If you are debating purchasing a home right now, you are surely 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 real estate. Let’s look at whether or not now is actually a good time for you to buy a home. There are 3 questions you should ask before purchasing 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 finances. A study by theJoint Center for Housing StudiesatHarvard Universityreveals that the four major reasons people buy a home have nothing to do with money:
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 the space
What non-financial benefits will you and your family derive 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?
When looking at future housing values, Home Price Expectation Survey provides a fair assessment. Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number. Here is what the experts projected in the latest survey:
Home values will appreciate by 4.4% in 2015.
The cumulative appreciation will be 19.3% by 2019.
Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of over 11.7% by 2019.
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 an increase in mortgage rates. TheMortgage Bankers Association (MBA), theNational Association of Realtors andFreddie Machave all projected that mortgage interest rates will increase by approximately one full percentage over the next twelve months.
Only you and your family can know for certain the right time to purchase a home. Answering these questions will help you make that decision.
Author:Dawn Borkowski Phone: 864-313-4608 Dated: April 13th 2015 Views: 420 About Dawn: ...
With approximately 50 years combined experience, Guest Group brings a wealth of varied experience in both Residential and Commercial Real Estate.
We are loyal, ethical and very dedicated to our clients. We give exceptional service and continue to have our clients for life. We compliment each other and understand the Real Estate Industry and the Local Market.
We have strong negotiating skills and transaction servicing that will ensure you of a successful real estate experience.
Hi everyone,It is April 1, 2020 - but there is no fooling around!
"Kim Guest is an amazing agent. She was patient with me while purchasing my home after my husband passed away. She had to show me several homes and at that time I was very hard to please, showing me homes in evenings and weekends. Kim is a very passionate and knowledgeable agent. She worked very hard on getting me the home I wanted and seen me through my closing. Since I want to sell my home now Kim is the agent I turned to for that. She is my RE agent for life.