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Real Estate Information |
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Purchase Your First Home with Confidence
If you are making the transition from renter to homeowner, you're not alone. In 2004, 40 percent of homebuyers were purchasing for the first time, according to "The 2004 National Association of REALTORS® Profile of Home Buyers and Sellers." With interest rates at all-time lows and a booming real estate market, now's a good time to purchase real estate. However with the prospect of making one of the largest investments you'll ever make in your life, you can easily become overwhelmed. Some of the questions you may be asking are: Will I be able to afford the home of my dreams? Do I have enough money for a down payment? Will I make smart home buying decisions? If you go into the process prepared, your first purchase can be a good experience. Resources--Before starting out, educate yourself on the process. Check your library or local newspaper to find a homebuyer seminar that you can attend. The U.S. Department of Housing and Urban Development has an entire section on its website (www.hud.gov) devoted to homebuyers. It has a list of common questions of first-time homebuyers, information on mortgage and home-buying programs, access to housing counselors, downloadable tools such as a wish list and home-shopping checklist, tips on selecting a real estate professional, etc. Other informative sites to check out are www.ginniemae.gov, www.realtor.com and prudential.com. Your real estate professional is also a great resource. Don't hesitate to let him or her know that you are new to the process. They will expect you to have questions at each step-from house hunting, to making an offer to the closing. The costs involved in the purchase of a home can be overwhelming to first-time homebuyers. There are mortgage costs, the down payment, and closing costs to think about. Affordability--By looking at your income and debt ratio, your sales professional can help you calculate how much you can afford each month in mortgage payments. But before determining your price range, you should also take into consideration other factors that will affect your monthly budget once you are a homeowner, such as property taxes, insurance, utilities, and maintenance. And if your down payment is less than 20 percent of the cost of the home, you will be responsible for private mortgage insurance, more commonly referred to as PMI. Mortgage payment--Fear of being rejected for a home loan is one of the main concerns for first-time homebuyers. To lessen the stress, you may want to get pre-approved for a loan before looking at prospective homes. This will not only help you feel more confident, it will also give you an advantage where there are multiple offers for a specific property. In addition, the fact that your loan has already been approved is of great value to the seller because it shortens the purchase process, and there is less of a chance that the buyer will back out of the sale. If you don't have a specific mortgage lender in mind, ask your sales professional for a recommendation. Down payment--The down payment amount varies depending on the value of the home you choose and your mortgage lender. And in some cases, first-time homebuyers can purchase a home with no money down. Although it varies from state to state, most offer government-funded programs for first-time buyers that help people buy a home with no down payment. Your real estate professional will be able to explain the different options available to you. Making offers--Don't feel pressured into making an offer on the first home you see. This is a common mistake of many first-time homebuyers. Make sure you view different homes to get a feel for the marketplace. When you decide on a home to make a bid on, work with your real estate professional to get all of your questions answered before making an offer. But don't wait too long to make an offer. The longer you wait, the greater the chance other prospective buyers may place offers, making it harder for you to negotiate a good deal. Above all, remember there are no silly questions. Make sure you understand and are comfortable with every aspect of the transaction. Your real estate professional can be an invaluable asset in helping you make educated decisions so that your first home purchase is a rewarding experience. Neda Dabestani-Ryba is a licensed Realtor in Maryland. She is a member of the President's Circle of Top Real Estate Professionals. She can be reached at (800) 536-3806 or visit her website for more information: http://neda.dabestani.pcragent.com/ Prudential Carruthers REALTORS is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
MORE RESOURCES: Jake Paul Closes One Of The Largest Real Estate Deals In Georgia History With $39 Million Purchase of 5,600-Acre Ranch Yahoo Finance New Jersey tops nation’s highest property tax list at $9,413 while southern states offer relief New York Post Real estate inquiries by wealthy New Yorkers into Florida properties jump 50% after Mamdani primary win Fox Business Hoby Hanna: Zillow is ‘overstepping,’ limiting ‘creativity’ Real Estate News by RealEstateNews.com What renters really want | Real Estate Newsletter Inquirer.com VanTrust Real Estate Columbus office founder takes new role, successor named - The Business Journals VanTrust Real Estate Columbus office founder takes new role, successor named The Business Journals Despite signs of market rebalancing, real estate in this NJ town remains hot. Here's why Bergen Record Real Estate: Immaculately Maintained & Move-In Ready Home sanangelolive.com These are the forgotten NYC nabes that became real estate hot spots in the last decade: report New York Post Real Estate Newsletter Articles this Week: Months-of-supply is higher than the previous 8 years! Calculated Risk RNR Real Estate Briefs — Texas & more Realty News Report Golfer Bryson DeChambeau's Massive Real Estate Investment Has Eaten Up Most Of The $125 Million He Got Paid To Switch Tours Yahoo Finance Buyers wary of surprise HOA costs now have a safety net Real Estate News by RealEstateNews.com Compass to share exclusives — if brokers, MLSs play by 2 rules Real Estate News by RealEstateNews.com NYC Real-Estate Execs Throw Money Behind Adams to Counter Rise of Mamdani The Wall Street Journal 'Married To Real Estate' Canceled After Four Seasons On HGTV, Say Hosts Egypt Sherrod & Mike Jackson Deadline 'The part no brochure tells you': Real estate advisor exposes legal landmines Indian buyers ignore MSN Tampa real estate investment firm under investigation for potential deceptive practices Florida Politics Senior Spotlight: The Grand Junction Daily Sentinel Real estate investors are purchasing more U.S. homes as high prices lock out would-be buyers CBS News A tale of two Floridas: Real estate industry torn over DeSantis' push to eliminate property taxes Fox Business $400 Million Family Lawsuit Involving Prominent Fullerton Real Estate Figures Part 1 Fullerton Observer Mortgage Rates Predictions for the Next 6 Months: August to December 2025 Norada Real Estate Investments 2025-2030 Five-Year Housing Market Predictions U.S. News Real Estate Yes, Your Front Yard Might Be Too Busy—6 Things Real Estate Pros Say You Should Ditch - The Spruce Department of Taxation and Finance dos.ny.gov Florida real estate: See the most expensive home sales across the Treasure Coast in June Treasure Coast News He Built a House With Doors and Windows That You Can’t Close The New York Times OT Real Estate Spotlight of the Week: 1555 Graves Lane The Owensboro Times SERHANT. hits DC; Elliman snags ‘Million Dollar Listing’ star Real Estate News by RealEstateNews.com Real estate sales in Peoria, Tazewell and Woodford counties for July 12, 2025 Peoria Journal Star The Michael Houck Real Estate Guide for July 13th Oil City News Confusing housing stats & real estate nerds Sacramento Appraisal Blog Real estate boss targeted in San Francisco with smear campaign The San Francisco Standard Real estate CEO warns of growing ‘exodus’ as people have ‘given up’ on California — but where are they going? Yahoo Finance Top 10 most expensive homes sold in Petaluma last week The Press Democrat Here are recent property transfers up to $970,000 St. Albans Messenger Mortgage Rates Today – July 12, 2025: Rates Rise Across the Board for All Loan Types Norada Real Estate Investments How downtown Natick MA has become a focal point for redevelopment MetroWest Daily News Agent Spotlight: Katie Coleman The Grand Junction Daily Sentinel Landmark Tax Reform Brings Major Wins for Real Estate National Association of REALTORS® Here are businesses on the move in Marin, Solano, Napa, Sonoma and Mendocino counties The North Bay Business Journal Where are home prices falling most in America? This SWFL community made top of the list Naples Daily News Top B2B Platforms Transforming Tokenized Real Estate Markets Herald Home prices in Colorado Springs hit record high, even with many homes for sale Colorado Public Radio Blackstone, PSP reportedly among consortium in talks to acquire H&R Real Estate Investment Trust Pensions & Investments Wichita Falls ISD teams with Bishop Real Estate to sell Kirby Middle School Texomashomepage.com Business titans are plowing millions into Mayor Eric Adams’s reelection campaign efforts - Fortune Page C4 Post and Courier Page C2 Post and Courier Page C6 Post and Courier Page C5 Post and Courier |
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