Thinking of Buying a Home? Ask Yourself These 3 Questions! ![]() There are 3 questions you should ask before purchasing in today’s market:1. Why am I buying a home in the first place?This truly is 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 finances. A study by the Joint Center for Housing Studies at Harvard University reveals that the four major reasons people buy a home have nothing to do with money:
2. Where are home values headed?When looking at future housing values, Home Price Expectation Survey provides a fair assessment. Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number. Here is what the experts projected in the latest survey:
So what does that really mean for you and your family?The chart below was made using the Home Price Expectation Survey’s predictions:![]() 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 an increase in mortgage rates. The Mortgage Bankers Association (MBA), the National Association of Realtors and Freddie Mac have all projected that mortgage interest rates will increase by approximately one full percentage over the next twelve months as you can see in the chart below:![]() Bottom LineOnly 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. |
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