How many homes should I tour before making an offer?

There's no magic number. Some buyers know within a handful of showings; others tour dozens. Quality matters more than quantity — touring homes that truly fit your criteria is more productive than seeing everything on the market.

How much earnest money should I offer?

Earnest money typically runs 1% to 3% of the purchase price, though it varies by market. A larger deposit signals serious intent, and it's generally credited toward your down payment or closing costs at settlement.

Should I waive the inspection to win a bidding war?

It's risky. An inspection protects you from costly hidden defects. If you must compete aggressively, talk with your agent about alternatives like an information-only inspection rather than waiving your protections entirely.

Phase 3 of 8

House Hunting

Find the right home — and the right monthly payment to match.

With a pre-approval in hand, the search begins. House hunting is the most exciting phase, but it's also where buyers most often stretch beyond what's comfortable. The goal is to find a home that fits your life and your budget, factoring in not just the purchase price but the full ongoing cost of ownership.

A disciplined search starts with a clear list of must-haves and a firm payment ceiling. Working with a knowledgeable agent, touring efficiently, and running the numbers on every serious contender keeps you focused and ready to move quickly when the right home appears.

Budget for the whole cost of ownership

List price is only the beginning. Property taxes, homeowners insurance, HOA dues, PMI, utilities, and maintenance all add to your monthly outlay. A common rule of thumb is to budget 1% to 2% of the home's value annually for maintenance. Before you fall for a listing, model the complete monthly payment so you know the true cost of saying yes — two homes at the same price can have very different carrying costs once taxes and HOA fees are included.

Make a competitive, protected offer

When you find the one, your agent will help you craft an offer with a price, earnest money deposit, and contingencies for financing, appraisal, and inspection. These contingencies protect your deposit if something goes wrong. In hot markets, buyers sometimes adjust contingencies to stand out — but never waive protections you don't fully understand. A strong pre-approval letter attached to your offer reassures sellers you can close.

Don't skip the inspection

A professional home inspection can uncover roof, foundation, electrical, plumbing, or HVAC problems that aren't visible on a tour. The few hundred dollars an inspection costs can save you tens of thousands — or give you leverage to renegotiate the price or request repairs. Use the inspection period wisely and attend the inspection if you can to learn how the home works.

Your house hunting checklist

Write down your must-haves, nice-to-haves, and deal-breakers.
Set a firm monthly-payment ceiling and stick to it.
Run the full payment estimate on every home you seriously consider.
Partner with a buyer's agent who knows your target neighborhoods.
Schedule a professional inspection before removing contingencies.
Keep your finances stable so your pre-approval stays valid.

Frequently asked questions

How many homes should I tour before making an offer?: There's no magic number. Some buyers know within a handful of showings; others tour dozens. Quality matters more than quantity — touring homes that truly fit your criteria is more productive than seeing everything on the market.
How much earnest money should I offer?: Earnest money typically runs 1% to 3% of the purchase price, though it varies by market. A larger deposit signals serious intent, and it's generally credited toward your down payment or closing costs at settlement.
Should I waive the inspection to win a bidding war?: It's risky. An inspection protects you from costly hidden defects. If you must compete aggressively, talk with your agent about alternatives like an information-only inspection rather than waiving your protections entirely.