Hudson Valley Happenings Blog : Why First Time Home Buyers Can't Wait Any Longer!

Let's look at the situation as we wake up at the end of January 2009.  We have just witnessed a new administration take charge in Washington.  We can not say for sure what they will do to stimulate the housing market but interest rates probably won't go much lower than they are right now. If you are not currently working with a mortgage professional you could miss these low rates and have to catch them on the up-swing.  I recommend working with a locally based loan officer who can not only get you pre-qualified quickly, help you clear up any issues that may cause a problem when obtaining the loan, and, most importantly in this case, keep an eye on the interest rates and alert you if they start to rise dramatically.

Many of you may be waiting for spring to start your housing search.  Spring may be too late.  Not only are the interest rates not predictable with certainty, we also have many first time home buyers who will be trying to find something to buy before the deadline for the $7500 First Time Home buyer Tax Credit Program which is currently legislated to end on June 30, 2009.  In my area of New York state the typical closing takes from 45 to 60 days after the accepted offer, so in order to close by the deadline you will need to find the home, negotiate the sale price, and have that accepted offer by April 30th.  Most of my first time home buyers spend a lot of time on the computer researching the choices I send them and we go out on tours several times prior to finding the right house.  Don't find yourself left out because you started in spring.  

Right now we have a large inventory of homes for sale but the typical first time home buyer that I am seeing is looking to purchase a home between $150,000 and $250,000.  In this price range the good listings move quickly even today.  You need something decent that you can afford.  It may take a while to find it and win it from all the other first time home buyers who are looking for the same thing.

Working with a dedicated Buyer's Agent will make your search for your home sweet home easier.  The real estate professional will be looking out for your best interests and can help you sort through everything in order to get you into your first home.  If you are looking to purchase your first place in the Great Hudson Valley of New York's Orange, Ulster, or Sullivan Counties I would love to be your Buyer's Agent.  If you are looking anywhere else I can find you an agent who will treat you with the same respect and care that I give to my buying clients.  Please give me a call or send me an email to get started now before this perfect storm passes you by.