• 0
  • Login
  • 614-532-4565

3 Questions To Ask Yourself Before Buying A Home

3 Questions To Ask Yourself Before Buying A Home

Thinking of Buying a Home? Ask Yourself These 3 Questions!

by The KCM Crew on September 10, 2015 in First Time Homebuyers, For Buyers, Interest Rates,Pricing


Thinking of Buying a Home? Ask Yourself These 3 Questions! | Keeping Current Matters

If you are debating purchasing a home right now, you are surely 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 real estate.

Let’s look at whether or not now is actually a good time for you to buy a home.

There are 3 questions you should ask before purchasing in today’s market:

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

This truly is 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 finances.

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:

  • 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 non-financial benefits will you and your family derive 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?

When looking at future housing values, Home Price Expectation Survey provides a fair assessment. Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

Here is what the experts projected in the latest survey:

  • Home values will appreciate by 4.1% in 2015.

  • The cumulative appreciation will be 18.1% by 2019.

  • Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of over 10.5% by 2019.

So what does that really mean for you and your family?

The chart below was made using the Home Price Expectation Survey’s predictions:

Homeowner's Family Wealth Over the Next 4 Years | Keeping Current Matters

If the experts are right and you were to purchase a home by January 2016 for $250,000, that home would appreciate by over $34,000 over the next four years! As we have reported before, homeownership is one of the best ways to build your family’s wealth.

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 an increase in mortgage rates.

The Mortgage Bankers Association (MBA), the National Association of Realtors andFreddie Mac have all projected that mortgage interest rates will increase by approximately one full percentage over the next twelve months as you can see in the chart below:

Mortgage Rate Projections | Keeping Current Matters

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.


LeAnn Sink Headshot
Author: LeAnn Sink
Phone: 865-300-6370
Dated: September 10th 2015
Views: 57
About LeAnn: My personal insight to your needs as well as my attention to all the little details will help you ma...

Property Search









Chat with us now!

A real live chat operator is online now! We can immediately get your questions answered or make sure we get it to an agent who can.


RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Is Qualifying For A Mortgage Getting Easier - Is Qualifying for a Mortgage Getti
Loan Slowdown - Loan SlowdownIn the Columbus Dispatc
Its A Sellers Market But Your Home Wont Sell Itself - It’s a seller’s market in the hi
FHA 203K Renovation Loan Basics - How Do I Know I Need an FHA 203(k) l

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Exit Trinity Realty
146 Granville Street
Gahanna, OH
614-532-4565
614-269-0404