{"id":10660,"date":"2021-08-11T20:58:52","date_gmt":"2021-08-11T20:58:52","guid":{"rendered":"https:\/\/elizabethjebef.com\/?p=10660"},"modified":"2021-08-11T21:01:17","modified_gmt":"2021-08-11T21:01:17","slug":"aspiring-to-buy-a-home-questions-to-ask-yourself","status":"publish","type":"post","link":"https:\/\/elizabethjebef.com\/?p=10660","title":{"rendered":"Aspiring to Buy a Home? Questions To Ask Yourself"},"content":{"rendered":"\n

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\u2019s housing market that you need to make your best decision.<\/strong><\/p>\n\n\n\n

Before you decide whether you\u2019re ready to buy a home, you should know how to answer these three questions.<\/p>\n\n\n\n

1. What\u2019s Going on with Home Prices?<\/strong><\/h4>\n\n\n\n

Home prices are one factor that directly impacts how much it will cost to buy a home and how much you stand to gain as a homeowner when prices appreciate.<\/p>\n\n\n\n

Experts like Fannie Mae, the National Association of Realtors, Freddie Mac, Zelman and MBA \u00a0are forecasting prices to rise this year: Continued price appreciation is great news for\u00a0existing homeowners<\/a>\u00a0but\u00a0can pose a significant challenge if you\u00a0<\/strong>wait to buy<\/strong><\/a>.\u00a0<\/strong>Using these forecasts, you can determine just how much waiting could cost you. If prices increase based on the average of all forecasts (12.46%), a median-priced home that cost $800,000 in January of 2021\u00a0will cost an additional $99,680 by the end of the year.<\/strong>\u00a0What does this mean for you? Put simply, with home prices increasing,\u00a0the longer you wait, the more it could cost you.<\/strong><\/p>\n\n\n\n

2. Are Today\u2019s Low Mortgage Rates Going To Last?<\/strong><\/h4>\n\n\n\n

Another significant factor that should inform your decision is mortgage interest rates. Today\u2019s average rates remain close to record-lows. Much like prices, though, experts forecast rates will rise over the coming months. Your monthly mortgage payment can be significantly impacted by even the\u00a0slightest increase<\/a>\u00a0in mortgage rates, which makes the overall cost of the home greater over time when you wait.<\/p>\n\n\n\n

3. Why Is Homeownership Important to You?<\/strong><\/h4>\n\n\n\n

The final question is a personal one. Before deciding, it is instructive to understand your motivation to buy a home and why homeownership is an important goal for you.<\/em> The financial benefits of owning a home are often easier to account for than the many emotional ones.<\/p>\n\n\n\n

The 2021 National Homeownership Market Survey<\/em><\/a> shows that six of the nine reasons Americans value homeownership are because of how it impacts them on a personal, aspirational level. The survey says homeownership provides:<\/p>\n\n\n\n