Paul Picard's blog

I am a first-time home buyer and this is my Tale. It all began with our (my and my wife's) decision to buy our first home. You can read the previous chapters in our tale here. Our story continues below...

Being "Ready"

I am a first-time home buyer and this is my Tale. It all began with our (my and my wife's) decision to buy our first home, then we checked out the Money Matters, and now the house hunting begins. Read all about our first day out below.

House Hunting Begins

Last week I told you the beginning of my Tale of a First-Time Home-buyer. Below, my story continues...

Money Matters

So, we want to buy a house. That much is determined. How are we going to do that, you ask? That’s a great question. When you find out, please let me know.

Just a few short months ago, buying a house wasn’t even on my radar. No way I would even think about committing to spend that much money. No chance. Nope. "And not you or anyone else is going to make me change my mind!" I said to the world.

But then I got married. And well, my whole perspective changed. I was suddenly starting a life together with someone else. And a house soon became part of our not-so-distant future plans.

ANSWER: Wires improperly bolted to deck

This electrical lateral is bolted to the second-level deck on this home, which is a major life/safety hazard for the people living there. The contact with the wood can also lead to premature deterioration of the wire sheathing, which can cause fires. All laterals and drops should have at least 10 feet of clearance from grade, and at least 15 feet of clearance from the ground.

The top story this week from Realty Times is that there are "solid indications" that not only is the real estate market recovering but that it will recover faster than the rest of the economy.

Fannie Mae has instituted a new REO (Real Estate-Owned) home sales program called “First Look.” This program bars investors from bidding on these properties for the first 15 days, thus granting home buyers who plan to personally occupy the home a “First Look.” Fannie Mae controls thousands of these REO properties, which are repossessed houses that Fannie sells through real estate brokers.

There is encouraging new evidence that the floundering housing market has begun to rebound. A proverbial “perfect storm” of favorable home buying conditions, particularly for first-time home buyers, is spearheading a buying surge in a seller’s market.

According to the latest survey from the National Association of Realtors, home sales are up in all four major regions of the country. In October alone, sales of single family homes, townhouses, condominiums, and co-ops swelled by 10%, and are currently 24% higher than just one year ago.

Good news for those who weren’t able to take advantage of the $8,000 first-time homebuyer’s tax credit: it’s being extended! The program was scheduled to end this month; however, President Obama recently signed a bill to extend the program through June 2010.