First Time Home Buyer Questions

First time home-buyers may be just nervous and in some cases terrified trying to understand the processes involved in buying a home and assuming the responsibilities of home-ownership. Can I afford it? Who can I trust to help me? Where is the best area to purchase? How do I get started? These questions can add up to first time home buying fear. Let's see how we can overcome those fears and move toward the buying process.

To begin with, there is no perfect time to buy, any more than there is a right time to sell. Although some times are better than others, the fact is, if you are in the right financial position and find the right home NOW, then don't try to second guess interest rates or the housing market by waiting. Changes do not usually occur fast enough to make that much difference in price, and remember that a good home won't stay on the market too long. There are others looking for the same "item" you are looking for and may purchase it before you have the chance. Each home is mostly one of a kind...so if you find the one for you, move on it.

Don't try to be a "killer" negotiator. Negotiation is part of the real estate process, but trying to "win" by getting an extra-low price may lose you the home you desire. If you are bidding on a highly desirable home, you want to make sure your offer is attractive on all fronts, stands out and gets the seller's acceptance. A "low ball" offer may be alright on an "as is" home, but making an offer on a desirable home may take some finese and positioning to get all that you may want as a buyer and end up with a successful transaction for you as well as the seller. If you really feel the home is a fit for you and your family's needs, then negotiate appropriately, fairly and wisely. Why miss out on the right home because you are going back and forth over $1500? In a thirty year mortgage, $1500 is a mere $4.16 per month on the principle portion of a payment. Don't lose your dream home over pennies.

Don't wait until you have found a home you would like to make an offer on, to get approved for a mortgage. Investigate insurance, get mortgage pre-approval, and decide on a moving schedule. Presenting an offer is more than just price-- and any unresolved issues will make your bid much less attractive to sellers. Remember that there are other buyers in the market who may be looking at the same properties that you are considering. Be prepared and ready to handle business to help ensure a smooth transaction.

Let us not forget about buyer's remorse. Everyone gets a touch of this and maybe more so with first time home-buyers. It is inevitable and will usually pass along with other emotions. Home buying and selling is an emotional event, especially for the first time. It is a big commitment, but also yields big benefits!