"Great News For First Home Buyers; The Housing Market Is Finally Bouncing Back, With The Strongest Quater Since May 2010" It Looks Like Capital Gains Are Back!
Perth, Western Australia (PRWEB) May 13, 2013
Low interest rates and a growing economy are contributing to rising confidence in the housing market. But buying a home is rarely a straightforward process. Aveling homes offers advice for first time home buyers.
The latest reports from the RP Data-Rismark Home Value Index has shown that capital city house prices averaged an increase of 2.8 percent for the first quarter of 2013.
This marks the strongest quarterly results since housing prices began to fall in May of 2010.
The numbers are certainly encouraging but making accurate predictions is nearly impossible. Some economists suggest that it could still be another full year before capital city prices return to their peak levels.
And this is good news for first time home buyers. Those looking to purchase property in capital cities can take advantage of great offers with low interest rates.
Even affordability has significantly improved in certain regions. According to reports from the Real Estate Institute of Australia (REIA), home loan approval rates for first time home buyers are significantly higher compared to previous quarters.
But the home buying process is often fraught with confusion and anxiety.
The worst part is that going into a deal without being fully prepared can result in less than ideal terms. The following is a basic progression of steps for buying a home.
Compare multiple homes
Real estate agents work off commissions so it is in their best interest to close a deal quickly. Always take the time to check out several homes and to take the surrounding areas into account. Searching for local listings and even leveraging social networks is a good way to know which homes are available.
Never settle on the first home as all other options should be carefully considered.
Securing financing ahead of time
Without proper financing a deal cannot be made. Fortunately, first time home buyers have a plethora of options available including financing programs from the government. One such program is the First Home Owner Grant which provides eligible applicants up to $7,000 towards the purchase of a home.
Financing is a crucial part in the home buying process. The terms and conditions of the loan will have a large impact on the total purchase price of the home.
Make a reasonable offer
The next step is to make an offer on a suitable home. The seller will either accept the offer or issue a counter offer. Once terms are agreed to by both parties, funds are then transferred to an escrow account to initiate the process. This step is extremely important as negotiations are key to getting ideal terms.
Close the deal
Before closing a deal, a home inspection must be done. Home repairs are costly and failure to disclose them could potentially rescind the deal. But if the inspection has revealed no major problems, the final step is to complete all the necessary paperwork assuming nothing goes wrong.
The process is time consuming but being prepared is paramount to successfully finish the purchase.
About Aveling Homes
Aveling Homes is an award winning home builder based in Perth dedicated to providing exceptional service. Find out more about our display homes and packages for our houses and land for sale in Perth WA by contacting one of our representatives today.
Visit the Aveling Homes website at http://avelinghomes.com.au for more details about our services and available financing options for first time home buyers.
Aveling Homes Contact Information
24/7 Metro Sales: (08) 6144 1000
24/7 Sth West Sales: 6144 1001
South West: southwest(at)avelinghomes(dot)com(dot)au