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Keller Williams announced Tuesday that it is releasing an updated version of Your First Home, a book that aims to walk consumers through the process of buying their first homes.
The book runs 280 pages and includes information on vetting agents and lenders, finding the lowest possible interest rates, writing successful offers and negotiating with sellers. Keller Williams’ co-founder and Executive Chairman Gary Keller and Vice President Jay Papasan wrote the book, though a statement from the company notes that it is based on “hundreds of interviews and in-depth research with real estate agents and consumers.”
“This book’s goal is to be your trusted guide and help you know what to expect,” Keller said in the statement.
The book first hit the market in 2008 and according to Keller Williams has since sold 50,000 copies. Keller Williams describes the newly announced edition as an “expanded” version of the text that was rewritten to reflect the current homebuying landscape.
That means the book now has information on sorting through internet listings as well as resources on growing trends, such as house hacking. The new version also includes more information on diverse property types, worksheets and additional interviews.
A Keller Williams’ spokesperson told Inman Tuesday afternoon that more than 2,000 copies of the book had sold in the last 24 hours.
The book’s first chapter is available for free and walks consumers through principles, such as price appreciation, home-related tax issues, down payment options and the workflow of moving through a real estate transaction, among other advice. The full text is available via all major book retailers.
The book hits the market at a strange time for real estate consumers. Over the last two years, low mortgage rates helped fuel record price appreciation for homes in numerous U.S. markets. The trend was a boon for existing homeowners, but made buying a home more competitive than ever.
However, recent months have seen rates rise significantly and the market slow. Prices are still elevated compared to two years ago but buyers now have to contend with potentially larger payments due to higher rates as well. All of this means that the current moment is a challenging moment for first-time homebuyers to be entering the market.
The debut of Your First Home‘s new edition appears timed to capitalize on the unique challenges facing consumers right now. And in Tuesday’s statement, Keller encouraged consumers to take the plunge and buy a house.
“What’s great about owning a home,” he said, “is that it can lay a solid foundation for your financial future while also setting the tone for your personal lifestyle.”