Joanne McKeage

First time home buyers in Fort Lauderdale, Florida.  First time home buyers can be nervous, cautious, apprehensive and sometimes get stuck in their decision making for fear that there might be a better house at a better price out there that they might have missed.  First time home buyers feel many things at once.  They are scared to pay too much, excited to get a good deal, confused and overwhelmed by of the number of homes on the market, and certainly by the short sale and foreclosure process which is so challenging.

First time home buyers need guidance and need to understand the environment they are competing in.  Many first time home buyers try to read everything they possibly can about the real estate market and about 'how homes aren't selling', but that is not neccessarily true, especially in entry-level markets.  Properties in the lower price ranges are on fire... selling like hot cakes!  The nicest homes on desirable lots with all the bells & whistles coming on the market can get a dozen or more offers within days.  It's like a feeding frenzy, plus investors are jumping back in the game again, paying cash for homes, which is competition for first time home buyers who must get financing in order to buy.   So having a good understanding of the market and being pre-qualified with financing helps first time home buyers to take away a lot of the hesitancy.  Florida is a Homestead State so make sure that you Homestead your home if you are a full time resident for additional benefits.

Affordability is at record low levels today and there are deals out there but first time home buyers should take into consideration that if a house is a such a super low price it most likely needs a lot of repairs, it may be stripped of fixtures, appliances, may not be in compliance with permitting, have code violations, liens and the cost to replace and repair need to be factored as it can add up to a lot, not to mention that a house with such issues may not qualify for financing.  I recommend to my first time home buyers in the affordable price ranges to look for a house which is not the lowest priced in it's range, as you get what you pay for and you will always pay fair market value in end.  The property should be in good condition, have good bones, a sound roof and such.  If it has some upgraded features, great!  It's hard to find that perfect home completety done up just the way you like.  If it needs some updating, which can always be done in time, that just may be your best opportunity.  See my featuredBest Buy and other listings!

One more thing I stress to my first time home buyers is that interest rates are very low today and that they must start the home-buying process by first talking with a lender and being pre-approved so that first time home buyers know what they can afford.See current mortgage rates for first time home buyers here.  Often first time home buyers are surprised that they can afford more than they thought.  Need Broward County Schools information?

JUST ANNOUNCED! Great news for first time homebuyers -The Tax Credit update... It's all done! The Tax credit has been extended to April 30, 2010, plus now existing homeowner's are now eligible for a $6,500 tax credit provided they have lived in the home they are selling for 5 consecutive years in the past 8 years. Purchase price can not exceed $800,000.  Income levels for eligible home buyers have increased to $125,000 for single buyers and $225,000 for couples.

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