Your First Home, Step by Step
What happens from pre-approval to keys, what it costs, and the questions to ask at every step.
Know the steps before you take them
Buying your first home is a string of decisions you’ve never made before, each with money attached. The good news: the steps are the same every time, and once you can see them in order, they stop feeling like surprises.
This guide walks you through buying a first home in Scottsdale, Cave Creek or Anthem, from the first conversation to the keys. I explain each step before you take it, so you always know what comes next.
Ask your first-home questions
Step 1. Get pre-approved first
Talk to a lender before you look at homes. Pre-approval tells you what you can borrow, what your payment would be, and how much cash you’ll need. It also shows sellers you can actually buy, which matters when you write an offer.
Ask your lender:
- What loan options fit my situation, and what down payment does each need?
- What would my monthly payment be, including taxes, insurance and any HOA dues?
- How much cash will I need at closing, in total?
- What should I avoid doing until we close? (New credit cards and big purchases are common problems.)
The number you qualify for and the number you’re comfortable paying can be different. Decide on yours.
Step 2. Sign a buyer broker agreement
Before we tour homes, we sign a buyer broker agreement. It puts our working relationship in writing: what I’ll do for you, how long we’re working together, and how my compensation works. We go through it together, line by line, before you sign. Ask any question you have. That’s what the conversation is for.
Step 3. Learn what your budget buys
This step saves the most time and the most disappointment. Before we tour, I show you what your price range really looks like in the communities you’re considering, using sold prices, not asking prices.
Some approximate starting points, based on my recent market review: DC Ranch condos and townhomes from about $465,000, Anthem West and Anthem Country Club from about $525,000, Dove Valley Ranch from about $550,000, Circle Mountain Ranch from about $595,000, and Tatum Ranch from about $650,000. These shift over time.
Then add the costs a listing doesn’t show: HOA dues and what they cover, property taxes, insurance, the home’s condition and your closing costs.
Step 4. Tour fewer homes, and better ones
Separate your must-haves from your nice-to-haves. Bedrooms, a garage, a yard, single level or not, how far you’ll drive each day. A focused list means fewer weekends spent on homes that were never going to work.
When we tour, I’m looking past the photos: the layout, the condition, the lot, what surrounds the home, and how it compares to what has recently sold nearby. If something concerns me, I tell you.
Step 5. Make an offer
The strongest offer isn’t always the highest price. Terms, timing, financing and how clean and complete the offer is all shape how a seller responds. I help you decide on a price and terms you’re confident in. The decision is always yours.
Earnest money is part of your offer. For most of my buyers it’s typically up to 3% of the purchase price, negotiated case by case, and deposited with the title company, a neutral third party, not with either side.
Step 6. The inspection period
Once you’re under contract, the inspection period begins. It’s usually 10 days. This is your time to have the home professionally inspected and learn everything you can about its condition.
I’ll help you line up qualified inspectors and understand the report. Not every item on an inspection report is a big deal. Some are. Knowing the difference, and deciding what to ask the seller to address, is where experience matters.
Step 7. Appraisal, loan and closing
Your lender orders an appraisal and finishes your loan. I stay in contact with your lender and the title company so milestones are met and nothing stalls quietly. Before closing, you do a final walk-through to confirm the home is in the condition you agreed to. Closing is handled through the title company, which manages the paperwork and funds and records the sale. Then you get your keys.
Mistakes that cost first-time buyers money
- Touring before pre-approval, then falling for a home you can’t write on.
- Shopping by asking price instead of what similar homes actually sold for.
- Forgetting the monthly extras: HOA dues, taxes and insurance.
- Skipping or rushing the inspection. Ten days goes fast. Book inspectors right away.
- Opening new credit before closing, which can change your loan approval.
- Using up every dollar on the down payment and leaving nothing for closing costs or the first repair.
Your next step
Bring your questions. The first conversation costs you nothing, and you’ll leave with a clear list of what to do next. Contact me, read my approach for first-time buyers, see how buying works with me, or return to the home page.
This guide describes my general process and is for information only. It is not legal, tax, financial or lending advice.
Frequently Asked Questions
How much earnest money do I need?
For most of my buyers it’s typically up to 3% of the purchase price, negotiated case by case and held by the title company.
How long is the inspection period?
It’s usually 10 days from when you’re under contract.
What do I sign before touring homes?
A buyer broker agreement, which puts our working relationship and my compensation in writing. We go through it together first.
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Ready to make your move with Valerie Moe?