AVONDALE, Ariz., Nov. 15, 2010 (GLOBE NEWSWIRE) -- With tepid economic forecasts, nationwide investigations into foreclosures and a cloud of uncertainty, many are wondering if now is the right time to consider buying a home. In spite of sometimes confusing reports, the National Association of Exclusive Buyer Agents (NAEBA) advises homebuyers that with preparation, education and buyer representation, today's market can yield bountiful benefits for home buyers. Mortgage interest rates are at an unprecedented low, and housing prices have not yet recovered.
"While the market conditions have dramatically shifted, we have long advocated that buyers understand the breadth of the home buying process and home ownership in order to assess the best housing and financing options for their individual needs," says Benjamin Clark, 2010 President of NAEBA.
Armed with the following five tips, home buyers can confidently shop for their new home:
- A short sale can be a long process. In a short sale, the property is sold for less than the outstanding loan balance. In this economy, short sales have received a lot of attention but many buyers may not realize that short sales may in fact be a lengthy, complex process requiring multiple approvals.
- Set a realistic budget. Low housing prices make it even easier for home buyers to stay on budget. Rather than shopping at the upper end of your budget, go a little lower to allow you to comfortably afford your home in the event that you experience a reduction in income.
- Buy with a long term view. If you plan to sell your home in a year, you risk losing money, even if prices rise slightly. Buy with plans to stay put for a few years to maximize your investment.
- Don't skip the details. In addition to reading the fine print and researching the neighborhood, get a home inspection to ensure that you are not later surprised with unexpected repair costs.
- Choose a representative that will advocate for your needs. Exclusive Buyer Agents (EBAs) only work with home buyers and always represent the interests of the buyer throughout the entire real estate transaction.
Visit the NAEBA website at http://www.naeba.org for more information on home buying or to find a buyers agent in your area.
Kimberly Kahl, CAE, Executive Director
National Association of Exclusive Buyer Agents
Phone: 800-786-1570
Email: kkahl@naeba.info
The National Association of Exclusive Buyer Agents (NAEBA) (http://naeba.org) is an organization of companies dedicated to representing only buyers of real estate. NAEBA member brokerages do not list homes for sale and never represent sellers. This restriction to one side of the real estate transaction avoids conflicts and ensures that the interest of the home buyer is protected at all times from house-hunting and negotiation, to inspection, financing and closing.
NAEBA is pioneering a nationwide effort to give today's home-buying consumers the level of service they deserve and are increasingly demanding. NAEBA members firmly believe that home buyers have the same full and equal representation rights as sellers in any real estate transaction. NAEBA, in existence since 1995, is comprised of Exclusive Buyer Agencies in most areas of the United States and in some international markets.
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