By Adam McCann | WalletHub
Buying a home for the first time is an exciting and important milestone for many Americans. Their purchases make up a sizable chunk of the market, too. In the fourth quarter of 2019, 39% of all U.S. single-family home purchases were made by first-time buyers. This year, though, Americans may be conflicted on whether it’s a good time to purchase a first home. While many people have been financially hurt by the COVID-19 pandemic, mortgage interest rates have also hit record lows.
For people willing to take the risk to invest in a house this year, the search for a first home requires careful consideration of a number of factors. Buyers must balance what they want and need with what they can afford. Often, people begin searching for their dream homes without a realistic idea of market prices, interest rates or even their eligibility to get a mortgage.