The Ultimate First-Time Homebuyer’s Guide
- Apr 3
- 5 min read
Buying your first home is an exciting milestone, but let’s be real—it can also feel overwhelming.
There’s a lot to learn, decisions to make, and paperwork to sign. But don’t worry! This guide will walk you through every step, from prepping your finances to getting the keys to your new home. Whether you’re just starting to think about buying or you’re ready to hit up open houses, this guide has everything you need to navigate the Syracuse real estate market with confidence!
Why Buying a Home in Syracuse is a Big Deal
Purchasing a home isn’t just about finding a place to live—it’s one of the biggest financial investments you’ll ever make. Syracuse’s housing market has been changing rapidly, and first-time buyers need to be prepared.
Home Prices Are Rising – As of early 2025, the median home price in Syracuse is around $190,000, a nearly 30% increase from last year. Homes are also selling faster, spending an average of just 32 days on the market.
Competition is High – With more buyers looking and fewer homes available, multiple-offer situations are becoming common. That means you’ll need a solid plan and a great agent to help you stand out.
Hidden Costs Matter – Many buyers focus only on their mortgage, but taxes, insurance, and maintenance costs add up quickly. In fact, some Syracuse homeowners now spend more on these expenses than on their actual mortgage payment.
Being informed is the key to making smart decisions, so let’s dive into what you need to do before, during, and after your home search.
Step 1: Get Your Finances in Order
Before you start scrolling through Zillow, it’s essential to take a hard look at your finances. This will help you determine what you can afford and set you up for mortgage approval.
Check Your Credit Score
Your credit score plays a huge role in getting approved for a mortgage and securing a good interest rate. Generally, a score of 620 or higher is needed for a conventional loan, but if your score is lower, don’t worry—there are options available.
Understand Your Debt-to-Income Ratio (DTI)
Lenders want to see that you can handle your mortgage payments along with any existing debt. Ideally, your monthly debts (including your future mortgage) should be less than 36% of your income.
Start Saving Now!
Besides the down payment, you’ll need money for:
Closing costs (2-5% of the home’s price)
Home inspections (around $300-$600)
Moving expenses
An emergency fund for unexpected home repairs
Explore First-Time Buyer Mortgage Options
There are plenty of loan programs that make homeownership more accessible:
Conventional Loans – Require as little as 3% down, but a higher credit score is needed.
FHA Loans – Backed by the government, allowing you to put down just 3.5% with more flexible credit requirements.
VA Loans – No down payment required for veterans and active military members.
USDA Loans – Great for homes in eligible rural/suburban areas, offering 100% financing.
Additionally, New York State offers special programs like the State of New York Mortgage Agency (SONYMA), which provides low-interest loans and down payment assistance.
Get Your Pre-approval Prior to Shopping!
Your pre-approval is a key step of this process. Not only will it be (basically) mandatory when submitting offers, but it gives you an idea of what you can afford.
Step 2: House Hunting Like a Pro
Now that you’ve got your finances sorted, it’s time to start your search!
Find the Right Neighborhood
Syracuse offers a mix of neighborhoods, each with its own vibe and price range. A few popular spots for first-time buyers include:
Eastwood – A charming, walkable neighborhood with homes averaging around $190,000.
Strathmore – Known for its historic homes and tree-lined streets, with median prices around $185,000.
Liverpool & Clay – Suburban areas with good schools and newer construction options.
Work with a Local Real Estate Agent (Hey, Hi, Hello!)
A great agent is your secret weapon in this market. They’ll help you find homes, schedule viewings, and craft competitive offers. Plus, they know the ins and outs of Syracuse’s housing trends.
Be Ready to Move Fast
With homes selling quickly, it’s important to:
Set up instant alerts for new listings.
Schedule showings ASAP.
Have your pre-approval letter ready before making an offer.
Step 3: Making an Offer (and Getting It Accepted)
Once you’ve found the perfect place, it’s time to make an offer. Here’s what to consider:
Understand the Market
If the home is in high demand – You may need to offer at or above asking price.
If the home has been sitting for a while – You might have room to negotiate.
Contingencies: Protect Yourself, But Be Smart
A contingency is a condition that must be met before the sale goes through. Common ones include:
Home Inspection – Gives you the right to back out or negotiate repairs.
Financing Approval – Ensures you can get your mortgage.
Appraisal Contingency – Protects you if the home is valued lower than expected.
In a competitive market, sellers prefer offers with fewer contingencies, so be strategic about what you include. You'll hear that many buyers are waiving inspections right now. While that may be true, don't feel pressured to do so if you're not comfortable about it - trust your gut!
Step 4: The Closing Process (AKA the Final Stretch!)
Once your offer is accepted, here’s what happens before you get the keys:
Home Inspection & Appraisal
The inspection ensures there are no major hidden issues.
The appraisal confirms the home’s value matches the price.
Finalizing Your Loan
Your lender will finalize the details, and you’ll review and sign a ton of paperwork.
Closing Costs Breakdown
Expect to pay for:
Loan origination fees
Title insurance
Homeowners insurance
Property taxes
Your lender will provide a Closing Disclosure with a full breakdown of what you owe.
Closing Day!
On closing day, you’ll sign the final documents, transfer funds, and finally—get the keys to your new home!
Bonus: Extra Help for First-Time Buyers
Besides mortgage programs, there are grants and assistance programs to help with costs:
Homebuyer Dream Program® – Offers up to $15,000 in down payment and closing cost assistance.
Local Credit Union Grants – Some Syracuse-based credit unions provide homebuyer assistance grants.
Be sure to ask your lender or real estate agent about available programs—you might qualify for free money!
Ready to Buy Your First Home?
Buying a home is a big step, but with the right preparation and a great team by your side, it’s totally doable. Stay patient, stay informed, and don’t be afraid to ask questions along the way.
If you’re ready to start your home-buying journey in Syracuse, let's connect! I’d love to help you find the perfect home and make the process as smooth (and fun!) as possible.
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