You're ready to start looking for a house. Now that you've told your friends and family, they may not be up to date as to what's currently happening in real estate. Is it a good time for you to buy a home? Asking these questions will help you decide before purchasing in today's market.
Why am I buying a home?
Why now and why in this market? For most, the reason has nothing to do with finances. Most people don't buy just because they have the money.
Do these thoughts resonate with you?
- Need more space for you and your family
- A nice place to raise children
- Good school district for kid's education
- Control (no more renting)
- A safe place for you and your family
What benefits unrelated to finances will you and your family gain from owning a home?
Your heartfelt answer should be the biggest reason you decide to purchase or not. What direction are home values going?
Here is what the experts projected in a recent survey:
In 2015 home values will appreciate by 4%. in 2018 cumulative appreciation will be 23.5%. Even the most bullish experts still are projecting an overall appreciation of over 15.1% by 2019.
What direction are mortgage interest rates headed?
The long term cost of a home can be affected dramatically by mortgage rates. Currently, interest rates are very good.
in conclusion
Is it a good time to buy a home? The answer is truly up to you. Only you and your family know if now if this is the right time to own a home. Hopefully, thinking about these questions will help you make that decision.
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