TAMPA, Fla. — Buying a first home can feel overwhelming, especially in a competitive market. But housing experts say understanding the process before you start looking can make all the difference.
A workshop is taking place next week, Saturday, May 9, in Tampa, aimed at helping families learn what it takes to buy a home, from financing to closing.
Abigail Canete is a first-time homeowner and the first in her family too. She says the purchase was necessary.
“We were at our last address for about 5 years and believe it or not, our rent was just about as much in how we’re paying in mortgage now,” she said.
Canete said she tried to buy a home once before, but it fell through. This time she says the education provided by her lender helped her be successful.
“She kind of took us step by step and I think that’s the most important part when you’re a first-time homebuyer. You’re not going to know everything,” she said.
The National Association of Realtors found that the share of first-time homebuyers is at a record low of 21%.
Sasha Baez is a Senior Loan Officer with Guild Mortgage. She said that a lack of knowledge about the home buying process is a factor.
“We are right now in a market where inventory is low, the terms of interest rates are higher than they were a couple years ago, so what’s happening is it’s making families feel like they have to freeze,” Baez said.
That’s why Baez says they’re partnering with the Housing & Educational Alliance to educate people who are looking to buy.
She also says many in the Hispanic community she serves face language barriers.
“The language barrier becomes a problem. Sometimes they’re in there and they’re just signing. All they understand is that the home is going to be there’s at the end of the day, but they don’t even understand the process,” Baez said.
The focus of the upcoming workshop is getting low to medium income families into their first home.
For Canete, it was a process that only took a few weeks after she took the first step.
“I was scared in the process as well. I was scared to start the process,” she said.
But now that she’s become a homeowner, she says for her family, it’s been worth it.
“With kids, it was very important to acquire ownership of something that I could always pass on once I’m no longer here,” she said.
Homeownership that she says is letting her build generational wealth.
The free Freddie Mac CreditSmart® Essentials Workshop is taking place Saturday, May 9, at Career Source Tampa Bay from 10 a.m. to 12 p.m.
That’s located at 9215 North Florida Avenue in Tampa.
Attendees will learn:
How credit works, including how to read and improve credit reports
Smart financial habits for long-term success
Tools and resources to prepare for buying a home
Answers to their questions during a live Q&A session