New to Real Estate? Here Are 12 Common Questions—Finally Answered!

Buying your first home isn’t just about securing a mortgage—it’s also about understanding the local housing market and recognizing opportunities before they pass you by. In competitive markets like Surrey, Langley, and the Fraser Valley, inventory levels and interest rate changes can influence how quickly you need to act. Staying informed about neighbourhood trends, average days on market, and pricing patterns can give you a strategic advantage, helping you make confident, well-timed decisions.

Beyond market conditions, first-time buyers should also consider lifestyle factors when choosing a home. Proximity to schools, parks, shopping centres, and future transit expansions—such as the Surrey-Langley SkyTrain—can significantly impact a property's long-term value. Choosing a neighbourhood with planned infrastructure improvements or growing community amenities can enhance both quality of life and future resale potential, making the purchase even more rewarding in the years ahead.

Finally, surrounding yourself with the right support system is just as important as choosing the right property. Working with an experienced REALTOR ensures you have access to professional guidance, contract expertise, and insider market knowledge. From spotting red flags during showings to negotiating the best possible price, the right real estate professional can simplify every step of your buying journey and help you avoid costly mistakes.

Common Mistakes to Avoid When Buying Your First Home

Learn how to avoid the biggest pitfalls first-time buyers encounter.

1. How Do I Know What I Can Afford?

Start with your income, debts, and savings. Most lenders recommend that your housing costs not exceed 30% of your gross monthly income. Try this mortgage affordability calculator to get a realistic estimate.

2. What’s the Difference Between Being Pre-Qualified and Pre-Approved?

• Pre-Qualified: A rough estimate based on self-reported info.

• Pre-Approved: A more serious step. Lenders review your credit, income, and documents. It shows sellers you’re a serious buyer.
  Learn more about mortgage pre-approvals.

3. What Does a REALTOR® Actually Do?

A REALTOR® helps you buy or sell a property, negotiate offers, handle paperwork, and protect your best interests throughout the process. They also have local market knowledge and experience.

4. How Do I Know What to Offer?

Your REALTOR® will compare similar homes recently sold in the area (called “comps”) and consider current market trends to guide your offer. Factors include the home’s condition, location, and how competitive the market is.

5. What Are Closing Costs?

These are additional expenses at the end of your purchase or sale. They can include:

• Legal fees

• Land transfer tax

• Appraisal fees

• Title insurance
  Budget around 1.5% to 4% of the purchase price. Read more on closing costs in Canada.

6. Do I Really Need a Home Inspection?

Yes! A licensed inspector checks the home’s structure, plumbing, electrical systems, roof, and more. This can help you avoid costly surprises. Learn about why inspections matter.

7. What Happens If the Appraisal Comes in Low?

If the bank’s appraisal is lower than your offer, your mortgage may be reduced. You may have to renegotiate the price, pay the difference, or walk away.

8. Can I Buy a Home and Sell My Current One at the Same Time?

Yes, but timing is important. You can:

• Sell first and rent temporarily

• Buy first with bridge financing
  Speak with your REALTOR® about the best strategy for your situation.

9. How Long Does the Process Take?

• Buying a home: Usually 30–60 days after an accepted offer

• Selling a home: Depends on market conditions but can happen within weeks
  Adding financing, inspections, and legal steps takes time.

10. What’s the First Step to Buying a Home?

Get pre-approved for a mortgage. This gives you a clear idea of your budget and makes you more competitive as a buyer.

11. Do I Really Need 20% Down?

No! In Canada:

• You can put as little as 5% down for homes under $500,000

• Between 5% and 10% for homes up to $1M

• 20% or more avoids mortgage insurance
  More info here: Government of Canada mortgage rules

12. Should I Wait for a Better Market?

Trying to time the market is tough. Instead, focus on your personal goals, finances, and lifestyle. Work with a REALTOR® to understand if it’s a good time for you.

🎯 Final Thoughts
Real estate doesn’t have to be confusing. By asking the right questions and working with an experienced REALTOR®, you can make informed decisions with confidence.

📞 If you’re getting started, contact Jared Gibbons — a real estate agent with over 10 years of experience helping clients buy, sell, and invest with clarity and success.