Key Questions To Ask Yourself Before Buying a Home

Key Questions To Ask Yourself Before Buying a Home

It can feel like everyone has advice when it comes to buying a home. While your friends and loved ones may have your best interests in mind, they might not know all the information you need for an informed decision about today’s housing market! Before deciding whether or not this is right move for should ask yourself these 3 questions:

1. What’s Going on with Home Prices?

Home prices are one factor that directly impacts how much it will cost to buy a home and how much you stand to gain as a homeowner when prices appreciate.

The graph below shows just how much experts are forecasting prices to rise this year:

Slackened real estate prices present a challenge for potential homeowners, but can be an opportunity if you buy while the market is still stable. For example, let's say that from January 2021 to December 2020 there was just an average of 12% price increase each year at your median-priced home ($350K). In this case our forecasted numbers show how much waiting would cost us: by endyear we'll have paid over $43k more than expected! So what does all this mean? If homes are going up in value then buying sooner rather than later will save money on interest rates and fees related with owning property--so go ahead take advantage before it’s too late.

2. Are Today’s Low Mortgage Rates Going To Last?

As you research mortgage rates, it is important to compare the current average with that of past years. Interest rate experts forecast a rise over the next few months and this can impact your decision-making process as well!
In order for us not only be informed consumers but also savvy ones too when shopping around at different banks or lending institutions looking into getting an idea on what might suit them best from both sides: being able find out all there's been going down within each company/business' inner workings (both good & bad) while giving themselves enough time before making any commitments; thus enabling him/her make educated choices based off accurate information.

If you wait too long to buy a new home and rates increase, then your monthly mortgage payment will go up even more than what it already has. This makes the overall cost of owning that house greater over time when we factor in interest payments on top-of-the line credit cards or other loans with higher interest rates!

3. Why Is Homeownership Important to You?

What's your motivation to buy a home? Six out nine reasons Americans value homeownership are because it impacts them on an aspirational level. The survey says that bringing up family in the future or appreciating property for its beauty and equity is important, but what really excites people most about buying homes isn't financial; rather, they're looking forward to living with their loved ones (and pets) close by-in one manageable space at last!

  • Stability
  • Safety
  • A Sense of Accomplishment
  • A Life Milestone
  • A Stake in the Community
  • Personal Pride

Homeownership is a great investment. It provides homeowners with many opportunities to reap the financial rewards, which in turn make them feel more accomplished and secure about themselves every day of their lives!

Bottom Line

Homeownership is life-changing, and buying a home can positively impact you in so many ways. With any decision this big, it helps to have someone with expertise by your side each step of the way. If are ready to begin your journey toward homeownership let’s connect now for more information about what options are available that will best suit both our needs!

The Orr Team Lamont Orr Realtor

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