Jim Gross Albuquerque real estate photography1. Young people make up a large piece of the market.  According to the National Association of Realtors, the median age of first-time buyers is 28 years, making young people a large portion of home buyers.

2. Renting does not protect you against rising costs.  Landlords pass on the added costs of tax, insurance, utility and maintenance costs to renters

3. Trying to “time the market” can be costly.  since we don’t control interest rates, many families put off buying, waiting for prices to come down. The facts prove that those who play the waiting game most likely will end up losing.

4. Home ownership is a good investment.  Home ownership offers advantages not found in other investments such as the possibility of appreciation in value. Also, you can live in it while it’s working for you.

5. You can’t afford to overlook the tax breaks.  Mortgage interest and property taxes are deductible. These big-ticket items can save you thousands of dollars each year.

6. Money isn’t the only thing to consider.  While cost is important remember that you are also buying a quality of life.

7. Don’t worry about overpaying for the home. Buyers fear with dropping rates that they may overpay, but banks require a current appraisal. If the offer is for more than the appraisal, few banks will loan the money.

8. Many first time homebuyers think they can’t qualify.  Loan products are changing so quickly that even lenders are having trouble keeping up with what qualifies for a loan. Most lenders can give you a step-by-step process to qualify for particular loan products.

9. The cost of a 1% increase in interest may outweigh a home price decrease.  Have a mortgage company compare a 1% increase over current rate to a 5k or 10k decrease in home cost. It may just be that it costs more in the long run to pay the higher interest rate.

10. Real estate agent services typically are free to buyers. In most markets buyer agent fees are paid by the seller. So why not use a local pro to negotiate and represent your best interest. They know exactly what to look for.