ooking at homes from the only a small piece of their
perspective of a first time overall cost.
buyer can be overwhelming.
This is especially true when the Know Your Closing Costs When
market has seen marked changes Looking at Homes
like those experienced in 2007.
The slower homes sales may In addition to the list prices of
indicate a buyer’s market; but the homes you see, you will also
how do you know if that means the need to pay for closing costs,
time is right for you to look at PMI (Private Mortgage Insurance),
homes on the market? There are taxes and insurance. PMI is
some critical facts you need to required if your down payment is
know before deciding to buy a less than 20% of the cost of the
house. home. Avoiding PMI can save you a
lot of money in the long run.
Know Your Financial Limits When That’s why you want to be aware
Looking at Homes of exactly what you have to spend
when setting your limits in the
Knowing what you can afford to first place.
spend on the homes you view is
critical, but not as simple as it Know the Costs of Ownership When
sounds. You need to have a solid Looking at Homes
understanding of things like your
credit score, cash on hand, and Many first time homeowners are
pre-qualification for a mortgage. shocked at how different the
Understanding the types of world of ownership is from the
mortgages available, and your world of renting. In addition to
ability to carry them long-term, your monthly mortgage payment,
is essential. The list prices of homes require additional hundreds
the homes you are looking at are or thousands of dollars a years
in yard maintenance, appliance existing home sales to 6.11
upkeep, utilities, and time. million, the National Association
Homes can cost you dearly in of Realtors predicts that in 2008
repair bills if gutters aren’t sales will increase to 6.37
cleaned regularly, or if poor million. While this is good
caulking leads to water damage. information to have, local
Savvy homeowners set aside yearly markets can differ significantly.
funds to address the “unexpected” Be aware of whether the prices of
costs of replacing water heaters homes in your local area are
or lawn mowers. rising or falling. Know how long
homes in your area tend to stay
Know Your Real Estate Market When on the market. Being armed with
Looking at Homes both your personal financial
information, and trends of the
Having an awareness of both the real estate market, will help you
local and national real estate make an informed decision about
markets can help you evaluate the the right time to buy a home.
best time for buying homes. While
2007 showed a significant drop in
About the Author:
John Harris is a researcher and writer on real estate topics such as economics, credit improvement tips, home selling advice and home buying preparations. For more information please visit San Diego Real Estate Listings
Read more articles by:
J Harris
Article Source: www.iSnare.com 
