Before you begin the home buying process, you should answer a few questions about your motivations.
There are a variety of opportunities in the Central Pennsylvania real estate market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.
If you are debating on whether to purchase a home right now or not, you are probably getting a lot of advice through your friends and family. Of course they have your best interests at heart, but they may not be fully aware of your needs and how that coincides with what’s going on in the real estate market.
There is a common list of questions that every buyer should ask, but these three questions in particular will help you determine if now is actually a good time to buy.
1. Why are you buying in the first place? This is the most basic question, but it’s also the most important. For a lot of people, buying has nothing to do with money. Maybe you just want a place to raise your children or a place where you can have more space. The answer to this question should be the biggest reason you are buying.
Values are projected to increase by 5.3% over the next 12 months.
2. Where are home values headed? Values are projected to increase by 5.3% over the next 12 months. If you’re 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. You’ll have a higher down payment as well.
3. Where are mortgage interest rates headed? Buyers should be concerned about more than pricing. The long-term cost of a home can be dramatically impacted by even a small increase in rates. They are projected to increase over the next 12 months, so you need to know what you can afford with current rates and what you’ll be able to afford when they inevitably go up.
The bottom line is that only 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. If you have any questions for us or are thinking about buying or selling, give us a call or send us an email. We look forward to hearing from you.
