First home byers need to hhave a "take no prisioners" mind set when buying a home.

First home buyers that are buying their first home need to leave the emotions at the door when going to negotiate a property purchase in this market.
You have an obligation to yourself and your family to drive a hard bargain and get value.
For one thing we don't know where the bottom is.
Home prices may seem low to you now, but what will they look like in 18 months time? A bargain, or an overpriced millstone. We simply don't know and can't tell till we arrive there.
Whether you intend to live in it or rent it, you owe it to your future financial well being to pay the lowest price possible.
The first rule is to know that your friendly real estate agent is not your friend. He or she is working for and being paid by the seller.
Real estate agents love the inexperienced who have not heard their lies before.
Don't rely on anything they say about the value of the property, and how many buyers they have lined up.
The old rules of buying property don't apply to this market. We may have missed thus far the worst of what has happened in the US home market, and what is happening to the UK market, but I know that in the past we have followed those markets by about 18 months.
Unless you are buying an outstanding home in a great area, expect that tomorrow's price will be lower than today's bottom price.
Here's a few rules to stick by.

1. Don't be in a hurry. Let time work in your favour.
2. Know your needs and the area you need to buy in. Buy needs values not wants values.
3. Know your future needs and how this purchase will deliver those needs for you.
4. Know your budget. Ensure a buffer should the worse happen.
5. Work on the valuation of an independent valuer for the real value of the property as these will be factoring in falling values that are yet to be seen.
6. Don't get emotionally involved with the seller or the property.

Do these things and as a first home buyer you will buy value and even if the price goes lower you will be able to weather the storm.

First home buyers get a triple Christmas gift as home sales slump, bigger buyer grants are offered with low mortgage rates

Its looking a look like the best Christmas ever for first time home buyers in Queensland Australia.
Firstly, first home buyers are about to enjoy the lowest mortgage rates ever if recent mortgage predictions are correct. The constant deep slashing of interest rates is set to continue, witha whatever it takes [to avoid a recession] attitude driving the RBA and Federal Government decisions.
Secondly the offer was sweetened somewhat with the double of the first home owners grant for buying an estatblished home, and thripling it for new ghome contruction.
ANd now we are are getting a reports that in Queensland their is a mass movement of sales people away from Real estate sales to other areas as the property market and sales slump. This can only mean that the price being asked by real estate agents and expected by property owners is not in accord with true market values and that has to mean a big shift downward in property prices.
So if you are lucky enough to be in a position to buy a home right now you will do very nicely if you drive a bargain.

Mortgage rate prediction for first home buyers

Mr Mortgage has made his biggest mortgage rate prediction yet for first home buyers.
He says that mortgage rates are on there way down to the lowest levels, possibly in Australia's history. If a first home buyer couple who have stable jobs, and the ability to get another job should you lose the one you have, or if you are in a job the is recession proof [like food services or repairs, or budget gear] then now may be your greatest time to buy you first home that you will ever see.
The rule of buying is buy in a buyers market and buy distressed stock. When buyers go to water and sellers are desperate to sell, you have the recipe to get a bargain.
And Australia's in a great financial position to weather the storm because the Reserve Bank has plenty of rate reduction it can use to bolster the economy if it needs to, unlike some European nations and Japan and the US who has little to play with as interest rates are already low in those countries.
Author: Mr Mortgage