Four Signs of Distress in Your Neighborhood Before You Buy a Home

 There are so many common pitfalls for first-time home buyers. But fear not, first-time home buyers! There are a number of good reasons to purchase a home, and the path to homeownership isn't as long as some might think. The key to finding your way through the home-buying maze is education and research. Read this brief article to find out what you need to know. 

 Home buying is a long and strenuous process. When consumers buy a home, they often make a series of big decisions that impact their monthly payments for years. While looking at the average cost of homes in your local area is important, there are other things to consider as well. What type of home features are available? Do these features meet your financial goals? 

 Homebuyers need to be aware of current trends in the housing market. Trends can affect the overall value of a house and can also influence the decision of home buyers on the price they'll pay. Take the time to research recent home buying processes in your area. What has worked in the past for local home buyers and what hasn't? 

 Recent statistics show that FSBO homes sold at a higher price than traditional homes in most areas of the country. This may be due to supply and demand. FSBO homeowners are usually more motivated to sell because they don't have to worry about any financing. Unfortunately, this can also be a problem for first-time homebuyers. For more facts about real estate, visit this website at http://www.ehow.com/personal-finance/real-estate/. 

Most fast reliable home buyers with cash look like good candidates for a refinance mortgage because they have enough current equity in their home to cover at least a portion of the purchase costs. If you're looking for the top home buyers in your area, check out listings from banks and credit unions with high debt-to-income ratios. These lenders typically offer lower rates and payment terms to people who are already near the danger of being debt-free.

Homebuyers should be on the lookout for distressed neighborhoods, especially if they're purchasing an older home. distressed properties are priced below market value and could take a while to sell if you want to find a buyer. There are some signs of distress in virtually every neighborhood. Look for signs of foreclosures, abandoned homes, houses damaged by fire or flooding, low-quality buildings, and schools that are not up to par. Most Richmond cash home buyers will avoid these types of neighborhoods when shopping for a new home.