A study by the Joint Center for Housing Studies at Harvard University reveals that the four major reasons people buy a home have nothing to do with money. They are:
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 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 Home Price Index from CoreLogic, home values are projected to increase by 5.3% over the next 12 months.
What does that mean to you?
Simply put, if you are planning on buying a home that costs $250,000 today, that same home will cost you an additional $13,250 if you wait till next year. Your down payment will need to be higher as well to account for the higher home price.
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.
The Mortgage Bankers Association (MBA), the National Association of Realtors and Freddie Mac have all projected that mortgage interest rates will increase by approximately three-quarters of a percent over the next twelve months as you can see in the chart below:
Only you and your family will know for certain if now is the right time to purchase a home. Answering these questions will help you make that decision.
If you have questions on any of the items listed above, please give us a call at 229-333-5105 and one of our Realtors will be happy to talk it through with you!
Valdosta GA Real Estate - EXIT Realty In Touch, Valdosta, Georgia is a full service real estate office. Whether you are buying or selling a home, seeking a property management company or a home to rent, we offer concierge service from our sales office and rental office. We utilize the latest in technological advances to make your experience as user friendly as possible. Our Realtors strive to be the best in their fields. Every member of the EXIT Realty In Touch team is a licensed Realtor, literally ½ of the Realtors are Associate Brokers, we have Realtors who have earned their CDP, REO, ABR, Relocation Specialist, First Time Home Buyer and other designations. Our agents sell 45% more per agent than any other agency in the Valdosta area! For personalized hands on solutions for all your real estate needs call 229-333-5105 for sales and 229-333-0768 for rentals.