Before you decide to buy a home, you need to determine a few other things. Your motivation, your location, and the market each play an integral part.
Before making the decision to buy a home, there are a few questions you should be asking yourself to determine if it’s the right step:
1. Why? Why are you thinking about buying a house? Get outside of the financial and think about your motivations and what buying a home means to you. When I was renting, I hated the fact that my landlord could tell me whether or not I could paint or have a pet. Saving money over time is a common motivation these days with rising rents.
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Saving money over time is a common motivation these days.
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2. Where? Where do you want to move? Where are home values heading? According to CoreLogic, home prices are predicted to go up by over 5% in the next year. It really is a great time to buy.
3. What’s happening with interest rates? If you talk to Fannie Mae, Freddie Mac, or any other organization that tracks these rates, they'll say that they’re bound to go up eventually. When they do go up, it makes homes more expensive. Right now, though, it is cheaper to buy a home than to rent one.
If you have any questions for me, please give me a call or send me an email. I would love to hear from you!
