Buying your first home is mostly a sequence. Do the steps in order and it’s manageable. Skip around and it gets expensive and stressful. Here’s the order I’d walk any first-time buyer through in Denver, with what the October 2026 market data means at each step.
Step 1: Get preapproved before you look at houses
Talk to a lender first and get preapproved, so you know your real budget — not a guess, not an online calculator. A preapproval tells you what you can actually borrow and what your monthly payment looks like at that level. It also matters later: sellers take offers from preapproved buyers more seriously, because the buyer has already done the paperwork.
Do this before touring. Falling in love with a home outside your budget is the most common first-timer mistake I see.
Step 2: Pick your segment before you pick your house
Detached house, condo, or townhome? In Denver right now, these are genuinely different markets.
Detached homes carried a median close price of $645,000 in October 2026, down less than 1% year over year — holding steady. Condos and townhomes had a median of $375,000 with 7+ months of supply. Over six months of supply is a buyer’s market by definition: more choices, softer prices, more negotiating room.
That gap is why I tell first-time buyers to look hard at condos and townhomes first. September’s numbers agree — the condo median was $365,500, down 6.28% from the year before. Prices in that segment have actually been coming down while detached prices sit flat.
Step 3: Sort out the agent paperwork — including how I’m paid
Before we tour homes, we sign a written agreement, and part of that conversation is compensation. Plain version: buyer-agent compensation is negotiable and agreed in writing before touring. In many transactions the seller offers compensation to the buyer’s brokerage, but it’s not automatic or guaranteed — so we go over exactly how it works in your situation up front, with no surprises later.
Step 4: Tour with your eyes open
Tour with an agent who knows the block, not just the listing. Two homes with the same square footage can be very different buys depending on the street, the HOA, and what surrounds them. If you’re relocating to Denver, start with the neighborhood — commute, schools, and HOA rules change the math more than square footage does.
Take your time. Pending sales were down 22.3% year over year in the four weeks ending October 25 — there are fewer buyers competing right now, which means you don’t have to decide on the first decent home you see.
Step 5: Make an offer that fits the segment
Your offer should match the market you’re buying in. In the condo segment, with 7+ months of supply, you can reasonably ask for things like a rate buydown, a seller-paid concession toward your closing costs, or repairs — and sellers are saying yes. In October 2026, 65% of all Denver sales included a seller concession averaging $12,557.
On a well-priced detached home, the room to negotiate is usually on terms rather than a big price cut. Either way, “what can we ask for?” is a real question in this market. Ask it.
Step 6: Inspection, appraisal, and closing
Once you’re under contract, the sequence is inspection (know what you’re buying), appraisal (your lender confirms the value supports the loan), and closing — usually in about a month once you’re under contract. Keep your finances boring during this window: no new car, no new credit cards. Your lender will thank you.
One rate note: the 30-year fixed was 7.18% on November 5, its third weekly drop in a row. If a seller-funded buydown is part of your deal, it can lower the rate you actually pay — worth running the numbers both ways.
Ready when you are
You don’t need to have all of this figured out before we talk. Most first-time buyers I work with start at Step 1 with a pile of questions. Call or text me at 720-810-8887, or reach me through daxonre.com/contact/. I’m Daxon McInnis with Obsidian Real Estate Advisors — plain language, no pressure.