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Things To Consider When Buying a Home — 3 Questions You Must Answer When Buying a Home

  1. What are the experts recommending?  In the first half of 2012, many experts have said that buying now makes sense.  This list includes:  John Talbott, Christopher Thornberg and Warren Buffet.  For some quotes from experts on housing recovery, check out our facebook page.
  2. When will I begin to see appreciation if I buy now?  This is a great question. Macro Markets, LLC is a company that studies housing prices.  They started their Home Price Expectation Survey in 2010.  They ask 100+ housing industry experts to project housing prices through 2016. The most current survey shows that the experts are predicting prices to remain relatively flat in 2012.  The experts then project prices to rise reaching a cumulative appreciation of over 10% by 2016.                                                                                                                                                                                                       Purchasing a home today makes great sense from a financial standpoint.  Think of the old axiom:  you want to buy low and sell high.  This decision should not only be a financial one however.
  3. Why am I buying a home in the first place?  This truly is the most important question to answer.  Forget the finances for a minute.  Why did you even begin to consider purchasing a home?  For most, the reason has nothing to do with finances.  The Fannie Me National Housing Survey shows that the four major reasons people buy a home have nothing to do with money:
    • 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
What non-financial benefits will you and your family derive from owning a home?  The answer to this question should be the reason you decide to purchase or not.
Don’t allow money to get in the way of you making the right decision for you and family.  In the long run, the finances will work in your favor anyway.

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