J Stromsteen has many years expertise in the finance, real estate, and insurance industry. She contributes to various websites such as First Time Home Buyer where you can find today's mortgage rates as well as a wealth of information on getting a First Time Home Buyers Loan .
Chances are, if you are a potential first time homebuyer you are looking at the market and the incentives and are ready to take advantage of them and become a first time home owner. There are many areas that are facing depreciation and these locations offer some great incentives to buy. Take note, this is not happening everywhere. Some places, such as Seattle, Atlanta and Dallas are not depreciating like the areas of some parts of California, Florida and Arizona.
In the areas facing depreciation it is not uncommon to find homes that once were selling for nearly $450,000 last year to be on the market today for a hundred grand less, and still not selling. It is also not uncommon to find the homes that are selling are doing so at around 70% or less of the homes appraised value because it has taken so long to sell. Many of the homes selling today are actually selling for less than what was originally paid. This is a pretty good argument as to now being the ideal time to buy that first house. It is actually easier to buy a first home today than simply buying a different home. This is because the first time home buyer does not have to sell a home first. Additionally there are a lot of incentives available for the first time home buyer.
Finding affordable and quality homes as well as finding the right incentives and programs can be difficult. Many realtors and companies are coming to the rescue of the first time homebuyer to make the process easier. The more these companies can inform the first time home buyer of the options that are available and what they are able to do the more the market will begin to recover and thing will maybe not get any worse. If you have been thinking of buying your first home sometime in the next 5 years this would be the ideal time to take advantage of the programs, incentives and the buyer's market and buy your first home now.
Stop Waiting? Buy Now!
There are a lot of websites that can help point you in the right direction and answer questions you may have. If you are ready to buy it will probably benefit you to go ahead and buy now rather than wait. There are a lot of buyers that are concerned about the timing and want to time their purchase to the time when prices drop to their lowest point.
By then the opportunity to buy a new home may be too late or the competition too high. It is better to look around for the right home, look at the neighborhood and get a feel for the housing market in the area. While doing this continue to build up your funds and your down payment and talk to lenders and real estate agents to help you decide the time to put a bid on a house. Trust the lenders and agents to give you the advice you need when you are ready to buy a home at a price you are comfortable with.
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