AFFORDABLE
OPTIONS FOR FIRST-TIME BUYERS
NORTHBROOK, Ill.
(September 7, 2009) -
For first-time buyers, it can sometimes feel that the challenges of finding and
securing that dream home outweigh the excitement. According to a 2008 survey conducted by Coldwell
Banker, affordability was the number one concern among first-timers yet the
study showed that their housing expectations might be too high relative to
their financial buying power. Setting realistic and affordable expectations for
a home can save rookie buyers some headaches.
"Between the $8,000 first-time
homebuyer tax credit and the volume of sellers willing to negotiate their
prices, more new buyers can purchase a starter home," said Fran Broude,
president and COO of Coldwell Banker Residential Brokerage. "First-timers should get together with a real
estate agent who can assist them in discovering and securing the affordable
gems on the market."
When searching for the perfect first
home remember:
·
Budget wisely. Know just how much of a down payment and
mortgage you can afford before you start your search and better yet, get
pre-approved for a loan.
·
Gifts from Uncle Sam. While the deadline for the $8,000 tax
credit for first-time buyers closes in, your Realtor is your safety net in
accessing the special benefits available such as current FHA loans.
·
Foreclosures. Foreclosures open up opportunities for
buyers who are willing to be patient and work with the three-to-four month
process typical for bank or government transactions.
·
Fixer uppers. Moving
into a home that needs repair can help first-time buyers spend wisely and build
equity over time so they're prepared to make the leap to the next home that
better reflects their expectations.
Coldwell Banker
Residential Brokerage, a leading residential real estate brokerage company
serving Chicagoland, Northwest Indiana, Southeast Wisconsin and Southwest
Michigan, operates 58 offices with more than 3,800 sales associates. Coldwell
Banker Residential Brokerage is part of NRT LLC, the nation's largest residential
real estate brokerage company. NRT, a subsidiary of Realogy Corporation,
operates Realogy's company-owned real estate brokerage offices. For more
information, please visit www.coldwellbankeronline.com.
|