As a first time home buyer, you probably realize that buying a house is a good financial decision. You have thought about the benefits and come to the conclusion that home ownership is for you. Now, you are ready to begin your search. These first time home buyer tips will help you.
First time home buyer’s guide
Seek out down payment assistance programs in your state. Every state and many local municipality in the US has some sort of down payment assistance program and first time home buyer program. Most of these programs are available through local mortgage lenders and banks. Make sure you ask your loan officer about these programs. Also, check with your real estate agent to see what they know about these types of programs.
Learn about the $8000 First Time Home Buyer Tax Credit. In an effort to stimulate the housing market, President Obama continues.
Define what you want in a house. You probably already have a pretty good idea of what you want in a house. Today, you can check out hundreds of listings on the Internet, look at photographs, and view virtual tours of homes. Online listings are a great way to pinpoint the homes you want to have your agent show you.
How long should the process take? In today’s market, there is no shortage of homes to look at and buyers have the upper hand. However, if you have done your homework and know the type of house you want and the neighborhood you want to live in, it should not take a motivated buyer more than two weeks of looking to find a house. Many buyers find a home in a much shorter amount of time. A good agent will only show you homes that fit your parameters.
If you find the perfect house, buy it. Do not shop around for other houses if you find the house you want the first day. If it has the features you want, is priced right, and is in the location you want, go for it!
If you are undecided, look at your top choices a second time. Ask your agent to show you the one or two houses you preferred in the first round of searching a second time. Often, you will see things you overlooked. Your agent is required to point out defects, and can call the listing agent for you to start the negotiation process.