First-time home buyers

Tampa, Florida - A new report released today by the National Association of Realtors says that existing home sales went up 5.1 percent in February.

Travis Claytor is a first-time home buyer. "It's a great time to be buying a house. Prices have come down, interest rates have come down," he explained.

Claytor is not alone. Experts credit first time homebuyers for the increase in home sales.

"I think that most economists in Tampa would say that we're pretty near the bottom in terms of the price decline," said Andrew Duncan, an agent with Keller Williams Realty.

Experts also believe that part of the reason for the five percent increase in existing home sales last month is the $8,000 rebate offered to first-time home buyers. They expect sales to go up even more come spring time.

"Even if prices did drop a little bit more, if interest rates were to rise, which there is certainly a possibility of that, you'd offset the gain by getting a lower price. So, I believe it is the best time to buy."

It can be an intimidating time for first-time buyers.

"Inspections, financing, the survey, dealing with the lenders side, showing documentation of your income, showing your taxes," explained Duncan.

He said your first step is figuring out what you can afford.

"Make sure you're prequalified for the loan, make sure you have a down payment, make sure that the payment is something that you're comfortable with and make sure you're comfortable with the purchase," he said.

The process has been lengthy for Claytor and his fiancee. They started looking in October and now six months later, they've finally found the place they'll soon call home.

"You know, we wanted to get out there and get something that was perfect for us and we wanted to get a good deal and I think that's what we got," said Claytor.

• For more tips for first-time homebuyers, click here.
• To see the full report on the latest housing sales, click here.