Buying your first home - so exciting, such an adventure, what an emotional high. You have reached a new peak in your life. How do you avoid some of the common pitfalls other first-timers have made and know you made the right decision? Mistakes can be costly when you let your emotions run away with you instead of treating this as a major financial investment. The exhilaration of finding that dream home of your own can make you blind to what you are really ready to handle. Buying more house than you can comfortably afford even if you "qualify" leads to stress and lack of joy in home ownership. Sleepless nights, relationship breakdown and possible financial disasters can easily be avoided by buying wisely in the first place. Here are some simple things to consider before you fall in love with that house.
1. Plan Ahead- Right from the beginning start planning how you are going to buy that home. Request your credit reports and study them throughly. Are there any errors that you need to get cleaned up? Your FICO score rules when it comes to getting a good rate on a mortgage. If you are currently renting check your lease for an "Early Release Clause". Will you have to pay any penalties for leaving early? During this planning stage think about your life goals for the next 5-7 years. Are you going to start a family or could other family members need to move in with you? How many people could be living in this house. Are you relying on two incomes? Could you afford the home on one income if you had to?
2. Get educated about the home buying process- Ask lots and lots of questions. This is your first time and it is a lot of money. A professional real estate agent is happy to answer all of them. Work with an agent who is willing to share their knowledge with you. You need to know about all sorts of things including how to view a home, what's in a contract, inspections, appraisal, financing, escrow, insurance binders, and the closing process. Ask for details and if you don't understand - ask them to explain it again. Professional real estate agents want to know that you are comfortable with what you are doing. Don't let the details get glossed over just because you don't want to look like you don't know about real estate. How much could you reasonably know after all it is you "first" time.
3. Over Buying- Don't get in over your head. Stay in your budget. And make sure you can live your life and still afford the home you are looking at. There is no fun in owning a home and not being able to furnish it. Or you can't afford to ever eat out again. Just because you are told you "qualify" for X dollars with a payment of Y doesn't mean you have to spend it all. Look at your lifestyle for the answers. Ask more questions about the payment including taxes, insurance and home maintenance expenses. Then revise your budget for home much home you are willing to buy. Then go to your mortgage lender to make application and get "approved" for a loan. This puts you in a better negotiating position when you are ready to make and offer. A home should give you pleasure not hold you hostage. So when you look at homes for sale stick to your established budget. Don't look at houses more that 3-5% outside your range. Restrict yourself now and avoid disappointment later.
4. Be Ruled by your Head not your Heart- Curb appeal can be a powerful force. You become emotionally involved with a house without thinking about it. Stick to your plan and don't go over your budget - ever. Be objective - after all it is just a pile of wood. Can you comfortably fit in the space? Will your furniture fit? Do you have a special piece of furniture you won't give up? Measure it and take those measurements with you when looking. How big are the rooms - if they dimensions are not on the listing sheet measure them your self. Ask you agent what they think the re-sell possibilities for the house are. Check the history of the house - what does the town think it is worth in today's fair market value? when did it last sell? what did it last sell for? what improvements have been made to the property since then? Check out the neighborhood at various times of day. What is the traffic like? How does the sun travel over the house? Get a complete inspection from a qualified expert in the field. Not your family or friend. Spend the money and get it done right. What are the negatives - could you reduce or fix them all? This is the hardest part of the whole process. Your brain has disengaged from thinking and you are experiencing an emotional high. Go back to your plan and stick to it.
Most of all work with a professional real estate agent who is in the business full-time. Learn from the mistakes of others - don't repeat them. Feel free to print out my Special Report "Home Buyers" How to Avoid Paying Too Much"
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Shannon Aldrich, Keller Williams Coastal Realty Portsmouth NH
You might not believe it, BUT, the National Association of Realtors stated recently that sales of existing homes rose to a 5.03 million annual rate in February which is an unexpected 2.9% increase. Why? The answer is that sales are being spurred by lower prices. Falling prices improve affordability and encourage people to make purchases. 
Rochester is the 5th largest City/Town in New Hampshire with 30,117 residents according to the 2006 Census. There are 13,324 housing units in the City and currently there are 257 single family homes & condos on the market. Homes in Rochester are ranging between $39,900 and $689,500. 
Although the snow continues to fall, there are still folks out there that need to buy homes! February was no exception in 
