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Now Is A Great Time To Buy Your First Home

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First-time home buyers have great options in this economy

Are you a first time homebuyer?

If you are, you may be worried that this current economy is not the right time to buy your first house; I mean, it is no secret that people are being foreclosed on and losing their homes left and right, and it is also not new news that we are in a rather tough economy right now.

But this could be just be the best time to buy a home for a lot of people, especially if you are a first time homebuyer.

First time homebuyers can have this as motivation: home prices are at an all-time low. You can get a low bargain price and much more of a home for your money than buyers were getting about seven or eight years ago when the real estate market was booming.

This is basic economics; there are more homes for sale than people who want or are able to buy them; this means that there is more supply is higher than demand and which forces low prices.

As well as good prices, first time homebuyers can expect to have real estate professionals scrambling to get your business and earn themselves even a slim commission. Some realtors are even offering incentives other than lower home prices. You may be able to negotiate a cruise, a car or truck, cash back or some other compensation if you are willing to buy a house that has been listed for a while.

Many first time homebuyers fear that they may not be able to get a mortgage, but if you have a good credit rating, it really should not be a problem to get the loan you need.

It's true that in light of the freewheeling loans being given in the past and the subsequent chaos in the housing industry, most lenders are being more selective about who can get a loan and who can't, but they are not locking the doors and refusing to make loans. Banks and lenders still want your business if you have a decent credit score and relatively secure job.

You may also be able to find a house that is owned by a bank or other lender, and they really do not want to own houses they have foreclosed on, they want the money, or some of the money, that is owed and clear the property off their books. They are in the business of lending money and conducting financial transactions. They are not in the home-selling business; therefore, they want to get rid of homes as quickly and easily as possible, which may reduce not only the price you pay but also the length of time it takes to push paperwork through.

If you are a first time homebuyer, it is natural to feel a little anxiety, but with careful planning and some good financial advice, you should feel confident that this is a perfectly acceptable time to be investing in the American dream of homeownership. Owning a home is still the best way to ensure stability for yourself and your children. Owning a home is still a decent investment, particularly now when prices are low. There is no doubt that home prices will rise again, and when they do, today's first time homebuyers can cash in by buying low and selling high.

If you have reasonably secure employment, a good work history and a decent credit history, there is no reason you should not become a first time homebuyer when the time is right for you and your family.

More Resources

  • Federal Housing Authority
  • Living On A Dime - Financial Independence Through Better Life Choices. Publisher Of E-books About Paying Off Debt, Saving Money, Frugal Cooking And Homemaking.
  • Everything You Know Is Wrong! About Being Debt Free That Is!! And It Will Keep You In Debt The Rest Of Your Life!
  • CREDIT SECRETS BIBLE™ - If You Can Read And Write at the 5th Grade Level Then YOU Can Discover The Secrets To Raise Your Credit Score up to 249 Points In 90 Days... So You Can Start Being APPROVED For The CAR, HOME, Business Loans, and CREDIT CARDS You Deserve!