Who has a great advantage in today's 2008 Real Estate Market?
Sellers? Buyers? Investors? Realtors? Lenders?
The correct answer, in my opinion is clearly: First Time Home Buyers. (Therapists might take a good second place!)
Qualified and prepared first time home buyer 's have some wonderful perk$!
If you are considering purchasing your first home, this could be your historical golden opportunity! Here are some concrete reasons why you have an advantage, and also why- as first time home buyers, you are key for helping the market continue to move forward.
Mainly- you don't have a home to sell . A back up of inventory is partially responsible for the big slow down. If you as a first time home buyer can get over your fear and confusion about what " the market" is doing, you not only will help yourself by purchasing a home, but you will be part of the overall solution to help correct this market.
This is a true buyers market - the best in many years! Sellers are often ready and willing to " make a deal" and in many cases, help pay for costs and concessions. This translates to out of pocket money you might not save in a different market. You can ask sellers to pay things like closing costs, buy down your already great interest rate, and get creative in contract inclusions such as appliances and inspection improvements.
The best home selection 15 years! Wowza! This amazing home selection requires that you are carefully pre-approved for just the right price range so you don't waste your time being overwhelmed by the choices. Do your homework first, with a good realtor. Decide on area, and must have amenities before looking at homes. This will save you from becoming exasperated by the experience. I offer a great service that e-mails all of the homes directly to buyers that fit their personalized search criteria. This service truly saves the buyer from driving all over the place, wasting precious gas, and educates you about the current Spokane WA real estate market inventory.
***HUGE TAX CREDIT*** and advantages! If you buy before July 2009, you are eligible for a 7500$ tax credit! If you buy before Dec. 31st 2008 YOU will get that back with your 2008 return! You also have the ongoing tax benefit of home ownership. (changes in the works for an 8000 credit and an extension date)
Follow your Dreams, not the market! Ask yourself, if I don't buy my first home in this market, will I regret waiting? Am I comfortable buying later in a potentially rising market? My professional advice is to do what is best for you and your family. Don't try to second guess the market. Create your own economy by enjoying the incredible ongoing benefits, pride and enjoyment of home ownership. It's the American dream . Realize the dream by owning your first home. It's truly your market!
BethAnn's Tip's for First time Home Buyers:
CHOOSE your Realtor and Lender wisely. Ask trusted parents and friends who did a great job for them. You should interview a Realtor to see if they are knowledgeable and a good personal fit for you.
PLAN ahead financially . Find out about loan costs, down payments, and fees prior to looking at homes. Create your wish list in a home. This will help guide you and keep you positive.
EXPECT this to be a very worthwhile, but sometimes challenging process. There is a considerable amount of time, energy, and emotion that goes into buying your first home. Reserve time to deal with these precious resources!
PACE yourself. Our culture seems to think we need everything NOW. Be patient and wise in your purchases of furniture and accessories for your new home. We can truly reduce stress by simplifying!
HAVE FUN! Buying your first home will be a memorable, life changing experience. Keep your sense of
If you are considering buying your first home in Spokane WA. I would love to meet with you in person.
(written by BethAnn Long, Realtor, e-PROTomlinson South Inc. 509-362-4607 web site: www.bethannhomes.com )
BethAnn Long ~ Spokane Realtor- Coldwell Banker Tomlinson South Inc.
...there's no place like your home!