First-time buyers
First-Time Buyer Guide, Georgia Edition
Buying your first home is a sequence, not a leap. This is the honest version of how it works in Georgia. What changed in 2024, the order of operations, the money you actually need, and the mistakes that cost first-timers the most.
The rules changed in 2024
What changed for buyers in 2024?
Two things, both since August 2024. First: expect to sign a written buyer brokerage agreement before touring homes with an agent. That's standard across Georgia now, and it's not just paperwork. Under Georgia's agency law (BRRETA), a written engagement is what makes you a client instead of a customer. Clients are owed a higher standard of duty.
Second: how buyer's agents get paid changed too. Compensation is negotiated deal by deal. It can come from you, from the seller, or from a combination, and no rate is standard or automatic. Any agent who waves this off with “don't worry, the seller pays it” is skipping a conversation you're entitled to. We put the agreement on the table, explain what every line means for your money, and only then ask you to sign.
What order should you do things in?
Most first-timers start by scrolling listings. That's backwards. Here's the sequence that actually protects you.
- 01
Talk to a lender before you tour
Pre-approval first. Not because it's fun. Because it tells you your real price band, and because in a multiple-offer situation the buyer without a letter isn't really in the running. It costs nothing and usually takes a day or two.
- 02
Get more than one loan estimate
Lenders are required to give you a standardized Loan Estimate. Collect 2 or 3. Compare rate, points, and lender fees line by line. First-timers who shop the loan save real money over the life of the mortgage.
- 03
Read the buyer agreement before you sign it
Before you tour homes with an agent, expect a written buyer brokerage agreement. Read it. Ask what it says about compensation and term length. We walk through ours line by line before anyone signs anything.
- 04
Tour with a filter, not a wish list
At every showing you should hear the listing's story: days on market, price cuts, and what the data says about the seller's position. That story is what your offer gets built from later.
- 05
Offer, due diligence, appraisal, close
Your offer sets the price, the earnest money, the due diligence period, and the contingencies. Then you inspect, the lender appraises, and a Georgia real estate attorney conducts the closing. Binding agreement to keys commonly runs 30 to 45 days on a financed purchase.
How much money do you actually need?
4 buckets. The ranges below are typical for Georgia purchases; your lender and your contract set the exact numbers.
Down payment
You don't need 20% down. Conventional programs commonly start around 3% to 5% down for qualified buyers. FHA is 3.5%. VA and USDA go to 0% for those who qualify. What 20% buys you on a conventional loan is no private mortgage insurance. That's a math decision, not a rule.
Closing costs
Plan for roughly 2% to 4% of the purchase price. That covers lender fees, attorney fees, title insurance, taxes, and prepaids. Sellers can agree to pay part of it for you, and they do it more often than you'd think. The median Metro Atlanta closing came with $5,000 of seller-paid closing costs, and that median counts every closing where the seller paid nothing at all. So half the metro's closings came with at least $5,000 of the buyer's bills covered by the seller (median seller-paid closing costs across every closing, including the closings where the seller paid nothing, FMLS closed sales, trailing 12 months ending September 2026). Asking is a negotiation strategy, not a favor.
Earnest money
A deposit that shows the seller you're serious, commonly around 1% of the price in Metro Atlanta. It's held in escrow, usually by the closing attorney or a broker, and credited back to you at closing. Can you get it back if you walk? That depends on the contingencies in your contract. Which is exactly why the contract matters.
Due diligence money
Here's some good news. Unlike some states, Georgia's standard contracts don't require a big nonrefundable due diligence fee. The GAR contract typically treats the period as an option with a nominal payment, often $10. Your earnest money does the heavy lifting. New construction builder contracts can work differently, so read those closely.
The part that protects you
How does the due diligence period work?
In a typical Georgia contract, the due diligence period is a negotiated window, often around 7 to 14 days. During it, you can terminate the agreement and generally walk away with your earnest money. It's your chance to inspect the house, price out repairs, check the numbers, and decide with clear eyes.
Use it like it matters, because it does. Georgia generally follows buyer beware for hidden defects. Sellers and their brokers can't misrepresent the property, and in most cases they must disclose known material adverse facts, though Georgia's brokerage statute (BRRETA) carves out specific categories of information brokers aren't required to volunteer. But the burden of investigating is largely on you. A licensed home inspector belongs inside this window. So does a structural engineer if something looks off, and a hard look at insurance and utility costs.
One honest caveat: the length of the period is a negotiating lever. A shorter due diligence period makes your offer stronger and gives you less runway. We'll tell you when it's worth tightening and when it isn't, listing by listing.
Which mistakes cost first-timers the most?
We've advised 400+ buyers and sellers up close. The expensive mistakes are predictable, which means they're avoidable.
Falling in love before the pre-approval
The house you tour this weekend can go binding before your paperwork exists. Sequence beats speed here.
Reading the list price instead of the listing history
List price is one data point. Days on market, price cuts, and relisting history tell you what the seller will actually take. For context on how much room is out there: the median Metro Atlanta buyer paid 3.0% less than the original asking price (median discount off the original asking price, FMLS closed sales, trailing 12 months ending September 2026). On the metro's median close of $410,000, that's about $12,680. Call it $12,500 of daylight between the number the seller hoped for and the number the market actually paid. That money goes to whoever read the history first.
Waiving the inspection to win
In a competitive moment it's tempting. Don't do it. Georgia is broadly a buyer-beware state for latent defects, so the inspection is your protection. There are ways to make an offer stronger without going in blind, and we use them.
Emptying savings at the closing table
A bigger down payment with zero reserves is a fragile position. The furnace does not care that you just closed. Keep a cushion, even if it means a slightly smaller down payment.
Skipping the closing cost ask
Seller-paid closing costs get negotiated all the time here, and that credit almost never shows up on its own. Our own buyers have averaged $10,288 in them (FMLS, 2025; an average across our buyer transactions, measured our own way, on our own closings, and past performance, not a guarantee). If nobody asks, the answer is $0. Every single time.
Market figures above carry their own source labels. Our own buyer figures are averages measured our own way, on our own closings (FMLS, 2025), so read them beside the metro medians as orientation, not as a like-for-like scoreboard. Past performance, not a guarantee.
How do we work with first-time buyers?
Slowly, if that's what you need. First-timers usually want a little bit more time than the internet suggests they should take, and that's fine. Nobody on our team gets paid to rush you, and Terence works with every client personally, from the first call through closing, so the person who hears your budget in week one is still on the call in week six.
It starts with a live, personalized search in Compass One. New listings and price cuts matched to your criteria, in one dashboard, instead of you refreshing 3 portals every night. You can set that up in about 2 minutes, even if you're 6 months out. Watching real listings move is the fastest education there is.
When you're ready to write an offer, we build it from the listing's history: its days on market, its price cuts, and what the seller's position really is. Price is one lever. Terms, timing, and contingencies are the others, and first-time buyers are usually surprised how much those levers move.
And if the answer is “wait a year and save,” we'll say that. In the meantime, the free monthly market report keeps you sharp on the zip codes you care about.
Free stuff that's actually free.
Our rule is simple: give away what most people charge for. The monthly Atlanta market update is free on YouTube, every chart from it is free in the market data library (no name, no email, it's all there), and our housing calculators are free too. None of it expires, and most of it doesn't even want your email.
Questions people ask
Questions first-time buyers ask us
How much down payment does a first-time buyer need in Georgia?
As little as 3% to 5% down on common conventional programs for qualified buyers, 3.5% on FHA, and 0% on VA and USDA loans for those who qualify. The idea that buyers need 20% down is a myth; 20% is simply the point where private mortgage insurance drops off a conventional loan. A lender can confirm which programs a specific buyer qualifies for, which is why the Terence Richardson Group recommends pre-approval before the first tour.
What is the due diligence period in a Georgia home purchase?
The due diligence period is a negotiated window, often around 7 to 14 days in a typical Georgia contract, during which the buyer can terminate the agreement and generally recover their earnest money. It exists so the buyer can inspect the home and investigate anything material before the contract hardens. Georgia generally follows a buyer-beware approach to hidden defects. That makes this window the buyer's main protection, and a professional inspection belongs inside it.
What is due diligence money in Georgia?
Georgia's standard resale contracts typically do not require a large nonrefundable due diligence fee, unlike some other states. The GAR contract commonly structures the due diligence period as an option supported by a nominal payment, often recited as $10. The meaningful money is the earnest money deposit, commonly around 1% of the price in Metro Atlanta, held in escrow. Builder contracts on new construction can treat deposits differently and deserve a close read.
How much are closing costs for buyers in Georgia?
Buyer closing costs in Georgia commonly run roughly 2% to 4% of the purchase price, covering lender fees, attorney fees, title insurance, taxes, and prepaid items. Sellers can agree to pay part of them. The median Metro Atlanta closing carried $5,000 in seller-paid closing costs, counting the closings where the seller paid nothing at all, so half the metro's closings came with at least that much of the buyer's bills covered (median seller-paid closing costs across every closing, including the closings where the seller paid nothing, FMLS closed sales, trailing 12 months ending September 2026). The Terence Richardson Group's own buyer average, measured the group's own way on its own closings, is $10,288 (FMLS, 2025; read beside the metro figure for orientation, not as a like-for-like scoreboard, and not a guarantee for any single purchase). Georgia closings are conducted by a licensed Georgia real estate attorney.
How long does it take to buy a first home in Georgia?
From binding contract to closing is commonly 30 to 45 days on a financed purchase in Georgia. The search before that can run weeks to months depending on the market and the buyer's criteria. Pre-approval usually takes a day or two and is the step that makes every later step faster. The Terence Richardson Group sets first-time buyers up with a live Compass One search early so the education starts before the pressure does.
Book a discovery call
When you're done lurking, we're here.
No scripts, no pressure, and no hard feelings if the answer is “not yet.” Watch the videos, take the free market report, lurk for a year if you want. When you're within a few months of buying, book the discovery call and we'll map your sequence.
