Gardner Logo Stay Up-To-Date With Everything Real Estate MAY
2019
Template Header

If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family have your best interests at heart, they may not be fully aware of your needs and what is currently happening in YOUR local real estate market.

Ask yourself the following three questions to help determine if now is a good time for you to buy in today’s market.

1. Why am I buying a home in the first place?

This is truly the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.

73% said buying in a good school district was “important” in their search.

- A study by realtor.com

This report supports a study by the Joint Center for Housing Studies at Harvard University which revealed that the top four reasons Americans buy a home have nothing to do with money. The actual reasons are:

 •  A good place to raise children and provide them with a good education
 •  A place where you and your family feel safe
 •  More space for you and your family
 •  Control of that space

What does owning a home mean to you? What non-financial benefits will you and your family gain from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.

 

2. Where are home values headed?

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), the median price of homes sold in February (the latest data available) was $249,500. This is up 3.6% from last year. The increase also marks the 84th consecutive month with year-over-year gains.

Looking at home prices year over year, CoreLogic is forecasting an increase of 4.6%. In other words, a home that costs you $250,000 today will cost you an additional $11,500 if you wait until next year to buy it.

What does that mean to you?

Simply put, with prices increasing, it may cost you more if you wait until next year to buy. Your down payment will also need to be higher in order to account for the higher price of the home you wish to buy.

 

3. Where are mortgage interest rates headed?

A buyer must be concerned about more than just prices. The ‘long-term cost’ of a home can be dramatically impacted by even a small increase in mortgage rates.

Freddie Mac, Fannie Mae, the Mortgage Bankers Association and NAR have all projected that mortgage interest rates will increase over the next twelve months, as you can see in the chart below:

 

 

Bottom Line

Only you and your family will know for certain if now is the right time to purchase a home. However, answering these questions will help get the ball rolling toward making that decision.

 

Let us help you create the life you love. Contact me today!

 


 

Source: Keeping Current Matters

Donna Gallo »
REALTOR
Donna Gallo Cell
504-494-1248
Office
504-340-9211 x4125
Contact Me
My Website
Get My App
Facebook YouTube Twitter Linked In
Divider
Market Update Videos
Market Videos
Divider
Gardner Logo
Gretna©
1700 Belle Chasse Hwy., A120
Gretna, LA - Louisiana 70056 USA
©2019 GARDNER REALTORS
Licensed in Louisiana
Sent to {EMAIL_ADDRESS}
Property Alerts Signup | Update Preferences
Realtor EHO
Copyright © 2019 GARDNER, REALTORS. If you have a brokerage relationship with another agency, this is not intended as a solicitation. All information deemed reliable but not guaranteed. Brokerage firm Licensed in Louisiana and Mississippi.
If you are having trouble viewing this email, you may see it online.