Prepare for Home Ownership First Time Buyers

HOME OWNERSHIP FIRST TIME BUYERS Here are some handy statistics and tips to make life easier to purchase your first home. Age group Ethnic Distribution 4% 1% 11% 09% 10% 19% 76% 56% 18-24 25-34 35-44 White/Caucasian Black 45-54 55-64 | 65-74 Asian/ Pacific Islander | Hispanic Marital Status & Average Income Married Couples Unmarried Couples Single Females Single Males 51% $68,000 11% $68,000 25% $44,000 11% $52,000 Single females earn an average of $8,000 less, but purchase 14% more homes than single males. Purchase Price Range Expected Time Length 38% purchased a home in the price 28% plan to move range of $100K to $175K within 5 years Information Source 360, 29% 49% Newspaper 56% 87% Internet 44% Open Houses 09% 30% Book found their Virtual TV Ads Magazine home, they purchased on internet Tour Financing the Home Purchase 73% used Own savings as down payment 22% received gift funds 81% chose a Fixed-Rate 98% used a mortgage to Mortgage finance the purchase How much cheaper is buying than renting in % - 55%, Grand Rapids 66%, Detroit 27%, Albany MI NY 22%, 54%, St. Louis San Jose, 9% CA Şan Francisco, 13% drange County, 21% Oakland, 24% Los Angeles, 24% Ventura County, 27% New York NJ 58%, Kansas City 58%, Toledo IN OH IL 56%, Dayton 56%, Cleveland KS MO Gary, 61% TN AR 56%, Memphis MS AL 58%, Birmingham 30%, Austin TX 5%, Honululu 10 Cities Where Buying A House Is A Close Call 10 Cities Where Buying A House Is A Good Bet 5 Essential Tips For First Time Home Buyers Come up with a realistic wish-list Get pre-approved for a mortgage Find a good home inspector Understand the true costs of home ownership Get to know the neighborhood before you make an offer GET INSURED Selecting the right homeowners insurance is one of the most important steps you can take to protect your house and your belongings. There are various forms of insurance associated with home ownership, including these major types- Title Insurance Title insurance protects owners in the event that title to the property is found to be invalid. Homeowners' Insurance Homeowners' insurance: Homeowner's insurance provides fire, theft and liability coverage. Flood Insurance This insurance is issued by the federal government and provides as much as $250,000 in coverage for a single-family home plus $100,000 for contents. Sources: http://www.forbes.com/sites/trulia/2014/03/05/buying-a-home-is-now-38-cheaper-than-renting/ http://www.businessinsider.com/rent-vs-buy-why-buying-a- http://www.trulia.com/home_prices/ http://visual.ly/now-time-buy-new-home http://www.myhomeuptown.com/foreclosures/smart-moves/43-first-time-home-buyers http://thehartford.com/homeowners-insurance/ https://homes.yahoo.com/news/6-essential-tips-for-first-time-homebuyers.html almost-always-wins-2013-9 -------- -------- -------- Prepare For