Bruce Swedal of Colorado posted a good blog about being a first time buyer. Only difference regionally is that we are not seeing a huge amount of inventory, but if you are prepared and patient... good opportunities are out here!
There are many benefits being a first-time home buyer with all the new regulations and rules plus help from the government. With the economy the way it is today the housing market is considered a "buyer's market." What this means is that there are many houses on the market from which buyers can choose. With this type of market, there are both good points and bad points. The one good point for buyers is that with a buyer's market the prices of house are lower, which means that buyers may be able to get a house that they would not ordinarily be able to afford in any other type of market. On the flip side, the bad point is that with so many houses to choose from, it makes it hard for the buyer to make a decision as to which one they want to purchase.
With so many houses to choose from, it is best for the buyers to make a list of what they are looking for in a home and try to only look at houses that have what you are looking for. The buyer should not look at more than three or four houses at a time because any more than that can be overwhelming. As you are looking through the houses, take notes of what you like about the house and what you do not like so you can do a comparison of the houses when you are back at your current home.
If you do not have a lot of money, there are many types of loans out there for first time home buyers. When you make the decision to purchase a home get with a real estate agent or talk to you bank about the various programs or loans that you may be eligible for. Once you have that list, make sure that you submit your applications so you will know what type of financing you can get and how much you will get. There are FHA home loans, if you are a veteran you can apply for a VA home loan, and there are many others. in addition, there are various loan and government programs to help first-time home buyers.
These are just some of the many benefits that a first-time home buyer can take advantage of and to find out more you can go online and do a search. If you are considering buying your first home, now is the time to do buy.