How do you buy a house?

Buying a house is a big part of the American Dream, but it’s also a huge investment. There’s a lot to know to make the most of the biggest investment you’ll ever make.

Spenser J. Robinson, CRE, is a recognized leader in the field of real estate advisory, education and research, serving as Campbell Endowed Professor, Director of Real Estate and chair of the Entrepreneurship Department at Central Michigan University.

Q. What should I look for when buying a house?

If you’re purchasing a starter home on a tight budget, you might trade certain amenities or a shorter commute for a lower price. If your priority is raising a family, focus on good school districts and a safe location. Perhaps you crave walkability, where restaurants and cultural amenities are within reach, or desire acreage to enjoy nature views. Whichever it is, think about resale value and future neighborhood growth when deciding on a property.

Working with experienced real estate agents can streamline your search. They’ll help you explore financing options, estimate property taxes, and guide you through home inspections. Additionally, consider mortgage calculators and local review sites to align your budget with your lifestyle. By combining professional advice and online resources, you’ll be better equipped to find a home that meets both your current needs and long-term goals.

Q. When is the best time to buy a house?

The best time to buy often depends on market conditions, personal finances and long-term goals. Generally, late fall and winter can be buyer-friendly due to fewer competing offers and motivated sellers. However, inventory levels might be lower, so your choices could be limited. Spring and summer usually bring more homes to the market, but competition can drive up prices and reduce your negotiating power.

Keep an eye on mortgage rates—when they’re low, your monthly payments can be more manageable. Also consider your own readiness for down payments, closing costs and potential home inspections or repairs. If you’re not in a rush, monitor local real estate trends and talk with experienced real estate agents for insights on emerging neighborhoods. Ultimately, the best time to buy is when you’re financially stable, have secured the right financing and found a property that aligns with your needs and lifestyle.

Q. What is a good credit score to have when buying a house?

Your credit score plays a major role in both your mortgage eligibility and the interest rate you’ll pay. Often, a FICO score of 620 or higher is required for a conventional loan, but some loan programs—like FHA loans—may accept scores as low as 580. Keep in mind that a higher credit score, typically 700 or above, often leads to lower interest rates, saving you thousands over the life of your mortgage.

While credit score is crucial, lenders also review your debt-to-income ratio, employment history, and overall financial stability. If your score is on the lower side, you may need a larger down payment or face stricter underwriting requirements. Before you apply, consider improving your credit by paying down debt, avoiding new credit inquiries, and checking for errors on your credit report. Keep your credit score high by always paying bills on time. By boosting your score and overall financial health, you’ll be better positioned to purchase a home that meets your needs.

Q. What questions should I ask when buying a house?

Start by inquiring about the age and condition of major systems (roof, HVAC, plumbing, electrical), since repairs can be expensive.  Real estate agents aren’t legally allowed to tell you much about neighborhoods, so you will want to research safety, livability and other community aspects on your own.

Next, clarify all financial obligations that come with the house like property taxes, homeowners association (HOA) fees and any special assessments. If the home is in an HOA, check the rules and restrictions to ensure they align with your lifestyle. Find out about the average utility costs and check if any home warranties or service agreements transfer with the property.

Q. Do I need a real estate agent to buy a house?

You can technically buy a home without an agent—just as you could write your own legal contracts or self-diagnose medical issues. However, real estate agents are trained professionals who handle everything from property showings to competitive market analyses (CMAs). They interpret the answers to your most pressing homebuying questions and guide you through negotiation and closing.

Whether you’re a first-time homebuyer or a seasoned pro, having an expert on your side is invaluable. Agents also clarify critical details like property disclosures, financing options and neighborhood amenities. Most importantly, a buyer’s agent advocates for your best interests throughout the transaction. For a smoother process and potentially better outcomes, it’s highly recommended to work with a real estate professional you trust.

About Spenser Robinson

Spenser J. Robinson, CRE, is a recognized leader in the field of real estate advisory, education and research, serving as Campbell Endowed Professor, Director of the Real Estate and as chair of the Entrepreneurship Department at Central Michigan University. Dr. Robinson’s real estate video textbooks are in use at universities across the country.

Dr. Robinson’s research has earned him national and international acclaim, publishing extensively in leading journals. Additionally, he holds the Counselor of Real Estate designation, is a Distinguished Fellow of NAIOP's Research Foundation, and past President of the American Real Estate Society.