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3 Questions To Ask Before Buying Your Dream Home

Monday, October 10, 2016   /   by Samantha Cade

3 Questions To Ask Before Buying Your Dream Home

If you are reading this GPS blog, you are probably debating purchasing a home right now. Our guess is you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.


Ask yourself the following 3 questions to help determine if now is actually a good time for you to buy 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 money.


For example, a recent survey by Braun showed that over 75% of parents say “their child’s education is an important part of the search for a new home.”


This survey supports a study by the Joint Center for Housing Studies at Harvard University which revealed that the four major reasons people buy a home have nothing to do with money. They are:



    • A good place to raise children and for them to get a good education

    • A place where you and your family feel safe

    • More space for you and your family

    • Control of that space


What does owning a home mean to you? What non-financial benefits will you and your family gain from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.


2. WHERE ARE HOME VALUES HEADED?


According to the latest Home Price Index from CoreLogic, home values are projected to increase by 5.3% over the next 12 months.


WHAT DOES THAT MEAN TO YOU?


Simply put, if you are planning on buying a home that costs $250,000 today, that same home will cost you an additional $13,250 if you wait until next year. Your down payment will need to be higher as well to account for the higher home price.


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 even a small increase in mortgage rates.


The Mortgage Bankers Association (MBA), the National Association of Realtors, Fannie Mae and Freddie Mac have all projected that mortgage interest rates will increase over the next twelve months as you can see in the chart below:


Mortgage-Rate-Projections-KCM-768x576.jpg

Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258


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The data relating to real estate for sale or lease on this web site comes in part from One Key, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the One Key, Inc logo or an abbreviated logo and detailed information about them includes the name of the listing broker.

The information appearing herein has not been verified by One Key, Inc or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

©2020 One Key, Inc. All rights reserved.

The data relating to real estate on this website comes, in part, through the IDX of the Multiple Listing Service of Ulster County, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the IDX logo and detailed information about them includes the name of the listing broker.
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