3 Questions To Ask Before Buying Your 1st Home
The real estate market is constantly changing, so of course DO YOUR RESEARCH! DO NOT jump the gun on this one! Unbiased advice from family and peers may be kind, but you are the only one who knows what your needs are when it comes to buying a home.
WHAT MADE YOU WANT TO OWN A HOME?
Forget finances for a minute and focus on what made you want to buy a home!
- Is your family growing or merging together?
- Does your family feel safe?
- Is there an incredible school system in the area?
- Is your landlord unbearable?
- Are you tired of throwing away money on rent with nothing to show for it?
WHERE IS THE REAL ESTATE MARKET GOING?
DON’T SLEEP ON YOUR DECISION TOO LONG! Home prices are on increasing & the Days On Market for homes is getting short!
According to Existing Homes Sales Report from the National Association of Realtors (NAR), the average price of homes in May 2017 went up 5.8% from last year.
If you wait until next year to buy, you might be scrapping for change in the cushions or with the interest rates also increasing, you might not be able to comfortably afford that same house next year. Not only will it cost you more to buy, but you will also need to increase your down payment to account for the higher price of the home.
WHAT IS THE MORTGAGE FORECAST?
The initial process of purchasing your home may seem easy and quick, but there is lot to it actually! The ‘long term cost’ of buying a home WILL haunt you if you buy at the wrong time! Mortgage Bankers Association (MBA), and NAR have projected that mortgage interest rates will increase over the next twelve months. The smallest increase in mortgage rates can have a huge impact on a home owner.
FINAL THOUGHTS
If you and your family feel it is the right time to buy a home then do it! Consider these points when making the final decision.
Don’t forget, this move is for you! We look forward to helping you find the right home when the time is right for you!