It’s a well-known joke that basically every real estate agent will always tell you that now is a great time to buy a house. Apparently there’s literally never a bad time. However, with mortgage rates currently at truly historic lows, those realtors may be right. Even ballooning housing prices don’t seem to affect affordability much. You only have to look at recent housing activity to see what others think. The market is on fire lately, in most parts of the country. It’s now the norm to see multiple bids (over the asking price) on any reasonably priced home. If you’re in a position to buy, you could do much worse than taking the plunge now.
However, if this is your first home purchase, there’s a good chance you could use some guidance. Home buying is a big process, involving a lot of paperwork and plenty of pitfalls. Here are some of the biggest home buying mistakes that newbies often make.