Nine Tips for First Time home Buyers- Tip # 1

This is the first of 9 tips for first time buyers.
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Tip 1: Don’t bet on market timing
It seems that everyone loves a good real estate story. The media is filled with reports about declining property values and proclaiming that the time is right to purchase a home. As a result, many first time home buyers, afraid of missing out, will rush into buying decisions and achieve less-than-spectacular results. As a first time buyer, your biggest challenge is to balance livability and profitability in a way that makes sense for you and your family. Remember, you are buying a home first and an investment second. Of course, there’s no foolproof formula for buyer success, but there are steps you can take to stack the odds in your favor:


If you’re waiting for prices to drop to the bottom in places like Southern California, Washington D.C. or Miami, you may be waiting a very long time. In regions that are built out with limited room to expand, it’s not realistic to assume property values will fall dramatically. Of course, prices in the nation’s super-heated residential markets (much of California, Nassau-Suffolk Counties in New York, South Florida) arev cooling down , but there’s no guarantee that higher interest rates, insurance or propertry taxes won’t eat up any savings from a price correction. If your personal circumstances say it’s time to buy, high prices alone shouldn’t keep you on the sidelines. Current interest rates are still historically low, so you may consider locking in a mortgage before rates head north. Even in booming markets, there are good deals for those willing to devote some time and energy to finding them.

Tomorrow's tip : Leverage Free and Low Cost Resources