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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17410 W Fulton Street Goodyear, AZ 85338

New

$467,120

3 Beds

2.5 Baths

1,939 SqFt

Status Active

MLS # 6696778

Property Type Single Family Residence

Price Type --

Welcome to El Cidro, where luxury living meets vibrant outdoor spaces. Our home features a spacious three-car garage, ideal for storage and convenience. Inside, discover a deluxe gourmet kitchen and a laundry room with ample storage. Offering spacious backyards and a wonderful community park with picnic tables, a basketball court, and two playgrounds. Gather with neighbors for picnics, games, and leisurely strolls along scenic pathways. Experience the perfect blend of modern comforts and natural beauty in our welcoming community. Welcome home.

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792 E Cowboy Cove Trail San Tan Valley, AZ 85143

$467,000

4 Beds

2.5 Baths

2,879 SqFt

Status Active

MLS # 6660207

Property Type Single Family Residence

Price Type --

Discover this exquisite 4-bedroom, 2.5-bathroom energy-efficient residence nestled in the charming Johnson Ranch. As you step inside, a grand formal living room welcomes you with neutral paint, 2-inch blinds, and luxurious vinyl plank flooring. The family room seamlessly connects to the kitchen, creating an ideal space for entertaining. The gourmet kitchen is a highlight, featuring stainless steel appliances with wall ovens, granite counters, glass backsplash, a pantry, recessed lighting, ample white cabinets, and a two-tier island with a breakfast bar. Upstairs, all bedrooms and a generously-sized loft await. The main bedroom, accessible through double doors, boasts an ensuite with dual sinks and a walk-in closet. Enjoy the expansive backyard with a blend of artificial and natural gras

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6219 S Vista Point Drive Gold Canyon, AZ 85118

$467,000

3 Beds

2.5 Baths

1,763 SqFt

Status Active

MLS # 6627830

Property Type Single Family Residence

Price Type --

SPECTACULAR SUPERSTITION MOUNTAIN VIEWS to enjoy from the UPDATED & TRANQUIL BACKYARD that has pavers, retractable awning, MISTING SYSTEM, Pergola w/ceiling fan, built-in GAS BBQ GRILL with GRANITE counter top.! Perfect for entertaining or just relaxing and taking in the BREATHTAKING SUNSETS! Inside you will find a BEAUTIFUL UPDATED KITCHEN with GRANITE COUNTERS, breakfast bar, STAINLESS STEEL APPLIANCES & Pantry which overlooks the dining area. TOP OF THE LINE GE front load WASHER & DRYER, ALL NEW TOILETS, NEW WATER HEATER, NEWER HVAC, NEW VINYL WOOD LOOK FLOORING on steps and in the 3 upstairs bedrooms. Master has full bath & double sinks. Downstairs has tile floors & SPACIOUS GREAT ROOM! Extra storage under the steps. Located just steps away from the HEATED COMMUNITY POOL & SPA!! This is a GATED COMMUNITY located across from the popular GOLD CANYON GOLF COURSE which offers TWO 18 hole CHAMPIONSHIP GOLF COURSES, the SIDEWINDER AND DINOSAUR!!

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1321 E Weatherby Way Chandler, AZ 85286

$467,000

3 Beds

2 Baths

1,434 SqFt

Status Active

MLS # 6680168

Property Type Single Family Residence

Price Type --

Welcome to this 1434 sq feet, 3BRs/2 Bath Gem in the Highly sought after Gated community of La Paloma. This house has been tremendously taken care of and it shows as soon as you walk in. Most of the home has been Newly Painted AND Brand Spanking New Vinyl Flooring has been installed in all the right places. Kitchen offers Granite countertops, attractive Backslash, and Stainless Steel Appliances. Backyard is an outdoor persons' Dream with Mimumum upkeep possessing Turf and Pavers. What more do I need to Say!

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