Consumer Advocacy

Buying a Home  Selling a Home  Why Hire a REALTOR®?

Visit the National Association of REALTORS Consumer Guides to get more information on the home buying & home selling process. 

Visit NAR Consumer Resource Guides

Interested in becoming a homeowner, but don't know where to start? Here's a step-by-step guide on where to start in the home buying process as a first-time buyer:

1. Assess your financial readiness: Begin by evaluating your financial situation. Take a close look at your income, savings, and credit score. Determine how much you can afford to spend on a home and calculate a budget that includes not just the purchase price but also other expenses like closing costs, insurance, and maintenance.

2. Save for a down payment: Start saving for a down payment, which is typically a percentage of the home's purchase price. A down payment of 20% is not required, as buyers can put down less and pay private mortgage insurance (PMI) in order to save more money for repairs or mortgage cost. There are also loan programs available that require lower down payments, so explore your options.

3. Get pre-approved for a mortgage: Consider getting pre-approved for a mortgage from a lender. This involves submitting your financial information for review, and the lender will provide a pre-approval letter indicating the loan amount you qualify for. Pre-approval gives you a clear understanding of your budget and demonstrates to sellers that you are a serious buyer.

4. Determine your housing needs and preferences: Consider factors such as location, size, number of bedrooms and bathrooms, amenities, proximity to schools or work, and any other specific requirements you may have. This will help you narrow down your search and focus on properties that meet your criteria.

5. Find a REALTOR®: Engage a reliable REALTOR®. Understanding the difference between an agent and a REALTOR® is important. Unlike regular real estate agents, REALTORS® are bound by a Code of Ethics and have additional training to help their clients navigate the home buying process. They can provide valuable guidance, help you navigate the market, and assist with property searches, negotiations, and paperwork. A good agent will advocate for your interests throughout the process.

6. Begin house hunting: Work with your REALTOR® to start searching for homes that match your criteria. Use online listing platforms, attend open houses, and schedule private showings to explore different properties. Take notes, ask questions, and assess each property to determine if it meets your needs.

7. Research and compare neighborhoods: Research the neighborhoods where you're considering buying a home. Look into factors such as safety, school districts, amenities, proximity to essential services, and future development plans. Visit neighborhoods and get a feel for the area to determine if it aligns with your lifestyle and preferences.

8. Consider additional costs: Keep in mind that buying a home involves more than just the purchase price. Consider other costs such as closing costs, property taxes, homeowners association (HOA) fees, insurance, and ongoing maintenance and repairs. Factor these costs into your budget and make sure you can comfortably afford the overall homeownership expenses.

   Remember, this is just the starting point, and the home buying process involves several additional steps. However, beginning with these initial steps will lay a strong foundation as you move forward in your journey to become a homeowner. Your REALTOR® is your resource for navigating the buying process. You can find REALTORS®, mortgage lenders, real estate attorneys and more on our site to help you get started: