Top Tips for First-Time Homebuyers in Today’s Market

Residential
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Buying your first home is exciting, but it can also be overwhelming. Here are a few practical tips that can help you navigate the process with more confidence:

  1. Set a solid budget. Aim to spend no more than 28% of your gross monthly income on housing costs. This keeps your finances balanced and leaves room for other life expenses.

  2. Get preapproved early. A mortgage preapproval strengthens your offers and helps you move quickly in a competitive market.

  3. Look into first-time buyer programs. Many offer down payment assistance with as little as 3% down, making homeownership more accessible than most people realize.

  4. Work with a trusted local agent. They’ll provide key neighborhood insights and help you negotiate effectively.

  5. Know your needs vs. wants. Flexibility can open up more options. And always factor in the long-term costs of homeownership (maintenance, insurance, etc.).

For those who’ve recently bought their first home or are helping clients do it, what advice would you add?

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Be flexible about your “must-haves.” Sometimes the home that checks all your boxes is out of reach, but being open to compromise can help you find a great property in a good neighborhood. And remember, your first home doesn’t have to be your forever home it’s a stepping stone to building equity and experience.

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As an agent, I always tell my clients to get preapproved before they start looking. It saves so much time and helps you stand out to sellers, especially in competitive markets. I also recommend exploring all first-time buyer programs in your area many clients are surprised by how much assistance is available, from down payment help to closing cost grants.

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Don’t rush just because everyone else is buying. I dropped two deals that didn’t feel right and ended up finding the one a month later.

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Good list! I always remind first-time buyers to budget for closing costs too. So many ppl focus only on the down payment and get blindsided.

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Yup, flexibility can open doors you didn’t expect

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Preapproval makes a BIG difference, especially when the market’s tight.

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Trusting your gut usually pays off, sounds like it did for you!

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Budgeting for the full picture makes a big difference.

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One thing nobody told me the first year feels expensive no matter what. You’ll want curtains, a lawnmower, tools, maybe furniture and none of that comes with the house.
Don’t drain your entire savings for the down payment.