5 Questions Stillwater Home Buyers Ask Most

The questions buyers ask me first are usually about money: how much to put down, whether to wait for lower rates, and how much room there is to negotiate. Here are five of them, with straight answers.

1. Do I need 20% down?

Usually not. According to the National Association of Realtors, the median down payment for first-time buyers is 10%. Some buyers put down as little as 3% on a conventional loan or 3.5% on an FHA loan, and eligible veterans can buy with nothing down. There may also be down payment assistance programs you qualify for, and some can be combined. A lender can tell you what fits your situation, and I can connect you with lenders I trust.

2. Should I wait for rates to come down?

It depends on your situation, and nobody can predict rates. Keeping Current Matters reports that the Fed is likely to raise rates again this year, and that relief could take a while. The best way to decide is to ask your lender what waiting 3, 6, or 12 months would actually cost or save you. I wrote more about this in Does the Fed Control Mortgage Rates?. To see what different rates mean for a payment, try my Buyer's Purchasing Power calculator.

[IMAGE 2, mid-post] Suggested photo: A Stillwater home exterior. Alt text: "Home for sale in Stillwater, Oklahoma"

3. Can I negotiate the price?

Often, yes. Keeping Current Matters reports that about 60% of homes nationally are selling below their original asking price. How much room there is depends on the home and the neighborhood, so I look at what similar Stillwater homes have actually sold for before we make an offer. A negotiation can also include closing costs, repairs, or a rate buydown, not only price.

4. Is new construction or a resale home the better deal?

Right now, new construction can be a strong option because builders are competing with incentives. Ideal Homes is offering up to $20,000 on field homes and up to $10,000 on custom homes this October, which is not a discount off the price and depends on your financing. I compare both for my buyers in New Construction vs. Resale in Stillwater.

5. How long will it take to buy my first home?

Zillow's national research estimates it takes about 8.5 years to save 20% for a mid-priced home and 6.2 more years for owning to cost less than renting. A starter home with a smaller down payment can cut that to about 7.2 years, according to Zillow, as cited by Keeping Current Matters. Local prices and rents differ, so let's run your numbers. If you're weighing buying against renting, try my Buy the House, or Just Rent? calculator.

[IMAGE 3, before closing] Suggested photo: A photo of you. Alt text: "Ann Morgan, Stillwater Oklahoma REALTOR®, Selling Stilly"

Have a different question?

Ask it below in the Moving to Stillwater group, or reach out to me directly. I'm happy to talk through your situation.

Thinking about moving to Stillwater? Join the Moving to Stillwater group on Facebook to ask questions and get local answers: https://www.facebook.com/groups/534271350873991

Ann Morgan is a REALTOR® with Real Estate Professionals in Stillwater, Oklahoma, specializing in new construction and OSU parent-buyer relocation. Ranked top-3 in the Stillwater MLS in 2025.

Sources: National Association of Realtors (first-time buyer down payments), Zillow (savings and break-even timelines), and "Buyers Have More Room To Negotiate Right Now" and "Two Moves That Can Get You Into Your First Home Sooner," via Keeping Current Matters.