Home Buying for Beginners
Real Estate 101
Currently, home prices are lower than in recent history and listed houses spend more time on the market. Home foreclosures offer a particularly good opportunity for a buyer to get a good deal.
Buying a home is the biggest purchase many people make in their entire lives and a sound investment. But I am getting ahead of myself...
The home buyers' first step, in any market, is to research financing and receive preapproval from their chosen banking institution. Only after home buyers have spent some quality time with their bankers are they ready to begin the search for their new home. Your loan officer will help you determine your price range so you know which homes you can afford.
The real estate industry has made many advances in the past decade, as have most other businesses, with access to the internet. Most buyers today begin the hunt for a new house at their computers in their own homes. And a buyer can research not only houses for sale but also real estate agents with whom they may wish to work.
When choosing a real estate agent, look for one who is a member of the National REALTORS Association. Not every agent is a REALTOR, and REALTORS are sales associates who have pledged to serve their clients, customers and the public fairly and honestly. (See the REALTOR'S Code of Ethics and Standards of Practice at http://www.realtor.org/mempolweb.nsf/pages/code.)
Using the internet to do a preliminary house search can save home buyers a lot of time. Another step that is a big time saver for all parties involved is making a list of all the features you need and want in your new home. Be specific. Decide which features are a necessity for you and which you can live without. If you won't even consider a home without a dining room big enough to accommodate your grandmother's table, please let your agent know that.
Once you find that perfect house, your realtor will lead you through the buying process - from the forms and inspections to the walk-through and the closing.
Some good websites for home buyers are www.realtor.com, www.homes.com, and www.century21.com.
Additional tips for homebuyers can be found on the Century 21 website (www.century21.com/buying advice/) and on the National REALTORS Association website (www.realtor.org).
Sources: Century 21 website - www.century21.com and http://www.century21.com/buyingadvice/ and the National Realtors Association website - www.realtor.org and http://www.realtor.org/mempolweb.nsf/pages/code
Published by Cindy Vee
Sometimes I feel like I've spent my whole life in school! I have worked with children from birth to high school seniors, but have spent the most time in primary classrooms. My interest in the complex proces... View profile
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3 Comments
Post a CommentI hope other readers interested in purchasing a home will find your info valuable!
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Great tips.