3 Questions To Ask Before Buying Your 1st Home

3 Questions To Ask Before Buying Your 1st Home

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The real estate market is constantly changing, so of course DO YOUR RESEARCH! DO NOT jump the gun on this one! Unbiased advice from family and peers may be kind, but you are the only one who knows what your needs are when it comes to buying a home.


WHAT MADE YOU CONSIDER OWNING A HOME?


Forget finances for a minute and focus on what made you consider even buying a home in the first place!

·Is your family expanding?

·Does your family feel safe?

·Is there a STELLAR school system in the area so your children can get the education they deserve?

·How about that unbearable landlord?


WHICH WAY IS THE REAL ESTATE MARKET GOING?


DON’T SLEEP ON YOUR DECISION TOO LONG! Home prices are still on the rise! Not only are they on their way up, but these increases are happening monthly.


The Atlanta Realtors released the following statistics for early 2018:


Price: Average and median sales prices continue to gain traction and outpace 2017’s figures, with positive gains. The median sales price in February was $250,000, an increase of 10.1% from last February. The average sales price was $306,000, up 10.1% from the previous year.

Supply: Atlanta area housing inventory totaled 11,066 units in February, a decrease of 25.3% from February, 2017. New listings totaled 3,962, down 1.5% from February, 2017 and up 10.6% from the previous month. The month’s supply over a 12-month period increased to 2.3 months.


If you wait until next year to buy, you might be scrapping for change in the cushions to say the least! Not only will it cost you more to buy, but you will also need to increase your down payment to account for the higher price of the home.


WHAT IS THE MORTGAGE FORECAST?


The initial process of purchasing your home may seem easy and quick, but THERE IS MORE TOO IT! The ‘long term cost’ of buying a home WILL haunt you if you buy at the wrong time! Mortgage Bankers Association (MBA), and NAR have projected that mortgage interest rates will DEFINITLEY increase over the next twelve months. The smallest increase in mortgage rates can have a huge impact on a home owner.


FINAL THOUGHTS

If you and your family feel it is the right time to buy a home then GO FOR IT! Consider these points when making the final decision.

Don’t forget, this move is FOR YOU!


Kim and Michele K and M Team Headshot
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Phone: 770-855-5801
Dated: May 8th 2018
Views: 235
About Kim and Michele: Kim and Michele are full time Realtors who have been successfully closing homes in the metro Atlanta...

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