It's definitely a buyers market and yes, I do encourage First Time Home Buyers to go out there deal with an experienced realtor. Houses have dropped tremendously and everything is negotaible in Realestate, plus how great is this that the Government is trying to help the economy especially the Realestate market with giving this First Time Home Buyers Credit of $ 8000.00. If your ready this is the time, consult with a mortgage broker and get approved!!

Mildred Valentin, Exit Realty

Hi Annette,
It is always nice to find another Annette out there.

I know buying your first home can be a bit difficult and a little scary, but it can be one of the best experiences of your life. The others that have provided you with some answers and have had good things to say. I would like to add a few things to what they have said.

You should work with professionals that you can trust and that can guide you through the process. It can make the experience that much better and smoother for you. Experienced professionals know what questions to ask you, ask sellers, and other agents.

Debra is right in saying that no one can say for certain what is going to happen in the market, however, projections are stating that the market is going to start to go back up soon, mortgage rates are at their lowest now, and will only go up, and the government is providing first time home buyers the $8000 tax credit to those who are eligible. They have recently added an adendum to the tax credit and are allowing those that are eligible to use the $8000 towards their down payment at closing. This tax credit is scheduled to expire on December 1, 2009. Getting pre-approved for a mortgage, finding your first home, negotiating the deal, and closing has to be completed by December 1, 2009. This is not impossible with the right people working on your side. It is always a pleasure to see first time home buyers close on their first homes. Trust me when I say the feeling is incredible and I truly believe the time is now if you can afford it. If you want more information on the first time home buyer's tax credit, please feel free to e-mail me at reddstorm210@yahoo.com or call me 917-292-9227 to schedule an appointment. I work with a wonderful team of people that would be more than happy to help you become "A First Time Home Buyer."

Hi there Annette

No one can say that this is the best time to buy, nor can they say it's the worst time to buy!
Most experts predict prices will continue to drop some more before they level off. No one has a crystal ball to know exactly when all this will take place. Ha, if I had that crystal ball, I'd be buying a winning lottery ticket right now instead of answering questions on Trulia! haha

Whether you buy or not depends on your personal needs, financial situation and long term plans and goals
Yes, as a first time buyer, you may qualify for the $8000 tax credit, which is good through Dec 1, 2009. Many think it may be extended beyond that to continue stimulating the market - but, who knows.

I'd advise you to take your time,. and start looking at properties - get a feel of the price ranges around you, and buy when you find a well-priced home, that's a good value that suits your needs , as long as it's for the LONG term.

As far as the do's and don'ts - do buy what you can comfortably afford - don;t stretch! - do speak to a reputable mortgage broker for a pre approval, or better yet, a full commitment ahead of time - - do buy keeping location in mind, and don't rush into anything without exploring all your options! Relax, and take your time !
Happy hunting!
Debbie

By all means now is the time to buy in most areas. Prices are at decade lows, interest rates are low and the banks are loaning money to people with good credit scores and as litlle as 3% down. The most important thing for a buyer is to be buying at or lower than market value. Annette you should have a buyers agent who can assist you through each step of the buying process, in most cases there is no cost to you as they get paid from the listing agent the fee offeed in MLS at closing. This way someone will be looking out for your best interest. good luck with your purchase.

I second the motion! A resounding YES!

Many people have realized this already and have tried their luck at it...but even with good credit it's hard to get a mortgage now. The thing to do is search and research or speak to a professional.

I personally can recommend you some great mortgage lenders! I cannot stress how important it is that you work with a real estate professional and a mortgage professional rather than going it your own in these times, it will make the difference between your taking advantage of the current buyers market or being one of the ones that have tried to no avail. Best of luck to you!

The answer is YES, YES, YES! If you can afford to buy and you are qualified, you should go for it. Many people make the mistake of thinking they make money from real estate when they sell their home. You make money when you buy and you realize the profit when you sell. Buy low, sell high! Right now we are experiencing a great transfer of wealth in America. Those who are taking advantage of this brief window of opportunity to buy real estate at a bargain price will benefit.