Buying Your First Home - Tips For First-Time Home Buyers

Buying Your First Home - Seven Tips For First-Time Home Buyers

Now that you've made the decision to purchase your first home, a hearty congratulations is in order!  Becoming a homeowner, especially for the first time, can stir up some feelings of anxiety and excitement.  With the knowledge that you gain through individual research and the help of your REALTOR®, you will soon begin to feel like a seasoned house hunter.

Did you know that there are a number of incentives available to first-time home buyers?  Everything from a 3-5 percent down payment and interest rates as low as 5.75 percent are just a few of the ways that lenders help to make the dream of home ownership into a reality for many.  An FHA loan, for instance, is especially appealing to first-time home buyers.  The best way to find out what's available, in terms of down payment requirements and interest rates, is to do your homework by comparing offerings from various lenders.

Although many loans are geared toward offering lower down payments to first-time home buyers, it's important to save as much money as possible so that you will have enough to provide an earnest money deposit (if applicable), pay for closing costs and still have the funds to furnish and decorate your new home.

Spiro Vrouhas is Boston based real estate agent who specializing in residential and commercial real estate. Spiro. Vrouhas also consults in New York City on specializing real estate projects. Visit www.Vrouhas.com for more information.

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More 20-Somethings Are Buying Million-Dollar Homes Than Ever Before, Thanks To Startups And Rich Parents


Real estate brokers say millennials are buying homes — and expensive homes — like never before thanks to wealthy parents and the tech boom, Wall Street Journal's Lauren Schuker Blum reports. The younger generation also thinks houses are a safer investment than the stock market.

"In the last two months, half the folks I sold homes to were young entrepreneurial types — and they were all buying homes for over a million dollars," Washington D.C.'s Michael Rankin of TTR Sotheby's International Realty tells WSJ. He says those kinds of buyers didn't exist a few years ago. 
Rankin and other real estate professionals are seeing more clients skipping starter homes and condos altogether for sprawling houses. The tech boom is largely to thank. "Brokers say many of the young buyers today have made money during the IPOs of technology companies such as Facebook, Google, LinkedIn, or they have profited by starting their own companies," Blum writes. She cites one Facebook employee who moved from a rented 800-square-foot apartment to a $7 million 9,000 square-foot-home. A former Facebooker, Rick Armbruso, who is now 33, purchased a $1.2 million, 2,000-square foot home 2.5 years ago.

Read more: http://www.businessinsider.com/millenials-invest-in-real-estate-2013-7#ixzz2ZYFkC5tV

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