Tips for the First Time Home Buyer

----aarcher on target----->

Thanks again to the NAR for providing more solid information for Buyers and Sellers.

I'm focusing these days on Buyer tips as it seems that the more savvy buyer investors are aware of the excellent conditions to purchase, and are stepping up and submitting offers.

Veteran Buyers and Investors are already taking advantage of these historically low mortgage rates and the (slightly) depressed prices which we are seeing in Silver City. I hope to help First Timers understand that it is important to get moving now to take advantage of what might be the best buying opportunity that we have seen or will see in years.

IMO - There simply hasn't been a better time to purchase property here in the 5+ years I have been working daily in this real estate market. Serious Investor Buyers are active (lookers are laying low - thank you), and intelligent sellers are working with the RE Pros and are making marketing adjustments designed to get THEIR property looked at and sold...

Buyer's handout 18 is posted below. Good information especially for the FIRST TIME HOME BUYER and for the Buyer who has been away from the market for awhile...

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10 Tips for First-Time Home Buyers

1. Be picky, but don’t be unrealistic. There is no perfect home.

2. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.

3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and your closing costs.

4. Don’t wait to get a loan. Talk to a lender and get prequalified for a mortgage before you start looking.

5. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.

6. Decide when you could move. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area?

7. Think long-term. Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that suit you best.

8. Don’t let yourself be “house poor”. If you max yourself out to buy the biggest home you can afford, you’ll have no money left for maintenance or decoration or to save money for other financial goals.

9. Don’t be naïve. Insist on a home inspection and, if possible, get a warranty from the seller to cover defects within one year.

10. Get help. Consider hiring a REALTOR as a buyer’s representative. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. And often, buyer’s reps are paid out of the seller’s commission payment.


#18
Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
Copyright 2005. All rights reserved. www.REALTOR.org/realtormag

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There are many resources available to new home owners. It's important to start the process well in advance of any potential purchase date. Everything takes time. It takes time to determine what kind of $ the banks will loan you. The credit report needs to be checked and if their are issues or inaccuracies, these will certainly be problematic... Once you know what you can spend and know that your credit history is not going to be an issue, you can start the process with your Realtor to locate the right property.

** The following is a straight forward attempt at earning your business**

2009 will be a year with challenges to all of us. Many homeowners will face difficulty, and find themselves becoming unwilling Sellers. There are options. Not all options are going to be good, but generally some options are considerably less painful. I would be happy to speak with you if you have any questions.

2009 will be a year where buyers - both veteran and first timers - may be facing a once in a decade or two buying opportunity. I may be wrong. There are no guarantees that further declines and national financial concerns wont effect our town in negative ways. I just feel that fair value and slight discount to fair market value is a real possibility right now.

Buyers and Sellers - You know what it is worth to you. Right? You need more than a feeling. Get an appraisal to be certain. Your Realtor (Me) will provide property information on comparable properties to yours so you can see the data that others (Banks, appraisers,courts) rely on when money is on the line. I like to do this for my customers, as the more knowledge that they have about the market, the better equipped to make the all important decisions when looking at a contract. Please visit my web site ----aarcher---->

** This ends my straight forward attempt at earning your business**

I suggest you investigate lending options. Get with a Realtor who understands and welcomes the challenges of helping 1st time home buyers. I love working with first time home buyers as I know when I help them purchase their first home, that I'll be called when friends and family members need help. Most first time homeowners become second, third, and more time home buyers. I know Ill get the call for those additional purchases...

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