to know their budget before house hunting, per NAR’s 2023 report. Closing costs, averaging $5,000–$8,000 nationally, often include origination fees, appraisal, and title insurance.

Mortgage rates significantly impact affordability. In Q3 2023, the 30-year fixed rate was 7.25%, up from 3.1% in 2021, as reported by Freddie Mac. This rise has reduced purchasing power; buyers now purchase 15% less home than in 2021 for the same payment. Financial planning tools, such as down payment assistance programs, can mitigate costs. For example, 2,000+ U.S. cities offer assistance, covering up to 20% of a home’s price, per the U.S. Department of Housing and Urban Development (HUD).

A real estate agent’s expertise accelerates the process. They provide market insights, negotiate offers, and guide inspections. In 2023, 89% of buyers used an agent, saving an average of 15% on purchase price, per NAR. Inspections reveal 3.5% of homes require major repairs, costing buyers $5,000–$10,000, according to the American Society of Home Inspectors (ASHI). Finally, closing requires a title search, mortgage signing, and escrow disbursement. Delays here average 30 days, per the Federal Housing Finance Agency (FHFA).

In summary, strategic financial preparation, pre-approval, and professional guidance are essential to navigate rising costs and complex regulations. Data underscores the importance of budgeting for down payments, closing fees, and interest rates while leveraging assistance programs and agent expertise to secure a home efficiently.