Buying your first home is an important milestone for many people. It brings with it a sense of accomplishment, stability and allows you to build equity. It’s a financially and emotionally rewarding experience, but it can be an overwhelming one as well. Today, we’ve compiled a list of tips to keep in mind for first-time home buyers in the 2023 market. 

Tips for Buying Your First Home in 2023: 

1. Start saving for a down payment as soon as possible. A larger down payment can help you secure a lower mortgage rate and can also reduce the amount you need to borrow. 
2. Check your credit score and work on improving it if necessary. A higher credit score can help you qualify for a better mortgage rate. 
3. Get pre-approved for a mortgage before you start looking at homes. This will give you a good idea of how much you can borrow and can also make you a more attractive buyer to sellers. 
4. Shop around for a mortgage and compare rates from multiple lenders. Don't just go with the first offer you receive. 
5. Consider working with a real estate agent who has experience working with first-time home buyers. They can help you navigate the process and negotiate the best deal on a home. 
6. Make a list of must-haves and nice-to-haves for your new home and try to stick to it as you search. It's easy to get caught up in the excitement of home shopping but having a clear idea of what you want can help you make a more informed decision. 
7. It’s okay to make compromises when necessary. A home may not check every single box on your wish list but if this is due to smaller updates that could be made, such as replacing flooring or painting walls, it may still be worth looking into.  
8. Don't rush the process. Buying a home is a big decision, and it's important to take the time to research and make sure you're making the right choice for you. 
9. Once you’ve put in an offer on a new home, make sure to schedule an inspection and appraisal. No matter how much money you offer, or how in love with the home you are, ensuring that it is in good shape and that its foundation is secure is essential. Not only will this ensure that the home seller has disclosed any major problems beforehand, but it will also give you the opportunity to rethink your offer or offer less money. 
10. Complete a final run-through. You’re almost there! Do one last walk-through and check out the property before finalizing the purchase. You may want to bring along a friend or family member you trust who may notice something that you don’t, such as possible issues with doors or windows, appliances or electrical outlets. 

Lastly, move in and start making memories! Your new home is ready for you to fill it with the things and people you love. We hope these tips help you start your homebuying journey. We’re always here to help should you have any questions about home financing or would like to get pre-approved for a mortgage! Contact Fairfax State Savings Bank today!