If you have been on the fence about whether or not to buy a home there are a few things you can carefully consider to make up your mind. Keep reading to learn about three questions you can ask yourself to decide if now is the right time. If you decide to take the next step toward buying a home, you contact Berkshire Hathaway HomeServices at (310) 373-0021 for help.
1. Why Am I Considering Buying a Home?
Think honestly about why you want to buy a home. If you think that financial matters are the top reason, make sure you are considering every aspect. We have found that while finances are always an essential aspect of the decision to buy a home, more buyers are focused on how the home will function for them. They are thinking of how it will impact their family today and for years to come.
In fact, according to one study, there are four main reasons people buy a home: To live in a good school district, to live in a safe place, to ensure they have room to grow their family, and to control the space they live in. Do any of these reasons ring true for you? If you are married or buying a home with someone else, ask them why they want to buy a home. Make sure you are on the same page.
2. How Are Home Values Trending?
The fact of the matter is that the California housing market is strong. This has many upsides but it has potential downsides too. For example, a strong market means higher priced homes. It means more people wanting to buy the same home and potentially dealing with a bidding war. Depending on what particular part of California you are considering investing in, the market may dictate that now is the time to buy or you may decide to wait.
3. Are You Likely to Qualify for the Best Mortgage Rates?
You cannot just consider the contract price for the home you buy – you must also consider how much it will actually cost you. This means that you must take your interest rate into consideration. They are always changing and your creditworthiness will have a big impact on the total you will eventually pay. That said, this can be a difficult balancing act.
Signs point to the fact that interest rates are likely rising. However, if you have reason to believe that your credit score is going to rise in the near future then it may be better to wait. You can always talk to a lender to find out what they recommend. At Berkshire Hathaway HomeServices we can steer you toward a financial advisor who will give you honest opinions about whether or not it makes sense for you to buy or wait. Call us at (310) 373-0021 to get stated.