If you are one of many first time home buyers in Idaho Falls, congratulations on taking your first step to owning your own home. The process can be a long one but it will be well worth it in the end. With the first time home buyer tax credit extension coming right around the corner, this is a great time to be looking for your first home, but at the same time, you want to make sure you are still going to end up with the home you truly want.

The first step to buying a home is to write down all the items that you are wanting in a home including the number of bedrooms, a basement or not, backyard, square footage, what your budget is and how flexible is it, the number of bathrooms and size of kitchen you are wanting, just to name a few.

When looking for your first home you may decide to have a real estate agent help you with the process or not, the choice is up to you. With hiring a real estate agent you will be able to give them the things that you are looking for in a house so they can narrow down the search for you. A real estate agent has access to homes that are listed under other agents and companies also, so they are not limited to what they can offer to you.

When you decide which home you are planning on purchasing you need to ask yourself a few questions: Am I going to be happy living in this area? Can we afford this on a monthly basis without spending 60 percent of my income on a mortgage? After you answer these questions you will have a much better feel for if the house is for you or not.

Because of the economy, many people are now finding it hard to keep up with their mortgage payments, among other things. What with the rising cost of gas, groceries, utilities, and every other necessity in life, it has become impossible for many to keep up. There are now many unemployed and finding it hard to fins a job when there are hundreds applying for each job that becomes available.

In Idaho Falls, it is no different than any other part of the country. Many are finding it hard to make ends meet. Instead of losing their homes or ruining their credit, they opt to sell their home for less than what they owe on the existing mortgage. If they can get the approval of the bank or mortgage company, they will sell their home for less than what they owe on it and their credit will not be ruined. When a home is sold this way, it is called a short sale because the sale fell short of the balance of the mortgage owed.

Short sales can be found all over the country so whether you live in Idaho Falls or Kansas City, you can find one if you are searching for one in your area. Many bargains can be found in the country today if you are looking to buy a home. Look around, check out the real estate ads, call your local banks, and check out the classifieds. You will find a home to fit your family’s needs.