When you decide to buy a home, your friends, family, coworkers, neighbors, pretty much everyone you know will become an expert in real estate. No matter what anyone tells you, the best thing to do is to contact a local Realtor for expert and current advice on the market.
Here are a few questions every home buyer should ask themselves before deciding to purchase in today’s market:
Why am I buying?
- Safe neighborhood
- Good schools
- More space (larger home, more land)
- Good place to raise a family
- Closer to family and/or friends
Where is the market and home values headed?
Home buyers are experiencing low inventory and higher home prices in many California markets, especially in the largest metro areas.
Every quarter, Pulsenomics surveys a distinguished panel of over 100 economists, investment strategists, and housing market analysts regarding their 5-year expectations for future home prices in the United States. (Source: Pulsenomics Q1 2015 Survey)
- Home values are predicted to increase by 4.4% in 2015
- The cumulative appreciation will be 19.3% by 2019
Where are mortgage interest rates headed?
How much a buyer can afford will depend on the current mortgage rates. Since 2008, we have been experiencing historically low rates and rates have dropped slightly during Q1 2015. The Mortgage Bankers Association, the National Association of Realtors and Freddie Mac have all projected that mortgage interest rates will increase by 2016.
Leonardi Real Estate can:
- Educate you on the current local market conditions
- Search until that perfect property is found
- Assist you with buying a home
- Negotiate the best possible price and terms possible
