FIRST TIME HOME BUYER

By Jenny Kerr

While many women put off buying a home because they are waiting for a family, a better job or simply out of fear, you might be surprised to find that home ownership rates are higher for single women than single men.

U.S. existing homes sales increased 3.7 percent in March, according to a new report from the National Association of Realtors. The increase was largely attributed to cash purchases and buys made by investors. First-time homebuyers, on the other hand, steered clear.

First Timers Not Ready to Buy

If you claimed the First Time Home Buyer tax credit in 2008, you will soon receive a friendly reminder from the IRS to begin repaying your debt, starting with your 2010 tax return. That’s right. If you didn’t know or remember that your tax credit–unlike the ones provided after your year–wasn’t free, Uncle Sam is eager to be the messenger.

2008 Home Buyer Tax Credit Wasn’t Free

People have a lot of expectations when buying their first home. Most first time home buyers probably envision opening the doors to their dream house and triumphantly walking into their mansion. The culmination of their hard work and even harder saved dollars are embodied in this perfect piece of property.

While that is a great image to strive for, a more practical approach may be to buy a starter home like a fixer-upper or condo to tide you over as your first purchase. It isn’t as pretty a setting as you’d like, but it could be a much smarter financial decision in the long run. In fact, it could help get you to that perfect home a little sooner.

You have finally decided you’re ready to take one of the biggest steps in your life and buy property. Maybe you’re planning to purchase your first home or are starting business and need a place to operate. Perhaps you’re buying real estate as a part of your investment strategy. In any case, you will most likely need a loan to help you pay for it.

Aside from learning about the types of mortgages available, an in-depth understanding of how the whole mortgage process works will help you navigate your way to home ownership more easily. Below are the most important steps in obtaining a loan to buy real estate:

With the deadline for 2008 tax filing approaching, many consumers are questioning how their decision to become a first time homeowner will affect their impending rebates. Over the past few months, there has been talk of a variety of tax credits offered by the Federal Government to spike consumer spending and confidence in the floundering housing market. The amount of money first-time buyers may be entitled to depends primarily on the purchase date of the property.

Homes Purchased between Jan. 1, 2009 and Dec. 1, 2009

Whether you are moving for a new job or simply want a change in scenery, deciding whether you should rent or buy your next house is one of the biggest financial decisions you will ever make. There are many factors to consider before deciding which option is right for you, your family and your finances. Here we look at some advantages and drawbacks of both buying and renting a home.

Pros of Buying Property

Fiserv Predicts Home Prices to Drop by 11%

While home prices have managed to drop considerably over the past year, they are expected to drop even further (it’s unknown at this point if this drop will affect mortgage rates). According to the financial and analysis firm, Fiserv, the overall national median price is forecast to drop by as much as 11.3 percent by June 30, 2010 in 342 out of 381 markets.

Fiserv has been predicting lowered home prices for several years; however, the firm had previously underestimated the rapid decline. Now, economists believe that the firm’s predictions are on the mark. According to Moody’s Economist.com’s chief economist, Mark Zandi, there are definitely more declines to be expected. In fact, in some high-foreclosure markets like Orlando, Florida, the prices are expected to drop 27 percent.

Home, sweet home. We all need a place to call our own, but which one is the right one for you? To find out, try a spin at The Game of HOME! Based on the popular classic Life by Milton Bradley, the Game of HOME let’s family and friends pick out their dream homes and race to the finish.

Some prefer the simple bungalow lifestyle and the carefree nature that comes with it. Others prefer the mega mansion that comes with a side of a mega mortgage. Whatever you do, make sure you have enough money left over to pay your bills at the end of the day.

A lot of important changes have been occurring this month, from the signing of the Wall Street reform bill, to help for homeowners with mortgage and foreclosure woes and other topics including taxes and credit. There’s a lot going on – have you been following it all?

If not, here’s a few of the most important headlines from July: