The Market is Right for First Time Homebuyers!
If you are first-time homebuyer and have been sitting on the sidelines, afraid of the housing market and waiting for the right time to buy… that right time might be now.
The new $100 billion housing stimulus package should help stabilize the resale market by cutting the foreclosure rate, assist in the refinancing existing loans and relieve the credit crunch.
All of this, combined with record low rates for 30-year fixed loans, the lowest level of housing starts in years, incredible incentives by builders and others make for a compelling argument to buy now.
If you are a first-time homebuyer with a good credit history and a 3.5%, or more down payment, now is the time to start looking. The marketplace in the Temecula Valley and other Southwest Riverside cities has seen significant reduction in costs.
If you are ready to move forward, here a few simple things to do before beginning your search for that first home.
- Financing is key -- Get pre-qualified and have an approval in hand before you begin looking at properties.
- Down payment -- Even though the credit market is expected to loosen, a down payment is going to be a must.
- Don’t overspend -- Many first-time buyers spend too much on the house and are left with empty pockets for improvements and normal costs associated with a first home.
- Do your homework -- More than 80% of buyers and sellers begin their research on the Internet. Create a wish list of your ideal home.
- Take pictures -- Once you are out looking, take pictures and notes. After a while, it is easy to get confused on which house offered what.
Now is the time. When you are ready, I'll be glad to help you with the biggest investment you may ever make to take part in the American Dream of home ownership.
There's a lot to learn about buying a home, especially in this market. My local market knowledge and experience in guiding first time homebuyers through the process will help ensure that you're making the right decisions. Don't fall into home buying traps - call me at 951-265-4305 or use the form below to send an email.
I look forward to making your first home purchase one that will benefit you now, and when you decide to sell!
Janet