In 2011 we’ve been hearing about a tremendous number of parents helping their children to buy their first home. With that trend in mind, we asked our System members for their best piece of advice for those parents guiding their children through the search to find their own nest.

1. Channel your inner financial advisor

As the voice of home buying experience, gently remind your children not to look in a price range they will struggle to keep up with. Encourage them to put 20% down and thoroughly investigate the best mortgage rates. Diana Taglianetti, http://c21alliancenj.com/

2. Make the rounds

Go with your children to see all of the properties they are interested in, not just the one they like the most. This way you will have a few places to compare and when you give advice, they know you are basing it all the listings you’ve seen together. Rick Opperman, http://rickopperman.com/

3. Remember who the buyer is

When looking at properties, keep in mind that this will be their home, not yours. They are the ones who will actually be living there. Just because you do not like a particular feature, doesn’t mean they place is not right for them. Be supportive and let your child take the lead on building the pro/con list. Brian Yoak, http://www.c21ag.com/

4. Walk in their shoes

Do you remember your first home? I’ll bet it wasn’t perfect either. If this were you, you probably couldn’t have afforded it. Usually by the point your child asks you to come see a property, they’ve narrowed their search significantly with the help of a trained professional and they are really only seeking your approval. Try to be open minded. Emily Silverness, http://www.century21duluth.com/

5. Plan for re-sale

Young home buyers often forget they will one day be sellers. They look for the features they want now, or the blemishes they can tolerate, but they don’t think about how those elements affect re-sale value. Be sure pose the question, “Will that feature make this place more difficult to sell when you’re ready to move?” Stephanie Armstrong Therrell, http://www.stephanietherrellrealty.com/

6. Stress stability

This is likely the largest investment your children will make in their lifetime. Ensure they don’t settle and that they choose a home they truly love. This way, they will hold on to the property longer, achieve financial stability and have time to save for their next home. Joelle Berni, http://www.century21award.com/

7. Wear the appropriate hat

Listen to what role your children are asking you to play in their home buying process. Do you they need help with finances? Talk to them about budget and finding the best rates. Do they want your opinion on the elements of home that meet their needs? Help them find a real estate professional they can trust and go to showings with them. Take the knowledge of life and pass it on to them with action. Jeffrey Scott Nickerson, http://www.c21northland.com/

Making an Offer

Once you’ve found your dream house, it’s time to get started with the financial and contractual side of the purchase. Let your CENTURY 21® professionals guide you through this process. Purchase contracts vary in length and terms from state to state, and within a state, from locality to locality. Because you and the seller have different goals, rely on your CENTURY 21 agent’s experience and expertise. He or she can bring order and calm to the process and will know what questions you may not know to ask to help you reach a favorable outcome. Multiple offers on the same home are not uncommon, so you may only get one chance to make an offer that the seller will consider. That's why it's important to think carefully about your strategy. In most cases it is better to have your real estate professional negotiate the offer. If you have any personal interaction with the homeowner, don't give out any information about your move, your current housing status, financial status or your feelings about their property - positive or negative. This could hurt you in future negotiations.

A bridge loan is short-term loan that is used until a person or company secures permanent financing or removes an existing obligation. This type of financing allows the user to meet current obligations by providing immediate cash flow. The loans are short-term (up to one year) with relatively high interest rates and are backed by some form of collateral such as real estate or inventory. Bridge loans are also known as interim financing, gap financing or a swing loan. As the term implies, these loans "bridge the gap" between times when financing is needed. They are used by both corporations and individuals and can be customized for many different situations. For example, let's say that a company is doing a round of equity financing that is expecting to close in six months. A bridge loan could be used to secure working capital until the round of funding goes through. For an individual, bridge loans are common in the real estate market. As there can often be a time lag between the sale of one property and the purchase of another, a bridge loan allows a homeowner some flexibility.

Now that you know what you're looking for, the next step is figuring out what you can afford. A review of your income, savings, monthly expenses, and debt will be necessary. Early on in the process, you'll want to get pre-qualified for a mortgage loan, which helps determine how much you can afford. It enables you to move swiftly when you find the right home, especially when there are other interested buyers. It also indicates to the seller that you are serious and can afford to buy the property. A pre-approval is a simple calculation done by a mortgage lender that tells you the amount you'll be able to finance through a loan and what your monthly payment will be. When you find a home to buy, a pre-approval also reassures the seller that you have the financial means to purchase his or her home. Know what you can afford is the first rule of home buying, and that depends on how much income and how much debt you have. It pays to check with several lenders before you start searching for a home. The price you can afford to pay for a home will depend on several factors, such as: gross income the funds you have available for the down payment, closing costs and cash reserves required by the lender your debt your credit history the type of mortgage you select current interest rates

Buying a home is one of the most important decisions you will make. That's why it's in your best interest to choose an experienced real estate agent who listens to and understands your needs, and works in the area where you want to live. When you choose a CENTURY 21 Agent, you're dealing with an experienced professional who understands your concerns and will provide you with the personalized service that makes all the difference. CENTURY 21 is in 42 countries, 7,800 offices, 104 languages, and represented by 143,000 agents who understand the life changes that real estate decisions can bring. What should you expect in your first meeting with a real estate agent? A CENTURY 21 agent typically will talk to you about the neighborhood where you want to live, home prices, schools, transportation, and the surrounding commercial and residential areas.

A lease option is an arrangement between you and a seller to exercise the option to buy a house after you have rented it for a specific period. A portion of your rent would be applied toward the purchase if the option is applied. This is referred to as rent credit, which most institutional lenders will accept as part of the down payment if rental payments exceed the market rent and if a valid lease-purchase agreement is in effect, a copy of which must be attached to the loan application. Read any lease option arrangement carefully for details on transferring the option and other important concerns. For information on lease options, contact your real estate agent (some even specialize in such transactions) or read up on lease options at the public library or on the internet. If you have a real estate attorney, ask if he or she has any prepared information you can review.

Before deciding which house to buy, think about your lifestyle, your current and anticipated housing needs, and your budget. It’s a good idea to create a prioritized list of features you want in your next home – you'll soon discover finding the right house involves striking a balance between your "must-haves" and your "nice-to-haves." To start, consider your lifestyle. If you love to cook, you'll want a well-equipped kitchen. If you're into gardening, you'll want a yard. If you're planning your office at home, you may want a room for a separate library or work space. If you have several cars, you may require a larger garage. Use this list as your search guide. Next, think about what you might need in the future. As you consider your housing needs, it's important to consider how long you may live in your home. If you're newly married, you might not be concerned with a school district right now, but you could be in a few years. If you have aging parents, you may want to look at homes that offer living arrangements for them as well as you. It’s important to think about your new home’s location just as carefully as you do about a house’s features. Location is a huge part of any move. In addition to considering the distance to work, you need to evaluate the availability of shopping, police and fire protection, medical facilities, school and day-care, traffic and parking, trash and garbage collection, even recreational facilities. Perhaps the most important decision is deciding on the type of home you want. Do you want a condominium or a co-op? A town house or a detached single-family home? Do you want brick, stone, stucco, wood, vinyl siding, or something else? Do you prefer a new home or an older one? Through all of this, make sure to talk to your real estate professional about where you want to live. While more buyers now use the Internet to gain access to listings, or available properties for sale, it is still a good idea to use an agent. The agent brings value to the entire process: he or she is available to analyze data, answer questions, share their professional expertise, and handle all the paperwork and legwork that is involved in the real estate transaction. CENTURY 21 professionals have the expertise to help their clients narrow down their choices by sharing market trends and local information.