With home prices down a record 19.1 percent in the first quarter of this year, and home price declines slowing, now couldn't be better for first-time buyers to purchase a home.
But however good conditions may look now to buy that first home, first-time buyers should carefully weigh their decisions and think everything through before taking the plunge -- so they can avoid the mistakes that first-time buyers typically make.
New buyer mistakes
In this blog, I've written before about the mistakes I made when buying my very first house (and current home). Anxious to buy a home, I bought one of the first houses I saw (which was actually a plan for a home in a small community of houses being built by a builder). While I am generally happy with my home, there are times that I wish that I took my time a little more, looked at a few more houses and examined my options better.
How to buy your first home
If you are looking to buy your first home, check out Cyberhomes' new buyer's guide for new homebuyers -- the guide offers a step by step guide on how to buy your first home and a look at markets where homes are especially affordable for new buyers. Especially helpful is Sarah Max's article, "5 first time buyer mistakes to avoid." Read that, and perhaps you can bypass the hurdles that tend to trip up other newbie homebuyers. —Lauren Baier Kim