Do you want to be a first time homebuyer? If you do, you may be concerned that this is not the right time to buy. After all,the news is not very promising, people are losing homes to foreclosure and the economy is rather bad right now. However, despite all that, this may be the best time to buy especially if you are one of the first time homebuyers. Many first time home buyers should be motivated by the fact that prices for homes are really low. Seven or eight years ago the real estate market was booming and you could not get as much house for the money.Now that has all changed and you can get a bargain priced home.
Basic economics is at work here. There are more homes available than people who can buy therefore supply is higher than demand. This makes home prices so low. In addition to great home prices, first time homebuyers will find that real estate agents want your business. Some will even offer incentives besides a low priced home. If are willing to buy a home that has been on the market some time, you may be able negotiate for compensation in the form of a vehicle or a cruise.
Many first time homebuyers are concerned that they will not be able to get a loan, however if your credit rating is good the you won’t have any problems getting a loan. Due to the past concerns in the housing industry and the freewheeling loans that were given many lenders are being more careful about who they will lend to.However, lenders are still lending money to first time homebuyers. If you have a job and a decent credit score, banks will work with you.
You may be able to find a bank owned home because they are not in the business of owning homes. Banks are in the business to lend money and conduct financial transactions.Since a bank is not in the home selling business, they want to get rid of homes quickly which is good because the price may be lower and the paperwork will go through faster.
Most first time homebuyers will feel somewhat anxious, however if they plan carefully and obtain sound financial advice they should feel confident that this is the perfect time to invest in their first home. By owning a home you will have stability for your children and yourself. Owning a home is a wonderful investment, especially right now when home prices are so low. It is fairly certain that prices on homes will rise once again and when that happens, the first time homebuyers will be cashing in on the buy low and sell high craze. If you have a secure job and good credit history,it is a great time to become a first time homebuyer.