Sometimes it can feel like everyone has advice when it comes to buying a home. While your friends and loved ones may have your best interests in mind, they may also be missing crucial information about today’s housing market that you need to make your best decision.1. What’s Going on with Home Prices?Home prices are a factor that directly affects the cost of buying a home and the benefit that the owner can obtain when the price rises.Continued price increases are great news for existing homeowners, but if you wait to buy, it can present big challenges. With these predictions, you can determine how long the wait may take. If the price increases based on the average of all forecasts (12.46%), then a median home price of $ 350,000 by January 2021 will cost an additional $ 43,610 by the end of the year. what does this mean to you? In short, as home prices rise, the longer you wait, the higher the price you pay.2. Are Today’s Low Mortgage Rates Going To Last?Another important factor that you should inform your decision is the mortgage interest rate. Today’s average interest rates are still close to record levels. However, like prices, experts predict that interest rates will rise in the coming months.Even the slightest increase in mortgage interest rates can have a significant impact on your monthly mortgage payments, which can cause the total cost of your home to go higher over time while you wait.3. Why Is Homeownership Important to You?
The last question is personal. Before making a decision, you need to understand your motivations for buying a house and why owning a house is your important goal. The economic benefits of owning a house are usually easier to explain than many emotional benefits.
The 2021 National Home Ownership Market Survey shows that six of the nine reasons why Americans value homeownership are because it affects them on a personal and ideal level. The survey shows that homeownership provides:
- A Sense of Accomplishment
- A Life Milestone
- A Stake in the Community
- Personal Pride
Obviously, the value of owning a home exceeds the many huge financial opportunities it provides. It gives owners a sense of pride, security, and accomplishment, which will affect their lives and their daily feelings.Bottom LineOwning a house can change your life, and buying a house can have a positive impact on you in many ways. For any such important decision, a trusted advisor will help you every step of the way. If you are ready to start the journey of owning a home, please contact a local real estate professional immediately to discuss your options.
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