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 and you will be the one making those monthly payments. Lets look at 3 questions to ask before buying your 1st home.
What Made You Consider Owning A Home?
Forget finances for a minute and focus on what made you consider even buying a home in the first place!
- Is your family expanding?
- Does your family feel safe?
- Is there a STELLAR school system in the area so your children can get the education they deserve?
- How about that unbearable landlord?
Which Way Is The Real Estate Market Going?
DON’T SLEEP ON YOUR DECISION TOO LONG! Home prices are on the rise! Not only are they on their way back up, but these increases are happening monthly.
Don’t believe me? 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 the prior year.
If you wait until next year to buy, you might be scraping for change in the sofa cushions, to say the least! 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 MORE TOO IT! 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 homeowner.
If you and your family feel it is the right time to buy a home then GO FOR IT! Consider these points when making the final decision.
Don’t forget, this move is FOR YOU AND ABOUT YOU!