Key Questions To Ask Yourself Before Buying a Home

<article class="post-2289 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-2289"><span class="entry-date">August 2, 2021</span><div class="entry-header center-block text-center"><h1 class="entry-title">Key Questions To Ask Yourself Before Buying a Home</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Key+Questions+To+Ask+Yourself+Before+Buying+a+Home&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fkey-questions-to-ask-yourself-before-buying-a-home%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="Key Questions To Ask Yourself Before Buying a Home | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/29160532/20210802-KCM-Share-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/29160532/20210802-KCM-Share-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/29160532/20210802-KCM-Share.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>Sometimes it can feel like everyone has advice when it comes to buying a home. While your friends and loved ones may have your best interests in mind, they may also be missing <strong>crucial information about today’s housing market that you need to make your best decision.</strong><span id="more-44847"></span></p>
<p>Before you decide whether you’re ready to buy a home, you should know how to answer these three questions.</p>
<h4><strong>1. What’s Going on with Home Prices?</strong></h4>
<p>Home prices are one factor that directly impacts how much it will cost to buy a home and how much you stand to gain as a homeowner when prices appreciate.</p>
<p>The graph below shows just how much <a href="https://www.simplifyingthemarket.com/2021/07/06/a-look-at-home-price-appreciation-through-2025/?a=712984-fa409495d5d70154d03a25e81e9540e2">experts</a> are forecasting prices to rise this year:<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/29160534/20210802-MEM-Eng-1.png"><img alt="Key Questions To Ask Yourself Before Buying a Home | Simplifying The Market" class="aligncenter wp-image-44851" decoding="async" height="488" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/29160534/20210802-MEM-Eng-1.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/29160534/20210802-MEM-Eng-1.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/29160534/20210802-MEM-Eng-1-400×300.png 400w" width="650"/></a>Continued price appreciation is great news for <a href="https://www.simplifyingthemarket.com/2021/06/18/owning-a-home-has-distinct-financial-benefits-over-renting-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">existing homeowners</a> but<strong> can pose a significant challenge if you </strong><a href="https://www.simplifyingthemarket.com/2021/07/07/the-truths-young-homebuyers-need-to-hear/?a=712984-fa409495d5d70154d03a25e81e9540e2"><strong>wait to buy</strong></a><strong>. </strong>Using these forecasts, you can determine just how much waiting could cost you. If prices increase based on the average of all forecasts (12.46%), a median-priced home that cost $350,000 in January of 2021 <strong>will cost an additional $43,610 by the end of the year.</strong> What does this mean for you? Put simply, with home prices increasing, <strong>the longer you wait, the more it could cost you. </strong></p>
<h4><strong>2. Are Today’s Low Mortgage Rates Going To Last?</strong></h4>
<p>Another significant factor that should inform your decision is mortgage interest rates. Today’s average rates remain close to record-lows. Much like prices, though, experts forecast rates will rise over the coming months, as the chart below shows:<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/29160535/20210802-MEM-Eng-2.png"><img alt="Key Questions To Ask Yourself Before Buying a Home | Simplifying The Market" class="aligncenter wp-image-44852" decoding="async" height="488" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/29160535/20210802-MEM-Eng-2.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/29160535/20210802-MEM-Eng-2.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/29160535/20210802-MEM-Eng-2-400×300.png 400w" width="650"/></a>Your monthly mortgage payment can be significantly impacted by even the <a href="https://www.simplifyingthemarket.com/2021/07/19/what-you-should-do-before-interest-rates-rise/?a=712984-fa409495d5d70154d03a25e81e9540e2">slightest increase</a> in mortgage rates, which makes the overall cost of the home greater over time when you wait.</p>
<h4><strong>3. Why Is Homeownership Important to You?</strong></h4>
<p>The final question is a personal one. Before deciding, you’ll need to understand your motivation to buy a home and <em>why homeownership is an important goal for you.</em> The financial benefits of owning a home are often easier to account for than the many emotional ones.</p>
<p>The <a href="https://72nut3mk2z64bywh6c1thwjy-wpengine.netdna-ssl.com/wp-content/uploads/2021/06/USMI-National-Homeownership-Market-Survey-June-2021.pdf"><em>2021 National Homeownership Market Survey</em></a> shows that six of the nine reasons Americans value homeownership are because of how it impacts them on a personal, aspirational level. The survey says homeownership provides:</p>
<ul>
<li><em>Stability</em></li>
<li><em>Safety</em></li>
<li><em>A Sense of Accomplishment</em></li>
<li><em>A Life Milestone</em></li>
<li><em>A Stake in the Community</em></li>
<li><em>Personal Pride</em></li>
</ul>
<p>The <a href="https://www.neighborworks.org/getattachment/73023399-4bb0-4d98-b2f8-8a3aa940d065/attachment.aspx"><em>National Housing &amp; Financial Capability Survey</em></a> from <em>NeighborWorks America</em> also highlights the emotional benefits of homeownership:<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/29160537/20210802-MEM-Eng-3.png"><img alt="Key Questions To Ask Yourself Before Buying a Home | Simplifying The Market" class="aligncenter wp-image-44853" decoding="async" height="488" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/29160537/20210802-MEM-Eng-3.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/29160537/20210802-MEM-Eng-3.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/07/29160537/20210802-MEM-Eng-3-400×300.png 400w" width="650"/></a>Clearly, there’s a value to <a href="https://www.simplifyingthemarket.com/2021/05/03/americans-find-the-nonfinancial-benefits-of-homeownership-most-valuable/?a=712984-fa409495d5d70154d03a25e81e9540e2">homeownership</a> beyond the many great financial opportunities it provides. It gives homeowners a sense of pride, safety, security, and accomplishment – which impacts their lives and how they feel daily.</p>
<h3><strong>Bottom Line</strong></h3>
<p>Homeownership is life-changing, and buying a home can positively impact you in so many ways. With any decision this big, it helps to have a trusted advisor by your side each step of the way. If you’re ready to begin your journey toward homeownership, let’s connect to discuss your options and begin your journey.</p>
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