{at home} House Buying for Newlyweds 101

{preface} ~ I diverge from preppy and weddings today because I believe it's sometimes good to step back and look at the big picture. Because of my background in real estate (I am a real estate developer, multifamily investor & commercial broker), my experience buying my first house last July 2010 and my experience undergoing a full remodel, I've decided to start a section called House Buying for Newlyweds 101 to give guidance and inspiration to couples who are taking the next step and buying a "home" (whether that is a condo, townhouse or single family house)!

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House Buying for Newlyweds 101: To Buy or Not to Buy? While planning all the pretty details to your big day can consume most of your time, energy and money, what happens when all the DIY paper flowers, tulle & lace, and letter-pressed invitations go in the trash? You're left with thousands of dollars out-the-door that could've been spent on the down payment to your first house.

From 2002 - 2006 thousands of newlyweds bought their first home. The market was hot, the prices were steep, but financing was great! It seemed like the perfect next step for most married couples. Then the housing crisis hit in 2007 and to this day most soon-to-be married couples and newlyweds would rather rent than buy. According to Trulia's Q1 2011 report, in some major cities (like NYC), it is still cheaper to rent than buy (check it out); however, in most US cities buying a house in the current market is very affordable.Right now is the perfect time to buy! House prices have already dropped and mortgage rates are relatively low (sadly not as low as mid-2010), so if you are even remotely ready to buy and have the time and patience, start looking now!I began my house buying search with no intention of finding anything immediately. I was unmarried and childless, but tired of renting. I must have looked at dozens of houses until I was finally about to take a break and wait when my perfect listing popped up! Because I had done my research, I knew this house was a great deal! I was the first person to put in an offer, it was accepted 2 days later and I closed escrow in 14 days! I went from renter to homeowner in 2 weeks!Tip #1: DO YOUR RESEARCH ~ Know your market! How much can you afford? What are comparable sales in the area? Price per square foot?If you don't have an agent or broker already giving you access to the MLS (Multiple Listing Service), then head to these three free websites for up-to-date listings, recent sale info, market data, photos, etc... (these are my top 3):