{"id":1919,"date":"2021-08-02T15:58:52","date_gmt":"2021-08-02T15:58:52","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=1919"},"modified":"2021-08-02T15:59:16","modified_gmt":"2021-08-02T15:59:16","slug":"key-questions-ask-buying-home","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/key-questions-ask-buying-home\/","title":{"rendered":"Key Questions To Ask Yourself Before Buying a Home"},"content":{"rendered":"
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Key Questions To Ask Yourself Before Buying a Home<\/p><\/div>\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\u00a0crucial information about today\u2019s housing market that you need to make your best decision.<\/strong><\/p>\n

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

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

The graph below shows just how much\u00a0experts<\/a>\u00a0are forecasting prices to rise this year:<\/p>\n

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Home Prices Forecasts 2021<\/p><\/div>\n

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 $350,000 in January of 2021\u00a0will cost an additional $43,610 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

2. Are Today\u2019s Low Mortgage Rates Going To Last?<\/strong><\/h4>\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, as the chart below shows:<\/p>\n

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Mortgage Rate Projections<\/p><\/div>\n

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

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

The final question is a personal one. Before deciding, you\u2019ll need to understand your motivation to buy a home and\u00a0why homeownership is an important goal for you.<\/em>\u00a0The financial benefits of owning a home are often easier to account for than the many emotional ones.<\/p>\n

The\u00a02021 National Homeownership Market Survey<\/em><\/a>\u00a0shows 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