The real estate market is constantly changing. Sooooo…DO YOUR RESEARCH! Do not jump the gun on this one! Advice from family and friends may be kind and well meaning but you’re the only one who knows what your needs are when it comes to buying a home.
That’s why you should take some time and ask yourself the following three questions before you make the big (and rewarding) plunge into home ownership.
1. 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?
2. 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 us? 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 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.
3. 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 DEFINITLEY increase over the next twelve months. The smallest increase in mortgage rates can have a huge impact on a home owner.
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!
If you have any questions, feel free to ask me. I’m here to help so just send an email to Rachel@RachelKayla.com.