As a first time home buyer, your first step should be to contact an agent or represenative who is not only resourceful about the area and economy but it should also be someone you can trust with life changing decisions.

Your agent should also be willing to take whatever time it requires to help you along the way and be there with you for each step of the way. The home buying process can be freightening, don't be affraid to ask a lot of questions.

Taking a first time home buyers class is a great idea. Start with your lender, most can get you a REDUCED interest rate. Check with your city and county extention offices for grant money and or bond money avaliablity to you. Get a Realtor to represent your interest of the transaction as a buyer's agent.

Just wondering why all the first 4 answers got thumbs down. I'm curious as all of them are providing Lyndsay good information and were not self-promoting. If there is something we did wrong, I would like to know.
Lyndsay- all the best to you, I'm sure you will be successful!

Hey Lyndsay.
The Home Buyer's classes are a good idea. It is probably tough to find one in Berryville, but really, you can get all of the same info from reading books and researching online.
I know Crye-Leike in Rogers is hosting a home buyers seminar in the next month, but I'm not sure of the exact dates. I'll let you know.

Above all, don't rush into it! Now is a GREAT time to buy, but there will always be good deals and Real Estate is ALWAYS a long term investment. You want to make sure that you will be in that home for about five years to make a safe, wise investment.

About getting educated:
Here are some things you need to know...
#1. YOUR MARKET! Every market is different. Here in NWA, we didn't have the HUGE BOOM that everyone else had & we haven't had the GIANT SLUMP that other markets have had. We have been fairly stable with a few exceptions, but it is now a buyers market in our area.

#2. Your Investment Criteria. Find a good lender in the area you are looking to purchase. One way to do this is by calling several Realtors in that area and asking them for a short list of recommendations. Usually, one or two people will start to pop out on all of lists. Visit a Mortgage Broker & a Bank and ask them questions about what investment ranges your qualify for, monthly payment calculations, closing cost & be sure to pick up a "good faith estimate" that will show you all of the charges that you will pay (or have the sellers pay) at closing.

#3. What You're Looking For. Once you have some investment criteria, start putting together you NEEDS vs WANTS list. You may find the perfect home that meets all of your needs... that is most important. Sometimes, the wants can be added later. Like a Privacy fence or over sized closets or raised ceilings. Becoming too specific limits the search so much that you may miss out on seeing your perfect home!

#4. Get FREE Representation from a great Realtor! This may go against the grain of others, but in this market, it is important to find a full time professional who will be representing YOU. This is FREE to buyers!! The Seller pays the real estate fees and those fees are the same even if you don't hire a Realtor. There is no price break for not having representation. Most of the time, we see folks with out a buyers agent will pay a little bit higher price than those with representation. It REALLY helps in the education of that market & area, home search, in negotiations, & taking care of the logistics on the way to the closing table.
Also, look for an agent who has helped others purchase their first home! It never hurts to interview 3 Realtors and chose the one that best suits you. *(I'd love to be one of those if you are looking in this area - Fayetteville to Bentonville)

#5. WRITE EVERYTHING DOWN & GET EVERYTHING IN WRITING! Track this experience so that you can learn from it when you look for your next home or investment property!! Get everything in writing because if it isn't in writing and it pertains to real estate, Arkansas will not accepted it! It has to be in writing with all parties' signatures!

If you have any questions about the home buying process, feel free to call or email me.
(479) 422 - 2279
Ray@TheRayTeam.biz

The agents on Trulia will give you tons of advice, but just make sure you run it by a local Realtor because some things change from state to state.

I'm excited for you as you find your first HOME! It should be a TON of FUN! Happy Hunting!

There is Rural Development money available through banks and they often require you to take classes before they lend you money. Email me and I'll put you in touch with one of my sources. Thanks

Lyndsay, If you are living in Berryville, VA I'm inviting you to our Home Buyer's Seminar we are hosting next Sunday, April 6th, from 2:00 pm to 3:30 pm in Fredericksburg, VA. I would be happy to send you free tickets and directions to the event. We will have mortgage lenders on hand to explain mortgage programs, credit scores, ways to improve your credit, and much more. We will be awarding door prizes, to include gift cards and free 1 month gym memberships. Please, call me at 540 226-6338 if you are interested in attending our seminar. Debra

You can talk to any agent that has their ABR (Accredited Buyer Representative) designation. With this designation they are trained to give you and represent you to the highest degree as a buyer's agent. Make sure you tell them you do not want a Dual Agency so they can represent you and only you. Even some Brokers will have the designation, but make sure they have the time to work with you. My advice to you is to start with a Lender of your choice. This will help you know what you can afford and you do not waste time looking at homes that are just out of reach. If I can answer any of your questions please do not hesitate to call (928) 242-7035 or if I can help you find an agent with this designation in your area. I am way out of your area but all you have to do is visit your local Real Estate Offices and ask. Please do not feel you have to work with just anyone make sure you are comfortable and confident with whom you choose.

Lyndsay,
Well, you have made a good start by accessing information on Trulia. You can get alot of your questions answered here, as there are Real Estate Professionals from all areas of the country that contribute.
So, feel free to ask questions here as much as you wish.

It is possible that your community may not offer First time Buyer classes, but one good way to find out is to ask at your Bank. They may offer classes there, or may know of someone who is.
Another source would be to inquire at the local Real Estate offices. We offer them on a regular basis, and have even done one-on-one classes when someone requested it. Talk to a couple of Realtors, tell them that you are looking to get "educated" and may not be in a position to buy right away. If the agent is willing to work with you, and be patient, they may in fact be the agent for you.
Personally, I have worked with many 1st time Buyers, and it took anywhere from 3 months to a year for them to finally get to the point of buying a home. But we developed a great relationship that continues.

The internet has a wealth of information, but you may get overwhelmed. Plus, there may be things you read that will not pertain to your particular locality.
I'm sure you will get alot of good ideas from other advisors here on Trulia

Good Luck to you!