Uncategorized July 19, 2016

Questions To Ask Yourself Before Your Buy

If you are currently in the process searching for Lynden, WA real estate to buy you may be hearing a lot of different opinions from family members and friends. It could be a variety of things like where you should buy, why you should wait a little longer, which Lynden Realtor to use and more. While they likely mean well, just because they heard a story through a friend of a friend or read one article on the U.S. real estate market, it doesn't mean they are accurately informed or know what is happening locally. Buying Lynden, WA real estate is exciting, but it can also be a bit daunting at times so making sure you source out a qualified Lynden, WA Realtor is key. If you are still trying to determine if you are ready for this step, you can also ask yourself these questions. 

Why am I buying a home in the first place?

One of the most important questions you can ask yourself is why. If you are feeling the pressure because all of your other friends are buying homes OR everyone is telling you now is the best time to do it, you may be jumping in without being fully ready. Most people automatically think of the term "investment" when they think of buying a home. While home owners are investing where as rent is money you won't see again, the 4 main reasons why people want to own a home for sale in Lynden has nothing to do with financial gain. According to a recent Harvard study, it actually had to do with being located close to an excellent education for children, a safe place for your family, more space and control of the space. Ask yourself what the non financial benefits are of owning a home for sale in Lynden, WA. By answering that question, you could be answering if you are ready to be a homeowner. 

What is the forecast of home values?

CoreLogic releases a Home Price Index with projected home values. The most recent one suggested that over the course of the next 12 months, home values will increase by 5.3%. If your budget is around $250,000 to buy a home, this means that if you put it off for another year, that home will cost around $13,000 more. This also means a higher down payment in some cases. If this is not in your budget, you know that now is the best time for you to purchase a home. Especially with some many great Lynden real estate opportunities still available around this price range. 

What is the forecast for mortgage interest rates?

It isn't just about your buying budget either. Interest rates can change the long term cost of Lynden, WA real estate for sale. This is also a factor that can change the over all cost of the home if you wait as The Mortgage Bankers Association (MBA), the National Association of Realtors, Fannie Mae and Freddie Mac have all projected an increase over the next year. 

If you are thinking of buying a home and have more questions, give me a call at 360-410-0848. I would be happy to tell you about the current market conditions along with the forecasted conditions and answer any other questions or concerns.