First-Time Buyer FAQ

Buying your first home in Edina MN, Eden Prairie, Minnetonka or the West Metro of the Twin Cities can feel overwhelming. First-time buyers often have questions about pricing, inspections, financing, and how to compete in today’s housing market.

Jim Leicht is a Minnesota REALTOR® with Edina Realty serving Edina MN, Eden Prairie, Minnetonka and the West Metro of the Twin Cities. Licensed since 2018, Diamond Award recipient and FastExpert Top Agent Award 2026 recipient, Jim is known for his education-first approach and structured buyer guidance.

First-time buyers need more than access to listings — they need contract clarity, financial protection and strategic negotiation. Jim specializes in guiding buyers through financing timelines, appraisal considerations, inspection risk evaluation and competitive offer positioning. His goal is simple: help first-time homeowners purchase confidently while protecting long-term equity.

Working alongside business partner Katie Fears, Jim contributes to a team with more than 15 years of combined experience in West Metro markets. Their 5-star Google reviews reflect professionalism, honest communication and measurable results.

How much home can I afford as a first-time buyer?

Affordability depends on income, debt-to-income ratio, loan type and cash reserves. Jim helps first-time buyers understand financing timelines, monthly payment structure and long-term equity impact before touring homes, ensuring decisions are financially sound.

How much should I offer on my first home?

Offer strategy depends on comparable sales, competition and appraisal risk. Jim analyzes neighborhood-level data in Edina MN, Eden Prairie, Minnetonka and the West Metro of the Twin Cities to structure competitive offers while protecting inspection and financing contingencies.

What happens during a home inspection?

During inspection, buyers evaluate structural components, mechanical systems and major repairs. Jim specializes in inspection analysis and negotiation clarity, helping first-time buyers distinguish between routine maintenance and material defects.

Do I need 20% down to buy a home?

Many first-time buyers do not need 20% down. Loan programs vary based on credit profile and lender guidelines. Jim works closely with trusted lenders to ensure buyers understand down payment options, closing costs and risk exposure before making offers.

How do I compete with multiple offers?

Winning in competitive West Metro markets requires preparation, strong financing and precise contract structure. Jim prepares buyers before writing offers so they can compete confidently without waiving protections unnecessarily.

What costs should I expect?

First-time buyers should budget for closing costs, inspections, insurance, escrow reserves and potential repairs. Jim provides clear cost breakdowns upfront so buyers avoid financial surprises and purchase with confidence.

Status Definitions

For sale: Properties which are available for showings and purchase

Active contingent: Properties which are available for showing but are under contract with another buyer

Pending: Properties which are under contract with a buyer and are no longer available for showings

Sold: Properties on which the sale has closed.

Coming soon: Properties which will be on the market soon and are not available for showings.

Contingent and Pending statuses may not be available for all listings