The Urban League of Long Island will offer a free online workshop for first-time homebuyers on Wednesday.
The webinar will take place from 4 to 5:30 p.m. The nonprofit group and the State of New York Mortgage Agency, which offers low-interest home loans for first-time homebuyers, will provide information about mortgages, homebuyer education and counseling and options for first-time buyers looking for a home during the pandemic.
Mortgage rates are at record lows, falling to 2.8% this week, home loan giant Freddie Mac reported.
Despite the low cost of borrowing, Long Island's housing market has become increasingly challenging for first-time homebuyers.
The median price for homes in the region, outside of the East End, broke records in the July-through-September period, jumping to $500,000, a 6.6% increase from a year earlier, the brokerage Douglas Elliman and the appraisal company Miller Samuel said in their most recent report.
In nearly three out of 10 transactions during that period, bidding wars drove the final sale price above the listing price, the companies reported.
For more information about the webinar and to register, send an email to email@example.com, call 631-710-8332 or click here.