3 Questions to Ask If You Want to Buy Your Dream Home

If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.

Ask yourself the following 3 questions to help determine if now is a good time for you to buy in today’s market.

1. Why am I buying a home in the first place? 

This is truly the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.

For example, a survey by Braun showed that over 75% of parents say “their child’s education is an important part of the search for a new home.”

This survey supports a study by the Joint Center for Housing Studies at Harvard University which revealed that the top four reasons Americans 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 Existing Home Sales Report from the National Association of Realtors (NAR), the median price of homes sold in December (the latest data available) was $232,200, up 4.0% from last year. This increase also marks the 58th consecutive month with year-over-year gains.

If we look at the numbers year over year, CoreLogic forecasted a rise by 4.7% from December 2016 to December 2017. On a home that costs $250,000 today, that same home will cost you an additional $11,750 if you wait until next year.

What does that mean to you?

Simply put, with prices increasing each month, it might cost you more if you wait until next year to buy. Your down payment will also need to be higher in order to account for the higher price of the home you wish to buy.

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 Fannie Mae have all projected that mortgage interest rates will increase over the next twelve months, as you can see in the chart below:

Bottom Line

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.  Give me a call for some professional advice – J.P. Cook – 602-320-4253.

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48008 N 520th Avenue Aguila, AZ 85320

$460,000

3 Beds

2 Baths

1,584 SqFt

Status Active

MLS # 6648747

Property Type Single Family Residence

Price Type --

Discover the enchanting skies adorned with stars at the incredible Fantastic Airpark property. Equipped with a hangar for your planes, RVs, and various toys, this residence is situated in Aguila within the Valley of the Eagle Flight Park. The kitchen boasts beautiful custom Knotty Alder cabinets, adding a touch of elegance. With three bedrooms and two baths, the property spans approximately 7 acres, featuring covered patios on either side to cater to all your outdoor activities. The bedrooms are thoughtfully soundproofed for peaceful nights free from snoring disturbances. The property is serviced by Aguila water, propane, and septic facilities. Building permits for the hangar are readily available. you won't be disappointed.

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22348 N Braden Road Maricopa, AZ 85138

$460,000

5 Beds

3 Baths

2,912 SqFt

Status Active

MLS # 6654144

Property Type Single Family Residence

Price Type --

This remarkable home is situated in the renowned golf community of Rancho El Dorado, offering a high-end resort ambiance with scenic walking paths, serene lakes, and a variety of dining options and nearby shopping. Located in the ever-growing areaof Maricopa, this Adorable 5 Bed/3 full Bath home is move in ready! Open floor concept, with spacious backyard, landscaped with beautiful green grass, perfect for entertaining! Upstairs features a loft with built in desks and entertainment area. Located near shopping and amenities.

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9322 W Oregon Avenue Glendale, AZ 85305

$460,000

3 Beds

2 Baths

2,145 SqFt

Status Active

MLS # 6659752

Property Type Single Family Residence

Price Type --

This home is located in the Westgate Entertainment District and features A 3-bedroom + Den and 2 bathroom. This home is perfect for entertaining with a Large open floor plan including a Living and Family Room. Gourmet Kitchen with dark oak cabinets, granite countertops and large Island, Caffe Refrigerator, Frigidaire Double oven, microwave and dishwasher. Walking through the home you will love the tall ceiling with classy two-toned paint and 8ft. door. The Primary bedroom has an inviting double door entry and larger walk-in closet. The primary bathroom has separate tub and shower, 2 private raised vanities with pendent lighting. The additional bedrooms are generously sized with walk-in closets. The exterior of the home has an extended paver drive to the RV gate and mature landscape. Just minutes to the Loop 101, Westgate with all it has to offer including shopping, dining and night life activities not to mentions all the sporting options like The State Farm Stadium, Gila River Arena and various sports training facilities nearby. Coming Soon is the 60-acre VAI Resort with hotels and entertainment destinations in Arizona scheduled to open in 2024.

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21233 N 30th Avenue Phoenix, AZ 85027

$460,000

3 Beds

2 Baths

1,750 SqFt

Status Active

MLS # 6659219

Property Type Single Family Residence

Price Type --

Beautiful north Phoenix home in a great location! Luxury vinyl plank flooring and new interior paint provide a bright, neutral landscape for you to personalize. An Arizona room makes a perfect sitting area with it's own mini split, office or gym space. Backyard with grass, patio and paved sitting area. White cabinets in the kitchen and new fixtures have modernized this great home. No neighbors behind, backs to grass field. Additionally, the inclusion of solar panels- OWNED, new Ecobbe thermostat and a Tesla charger highlights the home's commitment to sustainability and modern technology, offering both energy efficiency and convenience for electric vehicle owners. Overall, this property presents an appealing combination of comfort, style, and practicality.

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