3 Questions To Ask Before Buying Your 1st Home

Dated: May 21 2018

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The real estate market is constantly changing, so of course 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.  

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 stellar school system in t he area so your children get the education thy deserve?

  • How about an Unbearable landlord or roommates?

WHICH WAY IS THE REAL ESTATE MARKET GOING?

Don't sleep on your decision too long, home prices are on the rise. Not only are they on their way back up,  but these increases are happening monthly.  Don't believe me, According to Existing Home Sales Report from the National Association of Realtors (NAR), the average price of homes in May 2017 went up 5.8% from last year.

If you wait until next year to buy, you might be scrapping for change in the cushions. 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.  

WHAT IS THE MORTGAGE FORECAST?

The initial process of purchasing your home may seem easy and quick, but there is more too it. The long term cost of buying a home will haunt you if you buy at the wrong time. Mortgage Bankers Association, 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 home owner.  It's easy to get pre-approval so you know exactly where you stand. 

Final Thoughts:  If you and your family feel it is the right time to buy a home then GO FOR IT!  Consider these points when making the final decision.  Don't forget,  this move is for YOU!


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Jenifer Hudman

As a Realtor, my first priority is to make my clients happy. I listen to my clients wants and needs to achieve the best outcome in every transaction and I strive to ensure that the home buying or sell....

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