Ulster County Real Estate: First Time Home Buyers - Is Now A Good Time To Buy?

Posted by Edwin Maldonado on Monday, March 8th, 2010 at 2:03pm.

Ulster County Real EstateThere's a lot to think about before you purchase your first home. Are you financial prepared? Are you ready to make a commitment?

Here's a list of things to think about and see if it's the right time to buy your first home.
1. How much you can afford? The cost of a home is much more than a monthly mortgage payment. There are also property and school taxes, maintenance and upkeep, utilities and home owners insurance. 

2. Do you have a monthly and stable source of income? If you have any doubts or are thinking of leaving your work place. You may want to hold off. Or, if you get laid off, will you have another way to pay your mortgage, such as a savings account? 
3. Do you know your credit score? If it's low you'll have to repaired it. This is very important if you plan to get mortgage. Credit scores have major impact on mortgage rates. You should look into this before you purchase a home.
4. Should you rent or buy? Use a loan calculator. You'll be able to figure out the home purchase price, loan amount, length of loan, interest rate, property tax and other costs. It will estimate what your mortgage will be and you'll find out if it's cheaper to rent or buy.

5. Do you know about the first-time home buyers $8,000 tax credit? You must be in a signed contract before April 30th 2010 and in closing by June 30th 2010. Buyers must meet certain qualifications to be eligible.

6. Do you know what the homes are selling for in the areas you're interested in? Search for Real Estate in Ulster County NOW - research the homes and areas you're interested in. Then contact your realtor to find out more information such as the median price of a home that is selling for in the neighborhood. 

7. Have you talked to a mortgage lender? It won't take long to talk with a mortgage lender to see if you can get pre-approved for a mortgage. And, right now interest rates are low.   

It's better to prepare yourself before you start looking for your first home, and when you find the home you want, you'll know that you can afford it.   

3 Responses to "Ulster County Real Estate: First Time Home Buyers - Is Now A Good Time To Buy?"

Turkey Property wrote: Now the period of recession goes down and we can think that we might have be taken some decision around the time. whether it would be to buy new home or sale a home.

Posted on Tuesday, March 16th, 2010 at 6:45am.

Jeff Las Vegas Short Sales wrote: I think it is great time for first time homebuyers to pick up a home. With the deadline approaching, time is is getting tight. Here in Las Vegas, competition has been fierce to pick up properties to close on time. Short sales in Las Vegas have been a nice alternative but at this point in time, probably not likely to close by the June deadline. Regardless prices have not been lower in a long time and rates are low.

Posted on Sunday, April 11th, 2010 at 2:32am.

Real Estate Barcelona wrote: I think this is very wise and prudent advice.So many people fail to factor in the cost of maintanance into their monthly budget.

Posted on Tuesday, April 13th, 2010 at 10:47am.

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