How to Buy a House in New York

• New York homebuyers can save thousands through commission rebates—legal statewide and encouraged by the NY Attorney General.

• A 1% lower mortgage rate can save buyers over $2,000 per year on a $400,000 loan—crucial in New York’s high-price market.

• New NAR rules in 2024 now require written buyer-broker agreements in New York, changing how commissions are negotiated.

• New York homebuyers should plan for closing costs of 2–5% of the purchase price, plus your down payment.

• Commission rebates in New York can put $10,000-$20,000+ back in your pocket at closing on a typical home purchase.

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How to Buy a House in New York in 2025: An 11-Step Guide + Savings Tips

Buying a house in New York in 2025 means navigating one of the nation’s most competitive real estate markets. With median home prices around $577,000 statewide—and much higher in NYC and surrounding areas—you’ll face high prices, strict lending requirements, and new buyer-broker agreement rules. But there are smart ways to save money, like commission rebates (which are fully legal in New York) and state-specific grant programs. This guide walks you through buying a home in the Empire State, from getting ready financially to closing day, with tips tailored to New York’s unique market.

Step 1. Save for a Down Payment

Saving for a down payment is the first big step in buying a house in New York. In 2025, mortgage rules remain mostly the same, but with New York home prices significantly higher than the national average, you’ll need more cash ready. Strategic saving and choosing the right loan program are more important than ever.

What it means for New York: On a $577,000 home (New York’s median price):

• 3% down = $17,310

• 5% down = $28,850

• 10% down = $57,700

This amount doesn’t cover closing costs, inspections, or emergency reserves. Many lenders suggest you plan for another 2–5% of the home’s price for these additional expenses.

New York offers several down payment assistance (DPA) programs, which can come in the form of:

• Non-repayable grants

• Low-interest or deferred-payment loans

• First-time homebuyer tax credits

• State of New York Mortgage Agency (SONYMA) programs

Check eligibility requirements including income limits, credit score, and property location. You can combine these programs with commission rebates (see Step 10) to reduce your upfront cash needs even further.

Money-Saving TipSet up a dedicated high-yield savings account specifically for your down payment. Even a 4-5% APY can add hundreds of extra dollars over 12-24 months. Also, check if you qualify for SONYMA’s Achieving the Dream program, which offers down payment assistance for first-time buyers in New York.

Step 2. Get Pre-Approved for a Mortgage

Before you start house hunting in New York, getting a mortgage pre-approval is essential. It tells you how much you can afford in the Empire State’s competitive market and shows sellers you’re a serious buyer—crucial when facing multiple offers.

To get pre-approved, you’ll submit:

• The last 2 years of tax returns and W-2s

• 2–3 months of recent pay stubs

• Credit report (lender will request)

• Asset and bank statements

A strong credit score helps you qualify for lower rates. Small credit improvements now can save thousands later in New York’s high-price market:

• Raising your score from 650 to 700 could reduce your interest rate by 0.5%–0.75%, potentially saving you over $150/month on a typical New York mortgage payment.

Avoid these mistakes:

• Opening new credit cards during mortgage evaluation

• Making major purchases (e.g., car or furniture)

• Switching jobs suddenly without informing your lender

Choosing a rebate-friendly lender is also important for New York buyers. Some lenders won’t allow commission rebates, which could cost you thousands. Our advisors can help you find New York lenders that accept rebates.

Money-Saving TipRequest pre-approval from multiple New York lenders within a 14-day window. Credit bureaus treat multiple mortgage inquiries in this period as a single inquiry, protecting your credit score while you shop for the best rate. Consider both traditional banks and credit unions in New York for competitive rates.

Step 3. Find a Local Real Estate Agent in New York

As of 2024, real estate rules in New York are stricter: you must sign a buyer-broker agreement before submitting offers. These new rules from the National Association of Realtors (NAR) focus on transparency about agent compensation.

What to look for in a New York agent:

• Deep knowledge of your specific New York market (NYC, Long Island, Hudson Valley, Upstate, etc.)

• Strong negotiation skills—essential in New York’s competitive bidding situations

• Transparency about commission and willingness to offer rebates

• Access to off-market deals and knowledge of neighborhood-specific regulations

Ask your New York agent:

• “Do you offer commission rebates?” (Legal in New York!)

• “What percentage of the commission will I get back?”

• “How many homes have you sold in [specific New York area]?”

• “What’s your strategy for winning offers in competitive markets?”

In New York, buyer’s agents typically receive 2.5-3% of the purchase price. On a $577,000 home, that’s $14,425-$17,310. A rebate agent might give you back 1.5-2%, putting $8,655-$11,540 in your pocket at closing.

Money-Saving TipInterview at least three New York agents who offer rebates. Compare not just their rebate percentages, but also their local market expertise and track record. The New York Attorney General encourages buyers to take advantage of commission rebates—it’s your right to negotiate this.

Step 4. Start House Hunting

With your pre-approval and agent in place, you can begin house hunting in New York. Given the state’s diverse markets—from Manhattan condos to Buffalo single-families to Long Island suburbs—your search strategy will vary by location.

Key considerations for New York buyers:

• Location diversity: NYC offers co-ops and condos; suburban areas have single-family homes; upstate provides more affordable options

• Property taxes: New York has some of the highest property taxes in the nation—factor this into your monthly budget

• Co-op vs. condo: In NYC, understand the differences in approval processes and restrictions

• Commute time: Transportation access is crucial, especially in metro areas

Popular tools for New York home searches:

• Zillow, Realtor.com, Trulia

• StreetEasy (NYC-focused)

• Local MLS systems (REBNY for Manhattan, OneKey MLS, Brooklyn MLS)

• Your agent’s private listings

New York market snapshot: As of 2025, New York’s median home price is $577,000 (statewide), with NYC averaging around $800,000 and Manhattan reaching $1.2-1.4 million. Homes typically spend 42-64 days on market, indicating a competitive seller’s market in most areas.

Money-Saving TipExpand your search to up-and-coming New York neighborhoods like Astoria, Bushwick, or South Bronx in NYC, or consider emerging upstate markets. These areas often offer better value while still providing strong appreciation potential. Also, shop during winter months when competition tends to ease in New York.

Step 5. Make an Offer

When you find the right home in New York, your agent will help you craft a competitive offer. In the Empire State’s hot market, you’ll often face multiple competing bids, especially in desirable NYC neighborhoods and popular suburban areas.

Your offer should include:

• Offer price: Based on comparable sales in the New York area

• Earnest money deposit: Typically 1-3% of the purchase price in New York

• Contingencies: Inspection, appraisal, financing, and (for co-ops) board approval

• Closing timeline: Standard is 30-60 days in New York

Earnest money example:

• On a $577,000 New York home: $5,770-$17,310 earnest money

• This shows you’re serious and gets credited toward your down payment at closing

Tips for winning offers in New York’s competitive market:

• Pre-approval letter: Essential in New York—sellers won’t consider offers without one

• Flexible closing date: Match the seller’s timeline if possible

• Waive minor contingencies: Only if you’re comfortable with the risk

• Escalation clause: Automatically increases your offer to beat competing bids

• Personal letter: Can make a difference, especially in tight-knit New York communities

Money-Saving TipIn New York’s competitive market, consider offering above asking price but negotiating for the seller to cover some closing costs or include appliances. This can reduce your out-of-pocket cash needs while still presenting a strong offer. Your rebate can help offset a higher purchase price.

Step 6. Get a Home Inspection

A professional home inspection is crucial in New York, where older housing stock (especially in NYC) can hide expensive issues. New York state doesn’t require seller disclosures to be as comprehensive as some states, making inspections even more important.

What New York home inspectors check:

• Foundation and structural integrity (critical in older NYC buildings)

• Roof, plumbing, electrical, and HVAC systems

• Water damage and mold (common in humid New York summers)

• Code violations and certificate of occupancy issues

• Lead paint (in pre-1978 homes—common in New York)

Inspection costs in New York: Expect to pay $400-$800 for a standard home inspection, more for larger properties or additional specialized inspections (radon, mold, structural engineering).

New York-specific considerations:

• NYC buildings: Review building financials, certificate of occupancy, and violation history

• Co-op/condo: Examine board minutes, reserve funds, and pending assessments

• Historic homes: Upstate New York has many older homes requiring specialized inspection

• Flood zones: Check FEMA maps, especially for Long Island and waterfront properties

If issues arise, you can:

• Negotiate repairs with the seller

• Request a price reduction

• Ask for a closing cost credit

• Walk away if issues are severe (use your inspection contingency)

Money-Saving TipSchedule your New York home inspection during the contingency period and attend in person. Ask questions and take notes. If repairs are needed, get multiple contractor quotes before negotiating with the seller. Also, consider a sewer scope inspection (common issue in older New York homes) to avoid costly surprises.

Step 7. Secure Your Mortgage

After your offer is accepted, you’ll finalize your mortgage with your New York lender. This process typically takes 30-45 days and involves extensive documentation and verification.

The mortgage process in New York:

• Application: Submit full financial documentation

• Underwriting: Lender verifies everything (income, assets, credit, property value)

• Appraisal: Required to confirm the home’s value in your New York market

• Commitment letter: Formal approval from your lender

New York appraisal considerations: Appraisals in competitive NYC markets sometimes come in below the agreed purchase price. If this happens:

• Renegotiate the purchase price

• Increase your down payment to cover the gap

• Request a second appraisal

• Use your appraisal contingency to walk away

Lock your interest rate: Mortgage rates fluctuate daily. Once you have a commitment letter, lock in your rate (usually 30-60 days). In New York’s high-price market, even a 0.25% rate difference can save you thousands annually.

Money-Saving TipConsider a mortgage credit certificate (MCC) if available in your New York county. This federal program gives you a tax credit worth 10-20% of your annual mortgage interest, potentially saving New York homeowners $1,000-$2,000+ per year. Ask your lender if you qualify.

Step 8. Get a Home Appraisal

Your New York lender will order an appraisal to verify the home’s market value. This protects both you and the lender from overpaying.

What New York appraisers evaluate:

• Location and neighborhood (premium for Manhattan, Brooklyn, or desirable suburbs)

• Home size, condition, age, and features

• Recent sales of comparable homes in your New York area

• Local market trends and economic factors

Appraisal cost in New York: $400-$700, paid upfront or at closing. NYC co-op and condo appraisals may cost more due to complexity.

If the appraisal comes in low: This is more common in New York’s hot markets where buyers bid above asking price. Your options include:

• Renegotiate the price with the seller

• Pay the difference in cash

• Challenge the appraisal with comparable sales data

• Use your appraisal contingency to exit the deal

Money-Saving TipIf your New York appraisal comes in higher than the purchase price, you’ve instantly gained equity! Use this as leverage for better loan terms or to reduce your down payment requirement. In New York’s appreciating market, this scenario is increasingly common.

Step 9. Review Closing Disclosure

At least three business days before closing, you’ll receive your Closing Disclosure—a detailed breakdown of all costs for your New York home purchase.

What’s included in your New York Closing Disclosure:

• Final loan terms and monthly payment

• Closing costs (title insurance, attorney fees, transfer taxes)

• Prepaid expenses (homeowners insurance, property taxes)

• Seller credits or concessions

• Your commission rebate (if applicable)

Compare this document carefully to your Loan Estimate. The numbers should be similar. If you spot major differences or unexpected fees, contact your New York lender immediately.

New York-specific closing costs:

• Transfer taxes: New York state transfer tax (0.4%) plus local taxes (NYC adds 1-1.425%)

• Mansion tax: For NYC properties over $1 million (1-3.9% on a sliding scale)

• Attorney fees: New York requires attorneys for real estate closings ($2,000-$3,000+)

• Title insurance: Typically 0.5% of purchase price in New York

• Recording fees: Vary by county

Total closing costs in New York: Expect 2-5% of the purchase price. On a $577,000 home, that’s $11,540-$28,850. Your commission rebate can significantly offset these costs.

Money-Saving TipIn New York, some lenders offer “no closing cost” mortgages where they cover your fees in exchange for a slightly higher interest rate. Run the math to see if this makes sense for your situation. Also, shop around for title insurance—New York allows you to negotiate this cost, potentially saving hundreds.

Step 10. Understand Commission Rebates (Save Thousands)

Commission rebates are 100% legal in New York and strongly encouraged by the New York Attorney General as a way to increase competition and benefit consumers. This is one of the biggest money-saving opportunities for New York homebuyers.

How commission rebates work in New York:

When you buy a home in New York, the buyer’s agent typically receives 2.5-3% of the purchase price. A rebate agent shares a portion of this commission with you at closing—often 1.5-2% of the purchase price.

Real savings on a $577,000 New York home:

• Typical buyer agent commission (3%): $17,310

• Your rebate (1.5%): $8,655

• Agent keeps: $8,655

New York rebate advantages:

• Fully legal: Affirmed by NY Attorney General Eric Schneiderman in 2015

• Tax-free: IRS treats rebates as a purchase price reduction, not taxable income

• No service reduction: Rebate agents provide full service—they just share more commission

• Flexible use: Apply to closing costs, down payment, or receive as cash

New York rebate legality by region:

• NYC (all boroughs): Legal and common

• Long Island: Legal

• Westchester County: Legal

• Upstate (Buffalo, Rochester, Syracuse, Albany): Legal

• All other New York areas: Legal statewide

Lender considerations: Some lenders treat rebates as a purchase price reduction for loan-to-value calculations. Choose a rebate-friendly lender who understands New York’s rebate market. Our advisors can connect you with New York lenders who work seamlessly with commission rebates.

Money-Saving TipCombine your New York commission rebate with seller concessions and down payment assistance programs to minimize your cash outlay at closing. On a $577,000 home, a 1.5% rebate ($8,655) plus 2% seller concessions ($11,540) puts over $20,000 toward your closing costs and down payment!

Step 11. Close on Your New York Home

Closing day is when you officially become a New York homeowner. In New York, both buyer and seller must have attorneys present—this is required by state law and provides important consumer protections.

What happens at closing in New York:

• Review and sign all final loan documents

• Receive your commission rebate (if applicable)

• Pay closing costs and down payment

• Receive the keys and official ownership

Documents you’ll sign at your New York closing:

• Deed (transfers ownership to you)

• Promissory note (your promise to repay the loan)

• Mortgage/security instrument (gives lender a lien on the property)

• ALTA settlement statement (final accounting of all costs)

• Various disclosure and compliance documents required by New York law

What you’ll need to bring to closing:

• Government-issued photo ID

• Cashier’s check or wire transfer for closing costs and down payment

• Proof of homeowners insurance (required in New York)

• Your attorney’s contact information

After closing:

• Your attorney files the deed with your New York county clerk’s office

• Set up utilities in your name

• Change your mailing address

• Keep all closing documents in a safe place

• Plan for ongoing costs (mortgage, property taxes, insurance, maintenance)

Congratulations! You’re now a New York homeowner.

Money-Saving TipAfter closing, review your New York property tax assessment for accuracy. Many New York homeowners overpay property taxes due to incorrect assessments. File a grievance with your local assessor if needed—this could save you thousands annually. Also, apply for any applicable exemptions (STAR program for school taxes, senior citizen exemptions, veterans exemptions).

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FAQ: Buying a House in New York

How much money do I need to buy a house in New York in 2025?

You’ll need money for the down payment (typically 3-20% of the purchase price), closing costs (2-5% of the purchase price), and reserves for moving costs and emergencies. For a $577,000 home (New York’s median) with a 5% down payment, expect to need around $40,000-$50,000 total. NYC buyers should budget more due to higher prices and additional costs like mansion tax on properties over $1 million.

Are commission rebates legal in New York?

Yes, commission rebates are 100% legal throughout New York state, including NYC. The New York Attorney General actively encourages buyers to take advantage of rebates to increase competition and save money. New York law explicitly allows real estate brokers to share their commission with buyers, and rebates are tax-free (treated as a purchase price reduction by the IRS).

How much can I save with a commission rebate in New York?

On a typical New York home purchase of $577,000, you can receive a rebate of 1.5-2% of the purchase price, which equals $8,655-$11,540 in cash back at closing. In NYC where home prices are higher (median $800,000-$1.2M+), rebates can reach $15,000-$25,000 or more. The exact amount depends on the commission structure and your agreement with your rebate agent.

What credit score do I need to buy a house in New York?

Most conventional loans require a minimum credit score of 620, while FHA loans accept scores as low as 580 (or 500 with 10% down). VA and USDA loans typically require 620+. However, in New York’s competitive and high-price market, higher scores (700+) qualify you for better interest rates and can save thousands over the life of your loan.

How long does it take to buy a house in New York from start to finish?

The typical timeline is 2-3 months from pre-approval to closing. This includes 2-4 weeks for house hunting, 1-2 weeks for offer negotiation, and 30-45 days for mortgage underwriting and closing. In NYC, co-op purchases can take longer (3-6 months) due to board approval processes. Cash buyers or those with strong pre-approval can move faster in New York’s competitive market.

Do I need an attorney to buy a house in New York?

Yes, New York is one of the few states that requires both buyers and sellers to have attorneys present at closing. Attorney fees typically range from $2,000-$3,000+ in New York. Your attorney reviews contracts, conducts title searches, negotiates terms, and ensures all legal requirements are met—providing important consumer protections throughout the transaction.

What are the typical closing costs for buyers in New York?

New York buyers should expect closing costs of 2-5% of the purchase price. On a $577,000 home, that’s $11,540-$28,850. Major costs include: attorney fees ($2,000-$3,000+), title insurance (about 0.5%), state transfer tax (0.4%), local transfer taxes (NYC adds 1-1.425%), mansion tax for NYC properties over $1M (1-3.9%), recording fees, and lender fees. Commission rebates can significantly offset these costs.

Can I use a first-time buyer program and still get a rebate in New York?

Generally, yes. New York offers several first-time buyer programs through SONYMA (State of New York Mortgage Agency) and other organizations. Most of these programs allow you to combine them with commission rebates. However, some government-backed programs may have restrictions on outside credits like rebates, so always confirm with your lender and program administrator before proceeding.

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We bring together expert advice and tools to save you money, making buying a home in New York clearer and more affordable.

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Money-Saving Tools NY-specific calculators

Better Real Estate Agents at a Better Rate in New York

Work with experienced New York buyer’s agents who offer commission rebates. Here’s what you get:

• Full-Service Representation – Expert negotiation, market analysis, and transaction management across all New York markets

• Cash Back at Closing – Receive up to 1.5% of the purchase price as a rebate (legal statewide)

• Local Expertise – Agents who know NYC, Long Island, Westchester, Hudson Valley, and Upstate markets

• Vetted Professionals – All agents are licensed, experienced, and highly rated in New York

• Attorney-Ready – Agents who work seamlessly with your NY real estate attorney

• No Compromise on Service – Same level of expertise as traditional agents

Rebate Example for New York

Note: In New York, commission rebates are 100% legal and encouraged by the NY Attorney General. Rebates are tax-free (treated as a purchase price reduction by the IRS). Rebate amounts may vary based on the final agreed commission. NYC properties may have different commission structures based on MLS (REBNY, OneKey, Brooklyn MLS). Consult with a New York real estate agent for details specific to your transaction.

• 26% of first-time homebuyers in 2023 relied on financial help from family or friends to afford a down payment.

• A 1% lower mortgage rate can save buyers over $2,000 per year on a $300,000 loan.

• New NAR rules in 2024 now require written buyer-broker agreements. This changes how commissions are negotiated.

• Homebuyers should plan for closing costs. These are 2–5% of the purchase price and are in addition to your down payment.

• Some agents offer commission rebates. These can cut thousands from closing costs in states where allowed.

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How to Buy a House in 2025: An 11-Step Guide + Savings Tips

Buying a house in 2025 means dealing with a changing real estate market. It has high interest rates, stricter lending rules, and new buyer-broker agreement rules. But there are smart ways to save money, like commission rebates or state grants. This guide walks you through buying a home, from getting ready financially to closing day. It also shares tips and practical advice.

Step 1. Save for a Down Payment

Saving for a down payment is the first big step in buying a house. In 2025, mortgage rules are still mostly the same. But homes cost more in many places, so you will likely need more money ready. So, saving wisely and picking the right loan are more important than ever.

What it means: On a $300,000 home:

• 3% down = $9,000

• 5% down = $15,000

• 10% down = $30,000

This amount does not cover closing costs, inspections, or money for emergencies. Many lenders suggest you plan for another 2–5% of the home’s price.

Many states offer down payment assistance (DPA) programs, which can come in the form of:

• Non-repayable grants

• Low-interest or deferred-payment loans

• First-time homebuyer tax credits

Check what you need to qualify. This includes your income, credit score, and where the home is. You can also combine these programs with commission rebates (see Step 10). This helps you pay even less cash upfront.

Money-Saving TipSet up a dedicated high-yield savings account specifically for your down payment. Even a 4-5% APY can add hundreds of extra dollars over 12-24 months compared to a standard checking account.

Step 2. Get Pre-Approved for a Mortgage

Before you start house hunting, getting a mortgage pre-approval is very important. It tells you how much you can afford. And it shows sellers you are a serious buyer.

To get pre-approved, you’ll submit:

• The last 2 years of tax returns and W-2s

• 2–3 months of recent pay stubs

• Credit report (lender will request)

• Asset and bank statements

A strong credit score helps you qualify for lower rates. Small credit improvements now can save thousands later:

• Raising your score from 650 to 700 could reduce your interest rate by 0.5%–0.75%, potentially saving you over $100/month on your mortgage payment.

Avoid these mistakes:

• Opening new credit cards during mortgage evaluation

• Making major purchases (e.g., car or furniture)

• Switching jobs suddenly without informing your lender

Choosing a rebate-friendly lender is also important. Some lenders won’t allow commission rebates, which could cost you thousands. Our advisors can help you find lenders that allow rebates.

Money-Saving TipRequest pre-approval from multiple lenders within a 14-day window. Credit bureaus treat multiple mortgage inquiries in this period as a single inquiry, protecting your credit score while you shop for the best rate.

Step 3. Find a Local Real Estate Agent

As of 2024, real estate rules are now stricter: you must sign a buyer-broker agreement before submitting offers. These new rules come from the National Association of Realtors (NAR). They focus on being clear about how agents get paid.

What to look for in an agent:

• Knows your local market very well

• A good negotiator who often wins offers

• Open to clear commission plans and rebates

• Can find private listings, off-market deals, and local lenders

Ask your agent:

• Do you provide a written commission rebate?

• Do you require me to pay out-of-pocket for your services?

• Can you negotiate closing credits or inspection repairs?

Money-Saving TipBefore signing a buyer-broker agreement, clarify the commission structure in writing. Ask if the agent will rebate any portion if the seller pays less than the agreed commission—this transparency can save you thousands.

Step 4. Choose the Right Location

Picking a location is about more than just price. It shapes your life and monthly costs. In today’s market, some cities give you more for your money. This is because of lower taxes, living costs, and property insurance.

*Estimated rebates based on typical 0.5–1.0% buyer agent credit. Actuals vary by settlement laws and lender participation.

Look beyond listing price:

• School ratings

• Commute distances

• HOA fees or condo dues

• Natural disaster trends (flood/fire risk areas may have higher insurance)

Use calculators to see the real monthly cost for each area.

Money-Saving TipCalculate your total monthly housing cost including mortgage, property taxes, insurance, and HOA fees before committing. A home with a lower purchase price but high property taxes could actually cost more long-term than a pricier home in a low-tax area.

Step 5. Start Your Home Search

With pre-approval and an agent in place, it’s time to shop for your future home. Begin by deciding what you must have and what you would like. This helps you focus on key listings.

Must-Haves Examples:

• 3+ bedrooms

• Detached home

• Close to work/school

Nice-to-Haves:

• Large backyard

• Updated kitchen

• Finished basement

Your agent will set up MLS alerts and private tours. Unlike third-party sites like Zillow, the MLS offers:

• More accurate, legal listing information

• Quick market updates

• Property disclosures and offer history

Money-Saving TipConsider homes that have been on the market for 30+ days. Sellers become more motivated over time and may be willing to negotiate price, cover closing costs, or include appliances to close the deal faster.

Step 6. Draft and Submit an Offer

When you find the right home, your agent will help write a legal offer. They will use local forms and standards. This involves both the price and the terms of the deal:

• Offer price: Based on comps and seller motivation

• Earnest money deposit: Typically 1–3% of purchase price held in escrow

• Loan and inspection contingencies

• Optional clauses: Escalation clause, appraisal gap coverage, seller concessions

Let market conditions shape your offer:

• In seller’s markets, strong offers with minimal contingencies win

• In buyer’s markets, go lower and ask for concessions or repairs

Contingencies protect you from losing your deposit if the deal does not happen. This is extra important when other buyers are competing.

Money-Saving TipInstead of offering above asking price in a competitive market, consider offering at asking price with an appraisal gap guarantee. This shows the seller you’re serious while potentially saving money if the appraisal comes in at or above the offer.

Step 7. Negotiate with the Seller

Once your offer is submitted, the seller can accept, reject, or counter. Your agent will help you with smart talks that can save you a lot of money.

What you can negotiate:

• Seller-paid closing costs (often 1–3% of price)

• Repairs or post-inspection credits

• Flexible move-in dates

• Inclusions like appliances or furniture

Negotiation isn’t only about price. It’s about getting the best overall financial deal. A $5,000 credit for closing costs might be as good as, or better than, taking $7,000 off the price. This is true if you have little cash.

Money-Saving TipAsk for seller concessions toward closing costs instead of a lower purchase price. This reduces your out-of-pocket expenses at closing while maintaining the appraised value of the home for your lender.

Step 8. Appraisal, Inspection & Title Search

Before closing, you’ll complete several important steps to check things out. These steps protect you and your lender:

• Appraisal ($300–$600): This confirms the home’s value matches your offer and loan amount. If the appraisal is low, you’ll renegotiate or pay the difference.

• Home Inspection ($250–$500+): Inspectors look for problems with the structure or systems. You can accept “as-is,” request repairs, or walk away.

• Title Search: This makes sure no legal claims, tax debts, or old debts are on the property. Title insurance protects you and the lender for years to come.

Contingency periods typically last 7–10 days. Work with an agent and lender who get things done. This keeps everything on time.

Money-Saving TipRequest a comprehensive home inspection that includes roof, HVAC, electrical, and plumbing systems. Spending $400-$600 upfront can help you negotiate thousands in repairs or credits before closing—or avoid buying a money pit altogether.

Step 9: Final Walkthrough

Before closing, do a final walkthrough 1 to 3 days before. This gives you one last look to confirm:

• All agreed-upon repairs are completed

• No new damage occurred during seller move-out

• Appliances and fixtures remain per contract

Bring:

• Your home inspection report

• Repair agreement list

• Camera or phone for documentation

Red flags before closing: Water leaks, HVAC issues, missing appliances — report immediately to delay closing or renegotiate.

Money-Saving TipTake photos and videos during your final walkthrough. If you discover issues after closing, this documentation can be crucial for filing claims with title insurance or pursuing the seller for breach of contract.

Step 10: Closing Day

Closing is the last step of buying a home. On this day, you’ll officially become a homeowner — and pay all final amounts.

You’ll:

• Review and sign the Closing Disclosure (CD)

• Pay closing costs (2–5% of home price)

• Present photo ID and proof of funds or confirmed wire transfer

• Receive keys (sometimes same-day or post-recording)

Closing costs include:

• Title insurance

• Attorney/escrow fees

• Mortgage broker/lender charges

• Prepaid taxes and homeowners insurance

• HOA or transfer fees (if applicable)

If eligible, your buyer rebate is put directly on your CD:

• You pay less cash out of your pocket

• Can be used toward closing costs, points, or cash back (varies by state/lender)

Money-Saving TipReview your Closing Disclosure at least 3 days before closing. Compare it line-by-line with your Loan Estimate to catch any unexpected fees or rate changes—lenders are required to provide this document 3 business days in advance, giving you time to question discrepancies.

Step 11: Move-In & Ownership Transition

Moving day isn’t the finish line—it’s the handoff from seller to homeowner. Knock these items out early to protect your new place and set up a smooth first 90 days.

Day 0–3: Immediate To-Dos

• Change locks & access codes (doors, garage, smart devices).

• Transfer utilities (power, water, gas, internet) and photograph meter readings at move-in.

• Activate homeowner’s insurance for the possession date (upgrade from binder if needed).

• Quick condition walkthrough: photos/videos of rooms, appliances, and any issues.

• File key documents: deed, Closing Disclosure, warranties, inspection report.

Week 1–4: Set Up Your Home Base

• Address changes: postal service, banks, DMV, employer, subscriptions.

• Safety check: test smoke/CO alarms, GFCIs; find main water shutoff and breaker panel.

• Maintenance calendar: HVAC filters, gutters, water heater flush, dryer vent clean-out.

• Prioritize small fixes from the inspection list for quick wins and to prevent bigger costs.

Month 1–3: Protect Your Equity

• Register warranties (roof/HVAC/appliances) and note claim windows.

• Build a home file: permits, receipts, before/after photos for future resale.

• Evaluate tax perks: homestead/primary-residence exemptions where applicable.

• Optimize your mortgage: autopay, consider biweekly or small principal-only prepayments.

Money-Saving TipAsk the seller (through your agent) for transferable warranties and their service provider list. Use it to negotiate “new client” or loyalty discounts with locksmiths, HVAC techs, cleaners, and internet providers.

Find Your Local Rebate Agent

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FAQ Buying a House

How much money do I need to buy a house in 2025?

You’ll need money for the down payment (typically 3-20% of the purchase price), closing costs (2-5% of the purchase price), and reserves for moving costs and emergencies. For a $300,000 home with a 5% down payment, expect to need around $24,000-$30,000 total.

What credit score do I need to buy a house?

Most conventional loans require a minimum credit score of 620, while FHA loans accept scores as low as 580 (or 500 with 10% down). VA and USDA loans typically require 620+. However, higher scores qualify you for better interest rates and can save thousands over the life of your loan.

Can I buy a house with no money down?

Yes, if you qualify for VA or USDA loans, which offer 0% down payment options. Some state and local programs also offer down payment assistance grants for first-time buyers. However, you’ll still need money for closing costs and moving expenses.

How long does it take to buy a house from start to finish?

The typical timeline is 2-3 months from pre-approval to closing. This includes 2-4 weeks for house hunting, 1-2 weeks for offer negotiation, and 30-45 days for the mortgage underwriting and closing process. Cash buyers or those with pre-approval can move faster.

Can I get a rebate if I already found a home myself?

Yes — most rebate programs allow this if you’re not yet under contract with another agent.

What happens if my lender doesn’t allow rebates?

We help buyers choose and find lenders that accept commission rebates.

Do I have to pay my agent directly under the new NAR rules?

No — most buyers still get commissions paid by the seller. But you now need a signed buyer agreement before you see homes or make offers.

Should I get pre-qualified or pre-approved?

Always get pre-approved, not just pre-qualified. Pre-approval involves a full credit check and income verification, giving you a concrete budget and showing sellers you’re a serious buyer. Pre-qualification is just a rough estimate and carries less weight in competitive markets.

Is it better to buy or rent in 2025?

It depends on your financial situation and goals. Buying makes sense if you plan to stay 5+ years, have stable income, and can afford the down payment and monthly costs. Renting offers more flexibility and lower upfront costs. Use the “5% rule” — if annual rent is less than 5% of the home’s purchase price, renting may be more economical.

Can I use a first-time buyer program and still get a rebate?

Generally, yes — though some government-backed programs limit outside credits like rebates. Always confirm with your lender.

Why Trust Us?

We bring together expert advice and tools to save you money. This makes buying a home clearer and cheaper.

Full-Service Agents Experienced professionals

Commission Rebates Save thousands at closing

Lender Matching Competitive rates and terms

Money-Saving Tools Calculators and resources

Better Real Estate Agents at a Better Rate

Work with experienced buyer’s agents who offer commission rebates. Here’s what you get:

• Full-Service Representation – Expert negotiation, market analysis, and transaction management

• Cash Back at Closing – Receive up to 1.5% of the purchase price as a rebate

• Vetted Professionals – All agents are licensed, experienced, and highly rated

• No Compromise on Service – Same level of expertise as traditional agents

Rebate Example

Note: Commission rebates are subject to state regulations. Some states restrict or prohibit buyer rebates. Check your local laws or consult with an agent in your area.