Have You Bought a Home Before? Exclusive Buyer's Guide

Having bought a home before doesn’t mean the process works the same way this time, since several real things have changed in the last few years specifically. I’m Robbie English, REALTOR, Broker with Uncommon Realty, and here’s what’s actually different if your last purchase was a while back.

Buyer’s Agent Compensation Now Works Differently

Since the 2024 NAR settlement, buyer’s agent compensation is no longer automatically built into MLS listings. You’ll sign a buyer representation agreement upfront that spells out how your agent gets paid, whether that’s from the seller, built into your offer, or paid by you directly. If your last purchase was before mid-2024, this is likely the single biggest procedural change you haven’t dealt with yet.

Multiple-Offer Norms Have Shifted

The peak-competition years of waived inspections and appraisal gap guarantees have eased in most markets, including much of Central Texas, as inventory has grown and buyer urgency has cooled. That doesn’t mean competition is gone, but the aggressive, contingency-waiving offers that were common a few years ago are less universally necessary now, and blindly repeating that old strategy can mean giving up protections you don’t actually need to give up.

Appraisal and Financing Practices Have Evolved

Appraisal gap coverage clauses, where a buyer agrees in advance to cover a gap between the appraised value and purchase price, became common during the tightest years and are used more selectively now. Lenders have also expanded documentation and verification requirements industry-wide, so the pre-approval process may move differently than you remember, even with the same lender you used before.

What Hasn’t Changed

The fundamentals are the same: get pre-approved before you tour homes, understand your real budget including taxes and insurance, and have a clear sense of your must-haves versus nice-to-haves before you start looking. Experience from a previous purchase is genuinely useful here, the discipline transfers even when the specific tactics don’t.

What to Actually Reassess From Your Last Purchase

Think honestly about what worked and didn’t last time: did you compromise on location in a way you regretted, or move too fast on financing without shopping lenders? A repeat purchase is a real opportunity to fix a specific mistake from last time, not just repeat the same process on a new house.

Frequently Asked Questions

What’s the biggest change for buyers since a few years ago?

How buyer’s agent compensation works. Since the 2024 NAR settlement, it’s negotiated directly and spelled out in a signed buyer representation agreement, rather than automatically built into the listing.

Do I still need to waive contingencies to compete?

Less often than during the peak competition years, though it still depends on the specific market and price range. It’s worth getting a current read on your target area rather than assuming the old norms still apply.

Should I use the same lender as my last purchase?

It’s worth shopping around regardless, since rates, fees, and processing speed vary between lenders and can change even with a lender you’ve used before.

If you want a specific read on what’s changed since your last purchase in your target area, that’s worth a direct conversation before you start touring homes.