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Think long-term when considering a home purchase

Families considering moving into their first home should think of it as a long-term investment.

Families considering moving into their first home should think of it as a long-term investment.

Consumers who are looking to purchase their first home may be hesitant to lay down their hard-earned money on a house with the market in such dire shape. With home prices so low, families may not see the value in buying a starter home - one they can live in for a two to three years - because they may have trouble unloading it down the line.

A new report from Bankrate says homebuyers should cast aside their idea of a starter home, and instead, think longer term, such as a seven to 10-year commitment. Considering a new home purchase in this manner may make contacting a moving company, packing up moving boxes and relocating to a new home more realistic and sound financial options.

According to the report, families looking to make their first home a beneficial investment should be conscious of the area they will be living in.

"Find a neighborhood that's stable - where yards are maintained, where there's not a lot of 'for sale' signs, where there's not a lot of 'for rent' signs, where you have longer-term people living in that neighborhood - because those are the ones that are going to get you the best return later," Scott McDonald, president of RE/Max Gateway in Chantilly, Virginia, told the news source.

With the market currently favoring buyers, now may be the best time for a family in search of a new house to explore their options.