Another 5 Tips for First Time Home Buyers & The Federal Tax Credit up to $8,000

Have you been trying to decide when the best time to buy your first home? Waiting for the housing market to hit the bottom? Well, it's here. Economists indicate that the worst is over. Read more here.

Once you decide to jump off the fence, here are a few tips to consider when preparing your home search.

1. When is your lease up? When CAN you move? Are you allowed to sublet? It may take up to six months, to talk to a lender to get pre-approved, find your agent, view homes, let your agent negotiate the best price/terms for you, setup closing and get the KEYS to YOUR NEW HOME.

2. Think long term. Are you looking for a starter home for a few years or are you hoping to stay in this home for longer? This decision may dictate what type of home you will buy as well as the type of mortgage terms that suit you best.

3. Don't let yourself be house poor. If you max yourself out to buy the biggest home you can afford, you'll have no money left for maintenance or decoration or to save money for other financial goals.

4. Don't be naive. Insist on a home inspection and if possible get a warranty from the seller to cover defects within one year.

5. Get help. Consider hiring a REALTOR as a buyer's representative. He/She will help you buy your home at the best possible price and terms. And most often, buyer's reps are paid out of the seller's commission payment. You should also use your own representative when purchasing New Construction. Read more here. REALTORS are professionals. It's our job. Let us work for you.

Will you take advantage of the new Federal New Home Buyer Tax Credit.

What are you waiting for? The time is NOW!!!

Consider Exit Select Realty
www.melissamoores.com
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