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Is Buying Your First Home Getting Harder?

Monday, February 11, 2013 - Article by: Georges - Leaderscorp Financial Inc. - Message

Is Buying Your First Home Getting Harder?

Yes, it has been said that the housing economy is on its way to recovery, but not everyone is rejoicing. But, less and less first time home buyers could no longer afford to buy their dream homes.

According to a recent survey made on 2,500 real estate agents, only 34.7 % of all purchases were first time buyers, it has been the lowest since. It is more than 10% short of the previous 47% of all home buyers who bought houses for the first time.

There are also fewer houses available in the market because fewer homes are being foreclosed by banks. Since most first time home buyers would usually buy low priced properties like foreclosed homes, but the unavailability of foreclosed homes and the increase in prices of existing homes of up to 4.4% is making it impossibly hard for first time buyers to get that key in the door of their dream home.

But actually, some might disagree that the sole reason for making it hard for first time home buyers in buying their first home is the said recovery of the housing market. Some would say it is just a matter of priorities and some say prospective buyers are just stretching it way too far.

There are plenty ways to get it; talk to a real estate agent, they know the market and they have inside information on the best home deals available. They will also help you with the loan process and the best terms that would work best with your finances, something that will be tailored to your income and budget.

As always, do your financial homework. You know your finances better than anyone. Be realistic and be honest how much you are really worth and how much you can afford.

Know what you want. Normally, the agent would offer you the best deals available and the best houses there are in the market. But, be sure you know what you want since you wouldn't want to be living unhappily in the house which was supposed to be your dream home. Decide whether you want a house with a garden or you want an apartment or how long do you intend to live in that house; then you and your agent can work your budget from there.

If you already have in mind the house you want, and you already have the budget for it then the best time to act is now. Don't wait for later since it has been anticipated by financial experts that the prices will continue to rise and now would be the best time to buy your first home when interest rate are incredibly low.

Don't be part of the statistic who regretted not doing what needs to be done to get their first home. Missing out on this opportunity because you were busy contemplating on the news that prices for houses are on the rise is the worst thing to do, because in reality it's not all gloom and doom because there is something you can do.

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