Jeremy Mateo, 27, is a real estate broker in Hawaii and bought his first home, a one-bedroom condo for $560,000 in Honolulu, right before the coronavirus pandemic upended life in the U.S.
Since Mateo closed on his home in March 2020, the real estate market has been on a tear. At first, the pandemic shut down the entire market. By summer, he says buyer demand soared once the Federal Reserve announced it would hold benchmark interest rates near zero through 2022 and mortgage rates sunk to historic lows, “and that’s when all of real estate just started going crazy here in Hawaii.”
Buying a home at any time is a major decision, and right now, many housing markets nationwide are extremely competitive, causing home prices to soar.
So for those considering buying a home, whether in the next few months or next few years, Mateo shared with CNBC Make It the top three things first-time homebuyers should be prepared for.
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