What should a first time be doing in today’s housing market. Interest rates are still affordable, but for how long. If you have been out looking what do you see, what’s happening out there to your estimation. Should there be a plan of action, or should you wait and see what occur further into the future before making a move?
First and foremost you should be working with a realtor whom is looking out for your best interest and has a good MLS listing service. Once you choose a realtor let him/her do the work for you. This is not a time for mistrust, don’t go from realtor to realtor, getting repetitive information. You are just wasting your time and our time. The next step is to explain to him your parameters and let him/her go after it. If you have noticed in today’s market good properties that have been priced well go fast, within days. You should be aware that you are not the only first time buyer looking for a first home. There are thousands looking to get into the market, and the likelihood of them being in the same parameters as you are very very likely.
Know your Price range, get preapproved by a mortgage broker, don’t go to a bank. Know everything there is to know about buying a property. For goodness sake, ask your realtor questions, lots and lots of questions. Be fully prepared for when you need to make an offer. Be ready I can’t stress enough. Try and be ahead of the crowd. Can you imagine, if you are still at the mistrusting your realtor stage. How far are you going to get in buying a home?
The biggest and most important thing you should be doing as a first time buyer is preparing yourself. Time is limited, what happens if the interest rate go up? Well you won’t be able to afford the house you are looking for today. So for a large number of first time buyers, rate hikes will push them right out of the market. So what right? Big deal, right? Wrong. This type of thinking will put you together with the same people that have been waiting for years to buy their first home. Year after year they wait, for prices to come down, for interest rates to be just right, for them to save enough for a suitable down payment. Well I have met a lot of these people and you know what happens, they grow old and never buy a house. Don’t make the same mistake, be smart, you don’t want to pay that extra 5000 to 10000 or whatever the circumstances may be. Look at the years to come. Look at the historical statistics. Buy now in a few years you will have built up some equity, some money. Don’t buy now and in a few years you will have nothing. Don’t take my word for it, look at history, ask your grandparents, ask your parents, ask a Realtor.
Buying a home for the first time can be very intimidating , am I doing the right thing, is it the right time, believe me I know what you are going through. If you have a decent job and your credit is good. Get into the market NOW. You have to live somewhere, why not invest your money in a house or a condominium. I was wondering, didn’t someone somewhere say that buying Real Estate was the biggest and best investment that you are ever going to make? Don’t wait for just the right time, just the right amount of money to put down, if you could swing do it right NOW.
John Rossi's Blog 