Top 3 Things You Need Ask When Buying a Home

Home ownership is still the American dream. Having said that, purchasing a home is one of the most expensive things that a person will ever do in his lifetime. If you are a first time home buyer, or a returning buyer you have probably read up a lot and been given a ton of advice by well meaning friends about buying in today's market.

What is happening in today's market? As a realtor with over 10 years of experience buying and selling real estate let's take a look and see if it's a good time to buy a home. Before purchasing a home home here are the top 3 things you need to ask:

1. Why are you Buying a home?

[Search For Single Family Homes in Flagstaff]

A study by the Joint Center for Housing Studies at Harvard University reveals the four major reasons people buy a home:

>A good place to raise children and for them to get a good education

>A place where you and your family feel safe

>More space for you and your family
>Control of the space

Does your reason for buying have something to do with the reasons enumerated above? Buying a house with future return of investment in mind should be a consideration- but non financial gains/benefits to your family should be uppermost when evaluating the merits of purchasing a particular home.

2. Where are home prices headed?

Great news! Home prices are projected to increase in the next 4 years. With home prices on the rise, buying a home now instead of waiting it out means more savings to the home buyer.

Here is what the experts projected Home Prices will be in the latest Home Price Expectation survey:

Home values will appreciate by 4.3% in 2014.
The cumulative appreciation will be 28% by 2018.
Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of over 16.8% by 2018.

3. Where are mortgage interest rates headed?

Unless you are buying your home in cash, you need to be aware where mortgage rates are headed. Rising mortgage interest rates add to the long term costs of owning a home.

Thinking of buying a home in Northern Arizona? We are always available to cater to your real estate needs. View our happy client testimonials. Contact Kelly Broaddus at (Direct) 888.446.5602 (Office) 928.606.6749 (E-fax) 928.255.4614 www.northernarizonafinehomes.com