The experts say it's a "buyers-market" right now. But many first-time home buyers are too scared to get into buying a home with the current economic conditions.
But, if you listen to the experts, buying a home in today's market can be done. Realtor.org has 10 tips to buying your first home.
Here's the list.
10 tips for first-time 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 rank them by importance.
3. Get your finances in order. Review your credit report and be sure you have enough money to cover your downpayment 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 only confuse you.
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 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.
9. 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 buyer's agent. Unlike a listing agent, whose first duty is to the seller, a buyer's representative is working only for you. They also are often paid out of the seller's commission payment.
Source: Realtor.org
