Buyers: It's a Great Time to be a First Time Homebuyer!

It?s a Great Time to be a First Time Homebuyer

There are many first time buyers whom are a bit reluctant to purchase their first home in today?s?real estate market. ?With many media sources predicting a continued downward slide to real estate prices, and stating that it is less expensive to remain a renter, sometimes it is hard to believe that the bottom has been reached. It is much easier for reluctance to take hold after witnessing one of the worst corrections in real estate this country has ever seen. Depending on which media source a potential first time home buyer is viewing for their source of news they can in the same day hear numerous conflicting stories about the future of real estate in the United States from many ?experts?.? However, if you are a first time home buyer the expert you need to be seeking out, in every real estate market, is your local Realtor. Very likely the person who has allowed me to write this article and post it on their blog is the perfect person for you to discuss your purchasing decision with. Your local Realtor is on the front line of your local real estate market daily and is your single best source of real estate market updates. As a first time home buyer introduce yourself to the local expert and start building a great working relationship with them. They have built their real estate careers by being professional real estate consultants to buyers just like you.

Economics of a Buyers Market

The single most important aspect of today?s real estate market that making it a great time to be a buyer, is the fact that in many cases homes are selling for less than they would cost to build. Throughout the national real estate market we are hearing that housing starts are down. The reason builders are not building is simply that homes are selling for less than they cost to build. The moment you hear that housing starts are up that will be the sign that prices have started to reverse. Buying a home for less that is costs to build is the insurance policy of a great deal. If you wait for the price to drop further, chances are the inventory will be gone. A great time to buy your first home, is when you find the one you like at today?s prices.

Today?s Interest Rates

Interest rates today are at or near the lowest levels most people will ever see in their lifetimes. These interest rates allow first time home buyers the opportunity to purchase a more expensive home than they could have when rates were higher. However, the opportunities created by low rates also create many additional buyers. In order for a first time home buyer to take advantage of these low prices and low rates, they must position themselves as the most ready, willing and able buyer. You want to be the buyer that the seller wants to deal with which will help your Realtor to negotiate the best deal.

Submitting Your First Offer

Submitting an offer on your first home is an exciting day, second only to closing day. The last thing you want to have happen is the turning of this excitement to disappointment. Once again this is where building a strong working relationship with your Realtor is the most important thing you can do.? In each area of the country there is a format to submitting an offer that makes you look like the right buyer. Strong offers come with a deposit already in an escrow account, a mortgage approval letter that is no more that 30 days old and proof of funds showing you are capable of closing.? As a first time home buyer allow your Realtor to guide you through what makes for a strong offer in your market. Even if your first attempt does not result in a deal, the experience of working with a local realtor, and gaining market knowledge from their experience is important for the first time homebuyer. ?Having an offer rejected is part of the real estate buying process that your realtor will be able to guide you through. ?Do not become discouraged and rely on your realtor for guidance as you venture towards your first experience as a homeowner.

About the Guest Author: Eric Miller an award winning Ft Lauderdale, Florida Realtor is the author of this article, and is honored to place it on this outstanding website. Know anyone looking for Ft Lauderdale Real Estate you can reach Eric Miller via his website which provides complete information about Ft Lauderdale Waterfront Homes.

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Source: http://sellingwarnerrobins.com/2012/02/buyers-its-a-great-time-to-be-a-first-time-homebuyer/

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