If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.
Ask yourself the following 3 questions to help determine if now is actually a good time for you to buy in today’s market.
1. Why am I buying a home in the first place?
This truly is the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.
For example, a recent survey byBraunshowed that over 75% of parents say“their child’s education is an important part of the search for a new home.”
This survey supports a study by theJoint Center for Housing Studies at Harvard Universitywhich revealed that the four major reasons people buy a home have nothing to do with money. They are:
A good place to raise children and for them to get a good education
A place where you and your family feel safe
More space for you and your family
Control of that space
What does owning a home mean to you? What non-financial benefits will you and your family gain from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.
2. Where are home values headed?
According to the latestHome Price IndexfromCoreLogic, home values are projected to increase by 5.3% over the next 12 months.
What does that mean to you?
Simply put, if you are planning on buying a home that costs $250,000 today, that same home will cost you an additional $13,250 if you wait until next year. Your down payment will need to be higher as well to account for the higher home price.
3. Where are mortgage interest rates headed?
A buyer must be concerned about more than just prices. The ‘long term cost’ of a home can be dramatically impacted by even a small increase in mortgage rates.
TheMortgage Bankers Association (MBA), the National Association of Realtors, Fannie Mae and Freddie Machave all projected that mortgage interest rates will increase over the next twelve months as you can see in the chart below:
Only you and your family will know for certain if now is the right time to purchase a home. Answering these questions will help you make that decision.
Author:Future Client Phone: 480-838-9613 Dated: December 6th 2016 Views: 593 About Future: ...
"How fast did your agent respond to your questions: 5 out of 5
How well did your agent use technology: 5 out of 5
How helpful was the support staff: 5 out of 5
How good was the auxiliary services we recommended: 5 out of 5
How did the closing go: 5 out of 5
How close did we meet your expectations: 5 out of 5
How likely are you to recommend us: 5 out of 5
Services used: Buy
How did you find us: Internet Search
Your most memorable moment
When, after looking at many, many possible properties, he took us to the home we purchased and made that experience go so smooth.......we needed to close in 3 weeks, which we did, and he walked everything thru quickly and all went simply great. We also had Mark Ulloa help us buy a small house so our kids could live close to us. This also was done expertly and with ease. I couldn't think of any other Realtor who could have handled our needs any better.
The moment you'd rather forget?
No. His is always on time, prepared and professional...........what more could you ask for.
We met Mark Ulloa from online ads and were trying to start the looking/buying process ahead of coming to Casa Grande to buy a house. He worked with us for many weeks, and when we came to the area and met with him, he had 5 days filled with possibilities. We were so pleased with his ability to listen and try to find what we were looking for. We did so on the 5th day. He put it all together within the 3 week time for closing etc. We couldn't have had a better experience. We have purchased homes in other states before much like this one, and can honestly say this was our best experience yet. We highly recommend Mark Ulloa and know he will give you the best service.
Not at this time, but always tell people about Mark Ulloa and our good experience with him. Thanks Sharon Logan"