First Time Homebuyers

Welcome, First-Time Homebuyers!

Buying your first home is an exciting milestone. Whether you’re just starting to explore your options or ready to make an offer, The Long Island Board of REALTORS® is here to empower you with trusted resources and expert advice to help you achieve your dream of homeownership on Long Island.

You are considered a first-time homebuyer if:

You’ve never owned a home before.
You haven’t owned a home in the past three years.
You’re now a single parent and previously owned a home only with a spouse.

These criteria are defined by the U.S. Department of Housing and Urban Development (HUD), and they open the door to special benefits and programs for first-time buyers.

How to Find the Right REALTOR®

A skilled REALTOR® can make all the difference in your homebuying journey. Here’s how to find the perfect match:

Ask for recommendations. Friends and family might already know a great REALTOR®.

Search for expertise. REALTORS® may specialize in first-time buyers, specific neighborhoods, or amenities like pet-friendly parks. Search for Long Island REALTORS® here.

Interview your options. A good fit is essential. Discuss their experience, services, and how they can help you achieve your goals. Consumer Guide: 10 Questions to Ask a Buyer’s Agent.

Once you’ve chosen a REALTOR®, you’ll sign a written agreement outlining their services and fees. Remember, REALTOR® fees are negotiable, so don’t hesitate to ask questions and customize the terms to fit your needs.

Financing Your First Home

Financing is a critical step, and there are many options to explore:

Loan Types: Conventional, FHA, USDA, and VA loans each have unique benefits and requirements.

Down Payment Assistance: Federal and state programs may be able to assist you in covering your down payment, which is often the most significant step for first-time buyers. Learn more on our Down Payment page.

Why Am I Being Asked To Sign A Written Buyer Agreement?

If you’re a homebuyer working with an agent who is a REALTOR®, it means you are working with a professional who is ethically obligated to act in your best interest. As of August 17, 2024, you will be asked to sign a written buyer agreement after you’ve chosen the professional you want to work with.

REALTORS’® Duty To Put Client Interests Above Their Own

A REALTOR® is a special kind of real estate agent: one who follows NAR’s strict Code of Ethics, including the first and primary pledge to protect and promote the interests of their clients. This obligation means that a REALTOR® cannot make decisions or provide representation in a way that puts their own interests or commissions ahead of their clients’ interests.

Open Houses And Written Agreements

As of August 17, 2024, many real estate professionals nationwide will be asking buyers to enter into a written agreement prior to touring a home. But what if you are just attending an open house?

What Veterans Need To Know About Buying A Home

The National Association of REALTORS® is proud to support those who serve our country on their journey to achieve the American Dream of homeownership. Veterans and active servicemembers often have unique needs when looking for a home, and agents who are REALTORS® are committed to helping ensure those needs continue to be met following the real estate practice changes that went into effect on August 17, 2024.

Negotiating Written Buyer Agreements

You’ve decided it’s time to buy a home and want to work with an agent to guide you through the process. The next step is to interview agents and negotiate a written agreement that includes the services the agent will provide and the compensation they will receive. Here’s what you need to know about negotiating an agreement with an agent who is a REALTOR®.

10 Questions to Ask Buyers Agent

If you’re ready to buy a home, you should feel empowered to find and work with the agent who is the best fit for your needs. Here are ten questions you should consider when selecting an agent.

Q&A for Home Buyers

Stay informed about important changes in real estate: Q&A for Home Buyers explains recent updates affecting home buyers and their relationships with REALTORS®. Learn about new Buyer Representation Agreements, understand how agent partnerships work, and discover what these changes mean for your home search. This guide offers clear answers about new industry changes, helping you make informed decisions as you look for your next home.

Q&A for Home Sellers

Stay informed about important changes in real estate: Q&A for Home Sellers explains recent updates affecting seller fees and relationships with REALTORS®. Learn about new fee structures, understand compensation options for buyer's agents, and discover how these changes affect your home sale. This guide offers clear answers about new industry changes, helping you make informed decisions as you prepare to sell your home.

Seller Concessions

As a home seller, you have choices when deciding how to market your property, including whether you’d like to offer concessions to attract buyers or close a deal. Here’s what you need to know as you consider whether this approach is right for you.

Ten Questions To Ask A Seller’s Agent

If you’re ready to sell your home, you should feel empowered to find and work with the agent who is the best fit for your needs. Here are ten questions you should consider when selecting an agent.

Fair Housing

Buying or selling a home is more than a transaction—it’s fundamental to your long-term goals and financial future. Consumers and agents all have rights and responsibilities to promote a home buying or selling process free from discrimination

Multiple Listing Services (MLSs)

When buying or selling a home, your real estate professional may use a Multiple Listing Service (MLS) to find homes for sale or market your property

Buying Your First Home

So, you’re ready to find your first home. But where do you begin? And what resources are available to help you? Here’s what you need to know as you embark on your homeownership journey.

Mortgages and Financing

Buying a home is one of the largest personal and financial decisions you can make. For many buyers, the process includes finding a loan that will help you pay for your new home over time. An agent who is a REALTOR® can help you learn about your options.

Steps Between Signing and Closing

Once you sign a purchase agreement on your new home, there are still several steps to complete before you can finalize—or “close”—the transaction. While the process differs in each state, here are the basics of what you can expect during the period between signing and closing.

Agency and Non-Agency Relationships

When you are looking to buy or sell a home, you may hear about different types of relationships—agency and non-agency—that exist between buyers and sellers and the real estate professionals they are working with. These relationships are defined by state law and the options available to you vary widely between states, but here are the basics of what to think about.

Home Inspection

Between signing and close, a homebuyer may choose to have a new home inspected to make sure it is in good condition and safe for a new owner. Here’s what buyers and sellers should know.

Appraisal Process

An appraisal is an opinion on a home’s market value that helps a lender ensure the purchase price is in line with the property value. The process is led by a licensed or certified residential appraiser—an independent third party engaged by the lender to provide a professional judgment on the home’s value. Appraisers do not represent the buyer or seller; their sole duty is to come up with a fair and accurate valuation of the property. While all appraisers follow a set of standards, appraisers who are REALTORS® have the added commitment to uphold the REALTOR® Code of Ethics. If you are financing your home purchase, you will likely be required to get a home appraisal as one of the steps between signing and close.

Homeowners Insurance

Homeowners insurance covers you for unexpected losses at your home or property. It can include provisions to repair or rebuild the property, replace assets within the home, cover accidents that happen to you or someone else on the property, or even pay for living expenses if a covered incident forces you to live elsewhere temporarily.

Understanding homeowners insurance is essential for anyone looking to purchase a home. Start looking at policies early—an agent who is a REALTOR® can help.