3 Questions To Ask Before Buying A Home

Dated: 02/17/2018

Views: 104

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So you've decided to make the jump from renting to homeownership. Here are some things you NEED to know.

The real estate market is constantly changing, so you MUST do your research. DO NOT jump the gun on this one. Unbiased advice from family and peers may be kind, but you are the only one who knows what your needs are when it comes to buying a home.


1. 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?

· Does your family feel safe?

· Is there a good school system in the area so your children can get the education they deserve?

· How about that unbearable landlord?

Having a firm grasp of your "why" is an important step, not only for you to stay focused during the process, but also to help your agent guide you down a path that aligns with your goals.


2. WHICH WAY IS THE REAL ESTATE MARKET GOING?

Don't sleep on your decision too long. Home prices are on the rise. Contrary to popular believe, we are not in a bubble. Not only are they on their way up, but these increases are happening monthly.

Don’t believe us? According to this Existing Homes Sales Report from the National Association of Realtors (NAR), the average price of homes in 2017 went up 1.1% from last year and is expected to continue rising if the housing market fails to improve.

If you wait until next year to buy, you might be scraping for change in the cushions to say the least! Not only will it cost you more to buy, but you will also need to increase your down payment to account for the higher price of the home. Which brings us to another important factor:


3. WHAT IS THE MORTGAGE FORECAST?

The initial process of purchasing your home may seem easy and quick, but there is much 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 increase over the next twelve months. The smallest increase in mortgage rates can have a huge impact on a home owner. We've already seen an increase this month, and rates are expected to raise to around 4.8% by 2018's 4th quarter.


FINAL THOUGHTS

If you and your family feel it is the right time to buy a home, consider these points when making the final decision.

Don’t forget, this move is FOR YOU! If you're looking for a local agent who is familiar with and well educated in how our current market in Whatcom and Skagit County is, please feel free to contact me for any questions you may have. 

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