Think you’re ready to buy a new home in The Woodlands this year? You’re likely getting a lot of advice from friends, family, and others with homebuying tips to share. And even though this group of people might have your best interests in mind, be sure to do your own research on the current state of the real estate market and consider your own needs in a home. Below are 2 important questions you’ll want to ask yourself and get in order before you move farther in your homebuying process.
Why Are You Buying a Home?
Aside from your financial situation, ask yourself why you are even considering buying a home in The Woodlands. What are your motives? Oftentimes a homebuyer’s reasoning has nothing to do with money, but might include factors like the amount of space you’ll be gaining or the neighborhood in which you’d like to live. In fact, a recent study by the Joint Center for Housing Studies at Harvard University found the four main reasons that people cite for homebuying as:
- 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 the space
These will be the biggest reasons for you to ultimately buy a home and should be the deciding factor, assuming that your finances are in order.
Where Will Home Values and Rates Be in the Future?
You’ve heard it before— waiting to buy a home could end up costing you more than if you purchased right now. Take a look at the current mortgage rates and home values and where they are headed as mortgage rates will dramatically impact the long-term cost of a home. These rising rates should rank highly in deciding when you will purchase homes in The Woodlands.
According to KCM, real estate experts in a recent Pulsenomics survey found “home values will appreciate by 4.3% in 2014 [and] the cumulative appreciation will be 28% by 2018.”
Want more information on homebuying in The Woodlands or want to start your home search for real estate in The Woodlands? Contact Rick Raanes and Keller Williams The Woodlands today!
Keller Williams The Woodlands | 281-960-1900