Field Guide to Working with First-Time Homebuyers
(Updated May 2007)
Today's first-time homebuyer is educated and well versed in the homebuying process, due in large part to the internet. Still the leap from renter to homeowner is daunting and most rely on their agent for professional guidance and expertise. Use the resources, tips, statistics and links in this Field Guide to help your clients through the challenging first-time homebuying experience. (D. Foligno, Project Specialist)
Contents:
News | REALTOR® Tips | Consumer Tips & Resources | Books, eBooks & Other Resources
Steps to Prepare for Home Ownership
Create a "Wish List"
Consider several neighborhoods
Determine downpayment & closing costs
Get your credit in order
Explore mortgage options
Secure documents for lender
Research loan & down payment programs
Calculate all homeownership costs (mortgage, taxes, association fees, etc.)
Source: Condo or co-op? What's the difference?, (BankRate.com).
News
Homeward bound, (California Association of REALTORS® , June 12, 2007).
Growth creates chance for city, (Baltimore Sun, May 4, 2007).
Good news for first-timers, (Black Enterprise, Mar. 2007). Q
Getting it right the first-time, (Community Banker, Feb. 2007). Q
43% of first-time homebuyers put no money down, (BankRate.com, Jan. 17, 2006).
IRS limits home down-payment gifts, (Wall Street Journal, May 5, 2006). Q
Buy property early, (Black Enterprise, Jan. 2006). Q
Homeownership key to minority wealth, (Mortgage Banking, Nov. 2005). Q
The first-time home purchase, (The Practical Accountant, Apr. 2005). Q
Home sweet homeownership tax breaks, (BankRate.com, Mar. 2004).
REALTOR® Tips
20% down payment becoming a rare sight, (REALTOR® Magazine Online , Feb. 23, 2007).
Why you're worth it, (REALTOR® Magazine Online , Feb. 2007).
Condo conversions - a path to affordable home ownership, (Florida Association of REALTORS® , 2006).
Fear of commitment: advice for first-time homebuyers, (uExpress.com, June 14, 2006).
Homeownership benefits, (Wisconsin REALTORS® Association, July 2004).
Consumer Tips & Resources
Buying your first home: a good time to buy a house -- if you can, (Wall Street Journal, Mar. 9, 2008). Q
First-time home buyers' guide to taxes, (Bank Rate.com, Jan. 10, 2008).
Buying a home, (HUD.gov, Jan. 8, 2008).
Homeownership vouchers, (HUD.gov, May 2007).
Paycheck to paycheck, (National Housing Conference, 2007) - Interactive 'wages vs housing costs' database.
Advice for first-time buyers, (Kiplinger.com, May 2006). Q
Starting out: How to save for your first home, (Wall Street Journal, Feb. 2006). Q
Social benefits of homeownership and stable pricing, (National Association of REALTORS®, Jan. 2006).
eBooks & Other Resources
eBooks.realtor.org
The following ebooks and digital audiobooks are available to NAR members:
How to Buy Your First Home, 2E (Adobe eReader)
Books, Videos, Research Reports & More
The resources below are available for loan through Information Central. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Central at 800.874.6500 for assistance.
Buying solo, (Chicago, IL: Penguin Group, 2005). HF 5438 Su6
Home buying for dummies, (Chicago, IL: Wiley Publishing, 2001). HD 1341 T98
Field Guides & More
These Field Guides and other resources in the Virtual Library may also be of interest:
Field Guide to Getting a Mortgage
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The inclusion of links on this Field Guide does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked to this Field Guide complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.
