How do you know if now is the time for you to buy a home? Luckily, there are three questions you can ask yourself to figure out the answer.
There are many great Anchorage area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home,click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (907) 865-6404 for a FREE home buying or selling consultation to answer any of your real estate questions.
1. Why are you buying a home in the first place? For most people, the reason has nothing to do with money. Most people buy for one of four reasons: they want a good place to raise their children, they want a place where their family is safe, they want more space, and they want control of that space. Forget the finances for a minute and really consider why you want to buy a home.
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Why do you really want to buy a home?
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2. Where are home values headed? CoreLogic recently projected that home values will increase 5.3% nationwide over the next 12 months. If you are buying a home, it’s important to buy on an upswing. Why? Let’s say you plan 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 also need to be higher to account for the higher home price.
3. Where are mortgage interest rates headed? As you know, the long-term cost of a home can be dramatically impacted by even a small increase in mortgage rates. Although we don’t know how much rates will go up, the Mortgage Bankers Association, National Association of Realtors, Fannie Mae, and Freddie Mac have all projected that mortgage interest rates will increase over the next 12 months.
If you have any other questions about buying a home or about our real estate market in general, give me a call or send me an email. I would be happy to help you!
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