Today’s market is first time buyer friendly

With low interest rates and current market prices, first time home buyers are definitely interested in the thought of owning their own homes. Earlier in March, Century 21 Real Estate LLC sponsored a survey of 1000 potential first time home buyers; 78% of those surveyed agreed right now is a good time to purchase a home, even when taking into consideration relevant concern about the economy.

46% of those surveyed, however, are extremely concerned about having enough for a down payment. 75% of the people surveyed are under the impression it’s hard to get a home loan right now.

Potential first time home buyers can demystify the buying process by doing their home work. Research what’s out there to help new buyers. About 50% of those surveyed did not know about the $8000 credit available to new buyers who purchase a home in 2009. Comparing the pros and cons of renting versus buying helps potential new buyers be realistic about their purchasing strength.

Finding a real estate agent to work with will also give first time home buyers an edge in learning how to make a home purchase happen for them. Having a savvy, educated professional on their team opens up a wealth of important information for new home buyers. Agents know about neighborhoods. Real estate agents understand intimately the paperwork involved in home purchases and they are well versed on market conditions. Plus, agents are involved in professional networks, which can help new home buyers receive references for vendors of services they’ll need to complete a home purchase.

Purchasing a new home can be an attainable goal for first time home buyers. If you’ve been mulling over  a new home purchase and would like to start doing your homework, come check out Diane Rae Jones’ and Donna Cowles’ free, weekly buyer seminar. It’s held at the Windermere Mercer Island office Monday evenings, starting at 6 pm. A rotating panel of industry experts volunteer their time to participate with you during the seminar: a CPA, a professional home inspector and a Certified Mortgage Consultant. Pre-registration is requested and seminar materials can be personalized for you, if you share what you’d like to learn in the seminar when you register.

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