Set the payment before you fall in love with a price
Do not start with a maximum purchase price. Start with the monthly payment you can live with after taxes, insurance, HOA or condo dues, PMI if applicable, utilities, commuting, maintenance, and savings are included.
Rates are still material to the decision. Freddie Mac reported the average 30-year fixed rate at 6.49 percent on June 25, 2026, so a small rate change can move the payment enough to alter the search.
Handle representation and compensation before tours
Virginia requires a brokerage agreement before a buyer's agent shows property to that buyer. Review the agreement, services, term, and compensation before a serious showing weekend.
After the 2024 NAR practice changes, compensation is negotiable and is not displayed as an MLS offer of compensation. First-time buyers should know how agent compensation will be addressed before writing an offer.
Inspect for first-year risk, not just defects
The inspection should help you understand near-term ownership risk: roof age, HVAC age, water management, electrical capacity, drainage, windows, appliances, and condo or HOA obligations.
The strongest first-time purchase is not always the prettiest house. It is the one where the payment, repairs, location tradeoffs, and exit plan all make sense together.
Planning checklist
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Common questions
Should first-time buyers wait for rates to drop?
Rate timing is uncertain. Use today's rate, a higher stress-test rate, and a refinance scenario so the decision is not built on a guess.
What should be settled before touring?
Payment range, buyer agreement, commute limits, must-haves, cash to close, and how you will handle inspection and appraisal risk.