Every person who dreams of owning a home has to answer that question individually based on a variety of factors — ranging from their personal financial picture to what’s available in their market to how long they plan to stay in one place.

While searching for and buying a home during the COVID-19 pandemic presents some challenges, with mortgage interest rates at an all-time low, for some it may be an ideal time to buy. Thankfully, the real estate industry has quickly adapted to the current circumstances and is leveraging technology that allows buyers to continue their home search virtually and close transactions using safety precautions or remote online notarization.

One of the biggest challenges buyers have faced in the last several years is a shortage of inventory. With the health crisis and stay-at-home orders, some sellers have pulled out of the market or delayed listing their properties, which only exacerbates the inventory challenge.

If you are a buyer in today’s marketplace, make sure you’re working with a Realtor®, a member of the National Association of REALTORS®. Realtors® understand the local market and can help guide you through today’s unique challenges, leveraging creative solutions to help make your dream of homeownership a reality.

Historical data, going back 50 years, shows that mortgage interest rates have never been lower. So, it sure sounds like a good time to consider refinancing, but this is a question to discuss with a lender or qualified financial planner.

If you do decide to refinance, be prepared: Lenders I’ve talked to are managing a high volume of applications, so you’ll need patience — along with outstanding credit. More than 2 million borrowers have sought forbearance on their mortgage payments as a result of the current situation. Some lenders have responded by tightening credit standards, including raising minimum credit scores. So make sure your financial house is in order, you’re continuing to pay bills on time, and you’re keeping debt manageable.