First-time homebuyers, more than any other demographic, are an important key in today's real estate market.
In fact, a recent survey commissioned by Move.com reveals that 23 percent of adults plan to purchase a home in the next five years and that more than half of them (53.5 percent) will be first-time homebuyers.
A First-time homebuyer help reduce inventory in the real estate market and help existing owners to trade-up into a better or a smaller home depending on their needs.
The growing number of first-time homebuyers suggests that conditions are finally attracting buyers back despite the critical picture in the overall economy.
In the past, high prices and large down payments made buying a home for the first-time difficult. Today the right mix of attractive listing prices, tax credits, improved financing, LOW INTEREST RATES and a wide choice of properties seems to be attracting the first-time buyer.
For first-time homebuyers looking to be players in todayâ€™s real estate market, Move.com offers the following tips:
1. Research Your Market. All real estate is localized and the key to a successful purchase is to know the market. In fact, the real estate market is so localized that prices among similar homes vary greatly even between neighboring towns.
Best area to buy in Philadelphia:
Fairmont, Northern Liberties, Old City and Historic Germantown in Philadelphia
2. Make a list of what you want. Let your realtor know your criteria in order to find homes that meet your needs. You can go to Realtor.com to view homes that fit your specifications. This will give you an idea of what is possible in your price range and in the location you prefer.
3. Get pre-approved. Although not a final loan commitment, a pre-approval letter can be shown to listing brokers when you are bidding on a home. It demonstrates your financial strength and shows that you have the ability to go through with a purchase. Lenders can be found in the finance section of Realtor.com.
4. Make a decision. Once you find the best home that fits your needs, take action. Home buyers often hesitate, and this could mean you miss the best home that meets your needs. If you have chosen a good mortgage broker and a sharp realtor, you should have the facts to make the right decision.
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About the Author
Mike Lautensackis the owner of full service Residential Property Management company based in and around Philadelphia, PA. He advises real estate investors how to build wealth and financial security through hassle-free ownership of investment real estate with their â€œNo-Hassle Property Management Program.â€ This proven management system allows owners to enjoy the financial benefits of cash flow, tax savings, and wealth creation while it GUARANTEES you will never receive a late night emergency call, deal with a lengthy eviction proceeding or ever have to interact with an irate tenant.