A mere few years ago, you told yourself how glad you were that you did not own a home. People left and right were watching their home’s value plummet, and many good folks had to suffer through short sales, bankruptcies, or foreclosures. Buying a home in 2006-2008 turned out to be an unfortunate mistake for a lot people, and you weren’t one of them.
Now you hear all over the media how well the housing market has recovered. Values are rising every month back to healthy numbers. Sales have posted strong gains for over a year now. Alongside these gains, renting is also reaching record highs in many areas. So is buying a home really becoming a smart option again, or is this just another bubble ready to burst?
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The percent of first time homebuyers entering the housing market is at an all-time low. Those who are considering buying their first home are showing a lot of the justified hesitation detailed above. Despite all the external factors and anxiety about the market, only you can decide if buying a home is right for you. This is the step that actually is the hardest for most. Buying a home is a huge decision to make, usually the largest purchase you’ll ever make. So how can you possibly decide if it’s the right time for you to buy your first home?
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The secret to success is as simple as having open communication with your Mortgage Lender and Realtor. An experienced loan officer likely has helped hundreds of people purchase their very first home. Not only do they know all the questions to ask yourself to see if you are indeed ready, but they have seen all the ways you can hurt your chances and make this a painful, drawn-out process. Follow the guide below to understand all the things you need to be prepared and to watch out for when starting to look for homes. If you have conviction and strong communication throughout the process, you will be a happy homeowner in no time.