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8 big mistakes first-time homebuyers make

Posted by Bonnie Martin Designated Broker on Friday, September 12th, 2014 at 8:05am. - The housing market is hot, thanks to favorable interest rates and home prices that remain relatively low around much of the country.

According to the National Association of Realtors, pending home sales rose sharply in May, with lower mortgage rates and increased inventory pushing home sales upward in all four regions of the U.S.

But along with a hot housing market comes increased competition for homes.

"There's not a high volume of home inventory out there," said David Norris, president and COO at non-bank mortgage lender loanDepot. "And many of the lower-priced homes are going for cash."

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Photo:  ©[Oleg Doroshin]/123RF.COM

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