The real estate market is constantly changing, so of course, do your research! Buying your first home is certainly not a journey to embark on lightly. Naturally, you’ll likely get some unsolicited advice from well-meaning family and peers, but you are the only one who knows what you need when it comes to buying a home.
Consider these questions:
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?
- Are you looking for a safer neighborhood?
- Thinking of moving to a community closer to a better school so your children can get the education they deserve?
This initial consideration will help steer you toward the type of home and community you’re looking for.
Which way is the Real Estate Market Headed?
Currently, home prices are on the rise. Not only are they on their way back up, but these increases are happening monthly. Once you determine exactly what you want in your home, you may not be able to “sleep on it” or another buyer may come in with an offer before you do.
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% when compared to May of 2016.
If you wait until next year to buy, not only will it likely cost you more to buy, but you will also need to come up with a larger 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 to 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 definitely 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, contact me today to get started. Consider these points when making the final decision.
Don’t forget, this move is for you and your family!