3 Questions to Ask Before You Buy Your Dream Home

By
Mortgage and Lending with The Christian Penner Mortgage Team NMLS# 368289

3 Questions to Ask Before You Buy Your Dream Home

3 Questions to Ask Before You Buy Your Dream Home

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 interests 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 a good time for you to buy in today’s market.

1. Why am I buying a home in the first place? 

This is truly 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 survey by Braun showed 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 the Joint Center for Housing Studies at Harvard University which revealed that the top four reasons Americans 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 latest Existing Home Sales Report from the National Association of Realtors (NAR), the median price of homes sold in May (the latest data available) was $252,800, which is up 5.8% from last year. This increase also marks the 63rd consecutive month with year-over-year gains.

If we look at home prices year over year, CoreLogic is forecasting an increase of 5.3% over the next twelve months. In other words, a home that costs you $250,000 today will cost you an additional $13,250 if you wait until next year to buy it.

What does that mean to you?

Simply put, with prices increasing each month, it might cost you more if you wait until next year to buy. Your down payment will also need to be higher in order to account for the higher price of the home you wish to buy. 

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.

The Mortgage Bankers Association (MBA), NAR, and Fannie Mae have all projected that mortgage interest rates will increase over the next twelve months, as you can see in the chart below:

3 Questions to Ask Before You Buy Your Dream Home | Simplifying The Market

Bottom Line

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.

 

 

 

Read from source..>>

 

//


Questions, Comments or For more information you can contact Christian Penner at: (561) 316-6800 or Office Text Line: 561-530-2223 - visit us online at www.ChristianPenner.com

The Christian Penner Mortgage Team,

Buyer Referral Hotline : (561) 316-6800


Or You can click "Call Me" below to call Christian Penner directly using Google Voice


blackwhite#ChristianPenner, #MortgageBrokerWestPalmBeach talks about #RealEstateWestPalmBeach. He also serves other Local Areas and provides home #MortgageSolutionsforPalmBeachGardens, #Jupiter, #BocaRaton, #Wellington and #Tequesta. #ChristianPennerMortgageBrokerJupiter has the #lowestmortgagerates and the best #homemortgage programs like; #Jumboloans, #FHAHomeLoans, #VAHomeLoans, #ReverseMortgageHomeLoans, #FreddieMacHomeLoans, #FannieMaeHomeLoans and #HARPMortgageLoans. #ChristianPennerMortgageBrokerPalmBeachGardens has Served the area for over 15 years with his #HomeLoanLending Needs and Works with #TheChristianPennerMortgageTeam.
#AskMeAboutAMortgage #PalmBeachMortgageLender #WestPalmBeachMortgageLender #PalmBeachGardensMortgageLender
You Can Also Find Him On
fb mortgageFacebook at: https://web.facebook.com/YourMortgageBanker/

- - -

Christian Penner
712 U.S. Highway 1 North #300, North Palm Beach, FL 33408

Buyer Referral Hotline: (561) 316-6800 | Office Text Line: (561) 530-2223

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Florida
Tags:
real estate market
buying a home
buy a home
purchasing a home
existing home sales
owning a home
median price of homes
search for a new home
buy in todays market
getting a lot of advice
home prices year

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
224,539
Rick Frissell
HomeXpress Realty - Valrico, FL
aka "The Red Baron of Real Estate"

Wow, think about 5 years of consecutive of price growth.  Had not looked at that stat.  Also, thanks for the estimated rate forecast.  Another amazing number.

Jul 18, 2017 04:38 AM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
506,331

Christian Penner

Your Mortgage Lender - 561-316-6800 | 561-373-0987
Ask me a question
*
*
*
*
Spam prevention