We are facing a challenging time as we work together to combat COVID-19 in our country and even our own neighborhoods. With so much uncertainty in the air, is it a good time to think about buying a house? Especially as a First-Time Home Buyer?

The housing market can be highly seasonal, sales are typically low through the start of the year and then heats up in the spring and through the summer, like the weather. Unfortunately, the COVID-19 pandemic has changed those trends because of lockdowns and social distancing measures. The number of homes sold has fallen but prices appear to be holding steady for now.

Are there any benefits to becoming a First-Time Buyer right now?

Low-Interest Rates:

Interest rates have been dropping to an all-time low as a response to the COVID-19 pandemic. Real estate is one of the largest economic sectors; lowering the interest rate is an attempt to entice more people to purchase a home.

There are also various government incentives that may help first-time buyers...

Buying your first home is a scary and exciting process because it’s a HUGE commitment. It’s easy to get swept up in the excitement of home shopping and mistakes can leave you with buyer’s remorse later.

Here are some First-Time Homebuyer Mistakes you may want to avoid:

1) Looking For a Home Before Applying For a Mortgage.
A common mistake that many first-time buyers make is to start viewing homes before they get in front of a mortgage professional. You may end up behind the ball if you find a home that you love and end up losing the property by not being pre-approved for a mortgage.

2) Draining Your Savings
It may not be a good idea to spend all or most of your savings on the down payment and closing costs, especially with the current events. It is a good idea to have three to six months of living expenses in an emergency fund no matter if you plan to buy a house or not.

3) Buying More House Than You Can Afford
It is easy to fall in love with a home that may stretch your budget...