Considering buying a home? Sometimes, it can feel like everyone has a opinion when it comes to buying a home. Keep in mind that while your friends and family have your best interests in mind, they may also be missing information about today’s housing market that can be used to make your best decision.
Before you buy a home, you should know how to answer the following questions.
Why Is Homeownership Important to You?
Before deciding whether or not you’re ready to buy a home, you should understand why homeownership is an important goal for you.
The 2021 National Homeownership Market Survey shows there’s a value to homeownership beyond the many great financial opportunities it provides. The survey says homeownership provides:
- Stability
- Safety
- A Sense of Accomplishment
- A Life Milestone
- A Stake in the Community
- Personal Pride
What’s Going on with Home Prices?
Home prices directly impact how much you stand to gain as a homeowner when prices appreciate. Continued price appreciation is expected and is great news for existing homeowners. However, it can pose a significant challenge if you wait to buy.
For example, if prices increase based on the average of all forecasts (12.46%), a median-priced home that cost $350,000 in January of 2021 will cost an additional $43,610 by the end of the year. Meaning the longer you wait, the more it could cost you.
Are Today’s Low Mortgage Rates Going To Last?
Today’s average rates remain close to record-lows. Much like prices, though, experts forecast rates will rise over the coming months. Additionally, your monthly mortgage payment can be significantly impacted by the slightest increase in mortgage rates.
When making the big decision to buy, it helps to have a trusted advisor by your side each step of the way. Connect with an agent today to discuss your options.