First Time Home Buyer Tips

It is a great time to be a first-time home buyer in this market.for_sale_sign(1) Existing single-family home prices are down and interest rates are near historic lows. And you can’t forget about the first-time buyer $8,000 tax credit.

Following are a few first-time home buyer tips you may want to consider:

1. Think about the long term future. Purchasing a home requires long-term planning.  If you are unsure of where you will be in the short term future, you might want to reconsider your plans to buy.  The more time you spend in your home gives you a better opportunity to recoup your investment.

2. Don’t settle for the first home you see. Calculate how much home you can afford. A good way to do this is to browse online listings to become familiar with the market. It is tough to find everything you want but if you prioritize your needs and wants you may have a good chance of finding what will really suit you.

3. Find a good buyer’s agent. A good buyer’s agent does a lot more than just hand you listings. The agent can help you with many things, from a loan preapproval, to a home inspection, but above all is ready to put all of your interests first.

4. Remember the high price that comes with owning a home.  Many first-time home buyers will focus on the actual price of a home and forget to consider the other costs that come with it.  Don’t forget about closing costs, basic maintenance and utilities.  

For more great information go to Everything You Need To Know About a Short Sale.

There are so many advantages to being a first time buyer in this current market. For more information regarding how I can help you negotiate the best deal on your first home, contact Eddie Perez, Broker-REALTOR, CDPE. My market includes Hoboken, Jersey City, Weehawken and Union City.  I can be reached at eddie@InvestHoboken.com or 201-344-2886.

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