3 Questions To Ask Before Buying Your 1st Home

Hey homease!

The real estate market is constantly changing, so you definitely need to do your research before buying your first home! Don't jump the gun on this one. Unbiased advice from family and peers is great, but you are the only one who knows what your true needs are when it comes to buying a home. These are the 3 questons you should ask yourself before purchasing your first home.

3 Questions to Ask Before Buying your First Home by Homease - the blog with one thing in mind: to inspire, empower, and encourage everyone to create a home they LOVE.

WHAT MADE YOU CONSIDER OWNING A HOME?

Forget finances for a minute and focus on what made you consider even buying a home in the first place!

  • Is your family expanding?
  • Does your family feel safe?
  • How about that unbearable landlord?
  • Is there a STELLAR school system in the area so your children can get the education they deserve?

WHICH WAY IS THE REAL ESTATE MARKET GOING?

Don't sleep on your decision too long! Home prices are on the rise. Not only are they on their way back up, but some of these increases are happening monthly.

Don’t believe us? According to Existing Homes Sales Report from the National Association of Realtors (NAR), the average price of homes in May 2017 went up 5.8% from last year.

If you wait until next year to buy, you might be paying more than you would need to now! Not only will it cost you more to buy, but you will also need to increase your down payment to account for the higher price of the home.

WHAT IS THE MORTGAGE FORECAST?

The initial process of purchasing your home may seem easy and quick, but there is more to it! The ‘long term cost’ of buying a home will haunt you if you buy at the wrong time! Mortgage Bankers Association (MBA), and NAR have projected that mortgage interest rates will increase over the next twelve months. The smallest increase in mortgage rates can have a huge impact on a home owner.

FINAL THOUGHTS

If you and your family feel it is the right time to buy a home then GO FOR IT! Consider these points when making the final decision.

Don’t forget, this move is for YOU!

 

Looking for more? Here's some additional articles:

Don't Replace Your Agent with the Internet

Debunking Myths to Home Buying


QUESTIONS ABOUT REAL ESTATE?

 

I would love to be your trusted Real Estate resource! I am a licensed Chicago Real Estate Agent at Main Street Real Estate Group.  Whether you live in Chicago or not I'm happy to help you in any way I can or connect you with a recommended agent in your area. Please email me directly at erin@mainstreetreg.com, in the meantime for more info check out my real estate website at erinwoodrealestate.com.

Can’t wait to chat and see how I can help you, your next home could be closer than you think!


3 Questions to Ask Before Buying your First Home by Homease - the blog with one thing in mind: to inspire, empower, and encourage everyone to create a home they LOVE.
 
The real estate market is constantly changing, so you definitely need to do your research before buying your first home! Don't jump the gun on this one. Unbiased advice from family and peers is great, but you are the only one who knows what your true needs are when it comes to buying a home. These are the 3 questons you should ask yourself before purchasing your first home.