Buying your first home is one of life’s most exciting milestones, but it can also feel overwhelming. As a first time home buyer in Spokane, you’ll encounter a housing market full of opportunities, as well as some challenges. As someone who is ready to dive into homeownership, one of the best ways to mitigate any challenges is to have a plan for doing all research and tasks necessary to make your first time home buying experience a success. I've put together a list of things to consider and accomplish as you get ready to purchase your first home!
1. Enlist a Trustworthy Real Estate Agent
I know, I know - this sounds self-serving to start here, but in all reality a good realtor is someone you want on board as early as possible. I have some clients I've been in communication with for more than a year, getting them on track to purchase their first home. We do check-ins periodically as they save for their down payment and get ready to jump into the market when the perfect opportunity arises. And, having someone on your side early on makes all the next steps easier!
Questions to ask when selecting an agent:
- How well do they know a range of Spokane neighborhoods?
- Do they have experience working with first time buyers?
- Can they provide insights on market trends and current negotiation strategies?
2. Understand Spokane’s Real Estate Market
Spokane’s real estate market continues to grow steadily, making it an attractive city for first time buyers. According to my 2025 Spokane Real Estate Predictions, the market remains competitive due to a combination of limited inventory and high demand. Over the last five years, home prices have increased, but are starting even out. And, they’re still more affordable compared to cities like Seattle or Portland.
First-time buyers should focus on:
- Understanding Market Trends: Keep an eye on average home prices and the time homes spend on the market so you understand your timeline when you are ready.
- Considering Future Growth: Areas like Spokane Valley and Liberty Lake are poised for development, offering potential equity growth for buyers.
3. Articulate Your Favorite Spokane Neighborhoods
Spokane boasts diverse neighborhoods, each with unique character and amenities. First-time buyers often gravitate toward areas with a mix of affordability and lifestyle appeal.
Popular Choices for First-Time Buyers:
- Kendall Yards: A vibrant, walkable community with dining, shopping, and stunning river views.
- North Spokane: Offers affordable housing options and convenient access to retail hubs.
- Spokane Valley: A great choice for buyers seeking newer homes and family-friendly neighborhoods.
Related: Spokane, WA Neighborhoods Great for Families, Discovering the Charm of Morningside Heights in Spokane Valley, or Exploring Spokane Valley: Outdoor Fun Meets Small Town Charm.
A charming home in Morningside Heights in Spokane Valley.
4. Leverage First Time Home Buyer Programs Nationally & Locally
Washington State offers various programs to help first-time buyers. The WA State Housing Finance Commission offers home buying classes for $50 that are available online or in person. They also offer down payment assistance, tax credits, and favorable loan terms. Many local lenders in Spokane are well-versed in these programs and can guide you through the application process.
Spokane also offers plenty of resources to help first-time buyers. From financial literacy workshops to community events, these programs can provide valuable insights and support. Check out organizations like SNAP Spokane who also offers educational counseling in home buying and application assistance for down payment programs.
5. Understand a Basic Home Buying Timeline
While the timeline for buying a home can vary depending on your unique situation, here's a general guideline to keep in mind:
- Six + Months Before Your Desire Move-in Date: Save as much as you can for your down payment. While programs for first-time buyers may require lower down payments, having at least 20% can save you from private mortgage insurance (PMI).
- Six Months Before Your Desired Move-In Date: Starting this early is advisable. Use this time to review your finances, discuss your goals with your lender, and identify any potential hurdles that need to be addressed. Use these months to fine-tune your financial readiness. Ensure your credit is in order and make any necessary adjustments to your financial profile.
- Four Months Before Move-In: At this stage, consider getting the pre-approval process underway (see below). Pre-approval provides you with a clear understanding of your budget and sets you up for success. If you have a home to sell, the timeline may vary, so contact me for more personalized guidance.
- Three Months Before Move-In: Between six to three months before purchasing, handle any credit issues and continue saving for your down payment/closing costs. By the third month mark, you’ll be starting your house-hunting adventure! Give yourself 60 days to house hunt, then 30 days to close the transaction.
- One Month Before Move-In: If everything goes smoothly, you should be under contract about 30-45 days prior to your desired move-in date. This timeline allows for any unexpected delays or last-minute negotiations.
Keep in mind that unexpected situations can arise during the home buying process, so having some flexibility in your timeline is crucial. Planning for contingencies ensures you won't feel rushed or pressured as your move-in date approaches.
6. Get Pre-Approved for a Mortgage
This may feel like it should be one of the first steps in the process, but in reality, I suggest a lot of homework being done in advance of this so that you have a solid foundation of understanding under your belt. Once you have that foundation of understanding the market, knowing what you are looking for, etc... you can work on securing a mortgage pre-approval. This not only shows sellers that you’re serious but also helps you fully understand your budget and allows you to purchase a home!
Tips for pre-approval:
- Check Your Credit: A strong credit score can help you secure better interest rates.
- Compare Lenders: Don’t settle for the first offer—shop around for the best terms.
7. Avoid Common First-Time Buyer Mistakes
My blog on 8 First-Time Home Buyer Mistakes to Avoid highlights key pitfalls to sidestep during your journey. Here are some of the most critical ones:
- Overstretching Your Budget: It’s tempting to go for your dream home, or use your full loan pre-approval amount, but sticking to what you can comfortably afford will benefit your financial health (and likely quality of life!) long-term.
- Skipping the Inspection: Always invest in a professional home inspection to avoid costly surprises.
- Focusing Only on the House: Consider commute times, school districts, and neighborhood amenities.
Buying your first home in Spokane is an exciting journey, and with the right preparation, you can avoid stress and pitfalls. I love working with local Spokane residents and new community members to help them find their first homes. If you're in need of an experienced, local real estate agent to help you navigate this exciting and important milestone, take a look at my listings here or reach out to me.
