Awareness of economy key for first-time homeowners
Nick Kosmider
While it is the dream for many Americans, there is much to consider before jumping into the world of home ownership.With the mortgage crisis affecting home purchasing in the country, many urge young adults not to rush into buying a home right away.
“Make sure you get your credit right and get $10,000 in the bank,” said economics instructor Doug Conway.
Most in the housing business agree that preparedness plays a crucial part in successfully part in owning a home.
“You have to do your research,” said real estate agent Josh Berkley.
According to Berkley, a 21-year-old realtor who simultaneously took real estate classes while finishing his high school degree, prospective first time buyer should use all their resources including finding a real estate agent.
“I am not just promoting what I do,” Berkley joked.
“For a buyer, though, a realtor does not cost anything and they have a lot of knowledge into finding the right homes.”
When it comes to finding the right home and the right lender it is best to listen to those who have been through it before, according to Berkley.
“Don’t just grab a realtor’s name out of a phone book, let the people you trust reccomend someone to you,”
Berkley said the biggest thing young people can do to prepare themselves is to monitor their credit and save for a good down payment.
