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10 tips for first-time homebuyers

Published: Thursday, July 17 2014 12:17 p.m. MDT

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Being well-informed about the local housing market can give you an advantage over experienced buyers who are out of touch with the trends.

"First-time buyers are very savvy and sophisticated about what's going on," Baron says, "whereas someone who has been around a long time -- they think they know it all."

First-timers normally account for about 40 percent of home purchases, according to the National Association of Realtors (NAR), but only accounted for 38 percent in 2013. If you're wondering how you compare to other first-time homebuyers, here are some statistics from the NAR's 2013 Profile of Home Buyers and Sellers:

Median age: 31
Median income: $64,400
Typical house size: 1,900 square feet
95 percent of first-time buyers financed their home purchase

The bottom line is that purchasing a house today is "challenging," to use Pozek's word, for first-timers. But don't be discouraged. Follow these tips and you'll have a greater chance of securing the home you want.
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