If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interests 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 a good time for you to buy in today’s market.
This is truly 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, asurveyby 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 top four reasons Americans 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 Existing Home Sales Report from the National Association of Realtors(NAR),the median price of homes sold in May (the latest data available) was $252,800, which is up 5.8% from last year. This increase also marks the 63rd consecutive month with year-over-year gains.
If we look at home prices year over year, CoreLogicisforecastingan increase of 5.3% over the next twelve months. In other words, a home that costs you $250,000 today will cost you an additional $13,250 if you wait until next year to buy it.
What does that mean to you?
Simply put, with prices increasing each month, it might cost you more if you wait until next year to buy. Your down payment will also need to be higher in order to account for the higher price of the home you wish to buy.
About Kriste Simmons & The Simmons Team of Reliant Realty ERA Powered -931-245-8800
Thank you for choosing The Simmons Team for your real estate needs! We make it our mission to provide you with top of the line services in any type of situation. We specialize in the Clarksville, Montgomery County, Fort Campbell and Hopkinsville areas, but will gladly help you with surrounding areas as well. Our local expertise and wide variety of Real Estate knowledge will benefit you whether you are buying or selling for the first or the tenth time.
First Time Home Buyers, For Buyers, Generation X, Millennial, Move-Up
"I'll start off by saying Kriste is truly an amazing person. We found a house my family and I fell in love with so we decided to start talking to some realtors. The first one we chose was definitely in no hurry to get anything done the 2nd would never answer nor return our phone calls and the 3rd was really rude and tried to force us into a contract right away. We were getting no where until the lending company referred me to Kriste. The lender said if anyone can sale your current home and get you into the new one it would be her. So we called and right away she was willing to meet. After talking to her we knew she was the one we wanted in enter into a contract with. After 4 days she sold my home and had hundreds of people talking about it online. We got to place a offer onto the new one and everything was pretty smooth after that. She truly cared about my family and I and would help with things when most people would just shut their mouth and not say a word because they don't care about anything but the sale and the money to follow. I would highly recommend her to anyone!! Not to mention she knows just about everyone in every profession and I still call her to get numbers or recommendations with things.
Thanks again Kriste!!"