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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.
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SummitDaily.com Post-Gazette journalists win national awards in coverage of real estate, religion Pittsburgh Post-Gazette Real estate: Home prices climb in St. Lucie, Martin counties; fall in Indian River County Treasure Coast News Realtors: Home prices continued to dip in Sarasota, Manatee real estate market during May Sarasota Herald-Tribune Fayetteville's 40 Under 40 Class of 2025: Meet Ricky Evans The Fayetteville Observer Campanelli-style ranch in Brockton that sold for $520K has been 'stunningly' renovated Enterprise News NEUBERGER BERMAN REAL ESTATE SECURITIES INCOME FUND ANNOUNCES DECLARATION OF REGULAR MONTHLY DISTRIBUTION PR Newswire The Flathead’s Frozen Real Estate Market Begins to Thaw Flathead Beacon Real estate business opens new Fleming Island office The Ponte Vedra Recorder Unlocking Japan's Dormant Real Estate Potential: Marubeni and Dai-ichi Life's Bold Venture - AInvest Egypt Sherrod Shares Heartbreaking News About HGTV's 'Married to Real Estate' Country Living Magazine Here are businesses on the move in Marin, Solano and Sonoma counties The North Bay Business Journal Portugal: VAT deductibility on real estate transactions and the winds of change International Tax Review Crow Holdings Capital: Specialty real estate surges as investors chase demographic-driven demand Private Equity Real Estate | PERE Nuveen: Leading the way in a changing real estate market Private Equity Real Estate | PERE 'Keep it moving': HGTV cancels TV show hosted by Georgia couple after 4 seasons Savannah Morning News Zillow readies for battle with Compass Real Estate News by RealEstateNews.com Despite turbulence, NEO Commercial real estate has plenty of opportunities Crain's Cleveland Business Texas Employees commits $483 million to real estate, private equity, infrastructure Pensions & Investments Cushman & Wakefield Launches Banking Team and Quality-Risk Model for Real Estate Lenders Cushman & Wakefield Real Estate Transactions, June 30 edition Hopkinton Independent LaSalle on real estate: the world’s simplest, most complicated asset class Private Equity Real Estate | PERE Real Estate: June 16 to June 20 Newport This Week Seattle City Employees slates €60 million for European real estate fund Pensions & Investments Rockpoint: Back to basics: Real estate’s next chapter will demand local insight Private Equity Real Estate | PERE NYLI CBRE Real Estate Fund Q1 2025 Commentary Seeking Alpha Alexandria Real Estate: Behind Fantastic Dividends, 3 Key Facts To Understand Its Resilience Seeking Alpha A Long, Winding Path to Selling Real Estate in the Hudson Valley The New York Times Two local real-estate firms merge to form Venture Fox Realty Group The Altamont Enterprise Brooks Ballard International Real Estate Celebrates Transition, LGBTQ+ Owned Business of the Year Award Recognition Business Wire AXA IM names real estate heads for North America and Asia-Pacific Pensions & Investments Logistics and warehousing dominate Lehigh Valley commercial real estate market Lehigh Valley Business Rosa Hawes, trailblazing Dayton real estate pioneer, civil rights advocate, dies at 94 Dayton Daily News Blue Square Real Estate's (TLV:BLSR) 28% CAGR outpaced the company's earnings growth over the same five-year period simplywall.st Hyatt Is Selling Playa’s Real Estate for $2 Billion Caribbean Journal Real Estate Transfers: June 30, 2025 The Owensboro Times The Face of Real Estate in West Sonoma County pacificsun.com Hyatt to Sell Playa’s Real Estate Portfolio Daily Lodging Report Impressive Westport home on 7 lush acres sells for almost $1M: Weekly home sales Fall River Herald News Form 424B3 Forum Real Estate Income StreetInsider HGTV cancels Atlanta-based show ‘Married to Real Estate,’ hosts say Atlanta News First Apple spends $517 million on Bay Area real estate in a single week San Francisco Chronicle Real Estate City of Oakland, CA (.gov) 20 Indispensable AI Tools for Real Estate Agents HousingWire Hyatt to offload Playa real estate, remain operator HOTELS Magazine EMS Commercial breaks down how experience translates to savings when investing in real estate WMAR 2 News Baltimore Neuberger Berman Real Estate Fund Maintains Steady Monthly Income With $0.0312 July Distribution Stock Titan Amanda Carter: Premier Hervey Bay Real Estate Agent Redefining Client Success and Community Engagement GlobeNewswire Black Opal Insurance Launches Investor-Focused Property Insurance Platform for Real Estate Pros Yahoo Finance Radio Real Estate 6/28/25 My Bellingham Now |
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