3 Questions to Ask If You Want to Buy Your Dream Home

If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.

Ask yourself the following 3 questions to help determine if now is a good time for you to buy in today’s market.

1. Why am I buying a home in the first place? 

This is truly 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 money.

For example, a survey by Braun showed that over 75% of parents say “their child’s education is an important part of the search for a new home.”

This survey supports a study by the Joint Center for Housing Studies at Harvard University which revealed that the top four reasons Americans buy a home have nothing to do with money. They are:

• 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 that space

What does owning a home mean to you? What non-financial benefits will you and your family gain from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.

2. Where are home values headed?

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), the median price of homes sold in December (the latest data available) was $232,200, up 4.0% from last year. This increase also marks the 58th consecutive month with year-over-year gains.

If we look at the numbers year over year, CoreLogic forecasted a rise by 4.7% from December 2016 to December 2017. On a home that costs $250,000 today, that same home will cost you an additional $11,750 if you wait until next year.

What does that mean to you?

Simply put, with prices increasing each month, it might cost you more if you wait until next year to buy. Your down payment will also need to be higher in order to account for the higher price of the home you wish to buy.

3. Where are mortgage interest rates headed?

A buyer must be concerned about more than just prices. The ‘long-term cost’ of a home can be dramatically impacted by even a small increase in mortgage rates.

The Mortgage Bankers Association (MBA), the National Association of Realtors, and Fannie Mae have all projected that mortgage interest rates will increase over the next twelve months, as you can see in the chart below:

Bottom Line

Only you and your family will know for certain if now is the right time to purchase a home. Answering these questions will help you make that decision.  Give me a call for some professional advice – J.P. Cook – 602-320-4253.

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9762 E Research Avenue Mesa, AZ 85212

$674,850

4 Beds

3 Baths

2,474 SqFt

Status Active

MLS # 6742774

Property Type Single Family Residence

Price Type --

Welcome to this beautiful Lennar NextGen home in Eastmark! The main home has 3 bedrooms and 2 bathrooms and the casita, 1 bedroom, 1 bathroom, a living room, a stackable washer and dryer, and a full kitchen! The great room has beautiful wood-looking tile, a modern ceiling fan, and surround sound. You will love the upgraded shutters throughout! The kitchen offers quartz countertops, stainless steel appliances, and pendant lighting over the island breakfast bar. The primary suite has an ensuite bathroom with a large shower, dual sink vanity, and 2 walk-in closets. The remaining bedrooms are move-in ready with shutters and a ceiling fan. The backyard is cozy with an above-ground spa, a covered patio with a ceiling fan and a covered extension. Additional features include a shed, screens on the windows, prewired for surround sound, garage flooring is epoxied and finished with cabinets. Do not miss out on this home! Eastmark is an amenity-rich community offering its residents a resort-style community has a pool that's heated, a kid recreational center, a splash pad, lakes, and a farmers' market.

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8413 E Jackrabbit Road Scottsdale, AZ 85250

$674,000

3 Beds

2 Baths

1,722 SqFt

Status Active

MLS # 6765157

Property Type Single Family Residence

Price Type --

This meticulously maintained 3-bedroom, single-story residence is a rare find with no HOA. With a brand-new roof, new A/C, and fresh exterior paint, this home is ready for you to move in and enjoy. Located in a prime location, you'll be just moments away from the beauty of Chaparral Park, the vibrant energy of Old Town Scottsdale, and shopping at Fashion Square. Plus, you're close to spring training facilities and Talking Stick Resort, making it easy to enjoy all that Scottsdale has to offer. Step inside to discover a warm and inviting living space that flows seamlessly. Don't miss your chance to own this exceptional home in a fantastic location!

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1100 N Earhart Parkway Payson, AZ 85541

$674,000

3 Beds

2 Baths

1,683 SqFt

Status Active

MLS # 6784933

Property Type Single Family Residence

Price Type --

Perfect full-time residence or part-time getaway with no Homeowners Association in a well-maintained neighborhood! Located on a .48-acre parcel. You will be delighted with a split floor plan concept that provides three bedrooms, two bathrooms, and an oversized three-car garage. Enjoy the four seasons Rim Country has to offer with a walkout deck off the great room and primary bedroom. There is also lots of additional storage in the crawlspace.

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9223 W Running Deer Trail Peoria, AZ 85383

$674,000

3 Beds

2.5 Baths

2,650 SqFt

Status Active

MLS # 6713470

Property Type Single Family Residence

Price Type --

Best value in West Wing. Great split floor plan open kitchen great room with gorgeous upgrades. Large master suite with separate tub and shower double sinks and envious walk-in closet.

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10963 E Texas Avenue Mesa, AZ 85212

$673,383

4 Beds

3 Baths

2,485 SqFt

Status Active

MLS # 6780245

Property Type Single Family Residence

Price Type --

MLS#6780245 Ready Now! The Adelaide in La Mira Expedition offers a comfortable living experience. This home's main living area boasts a spacious formal dining, gathering room, and open kitchen with 42'' upper cabinets, a kitchen island, gas cooktop, and ample lighting. The owner's suite, secluded for privacy, features a spa-inspired bath and an oversized walk-in closet. Three additional bedrooms and outdoor living complete this fabulous home, ensuring a perfect blend of luxury and practicality! Structural options include: paver front porch, bed 4 in place of storage, garage service door, interior door at owner's bath, and enclosed study, Home options include: window coverings and whole house appliance package.

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3738 E Rochelle Circle Mesa, AZ 85213

$672,970

4 Beds

3 Baths

1,972 SqFt

Status Active

MLS # 6782625

Property Type Single Family Residence

Price Type --

End of year builder inventory closeout, price slashed to sell. Stunning Andalusian style in new gated infill neighborhood. EOY completion Great infill location with desirable schools, EZ freeway access during the weekdays and a great gateway location for the weekends to head to the Salt River watershed lakes, mountains or a local hike! Nice finishes: 8' IRON front door, KitchenAid appliance pkg, white Shaker style cabinets with tall uppers w/ LED lights underneath Thick quartz kitchen tops, Subway tile backsplash. Wood look tile throughout, NO CARPET! 3 car tandem garage features a side door with paver path to front driveway. Stereo and Security prewire. 8' interior doors with nickel hardware and fixtures. Builder finance incentives. Taxes est. Most pics are of a model home

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23059 E Pummelos Road Queen Creek, AZ 85142

$672,500

4 Beds

3.5 Baths

2,938 SqFt

Status Active

MLS # 6762287

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS! This move-in ready two-story home features a beautifully landscaped backyard with real grass, a charming gazebo, and a covered patio perfect for shaded outdoor dining or relaxation. Inside, the open concept living area showcases a striking 20-foot shiplap fireplace and a gourmet kitchen with a 10-foot island, custom backsplash, 42'' upper cabinets, and a stainless steel range hood. The main floor master suite offers a spa-like bathroom with dual shower heads, double sinks, and a spacious walk-in closet. Upstairs, enjoy a cozy loft, two bedrooms, and a full bath. Energy-efficient upgrades include sunshades, two A/C units, and a tankless water heater. Located within walking distance to Queen Creek Olive Mill and Schnepf Farms for nearby dining and entertainment options. Retreat to the romantic main suite, highlighting plantation shutters, a pristine ensuite, and a walk-in closet. The home's elegance extends outdoors to the serene backyard with a covered patio, a gazebo, and a grassy lawn, excellent for outdoor relaxation. This value will not disappoint!

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4518 E Hopi Street Phoenix, AZ 85044

Open House

$672,500

5 Beds

3 Baths

2,399 SqFt

Status Active

MLS # 6777929

Property Type Single Family Residence

Price Type --

AHWATUKEE! South Mountain Views! 5 bedrooms! Pool! Corner lot! This wonderful home sits in the heart of Ahwatukee. Living here gives easy access to I-10, AZ 202, downtown Phoenix, Sky Harbor, ASU, Tempe & Chandler. This great location is close to South Mountain Park, dining, shopping, private park, public parks, golf, farmer's market and schools (public, private & charter). 5 bedrooms / 3 bathrooms / 2 car garage / pool / covered patio / solar is owned / kitchen island / privacy (corner lot with arroyo behind) / wood floors / open floor plan / many updates / gardening opportunity / in-ground fire pit. This fantastic home is waiting for you!

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14799 W Pasadena Avenue Litchfield Park, AZ 85340

$672,000

5 Beds

4 Baths

3,910 SqFt

Status Active

MLS # 6693658

Property Type Single Family Residence

Price Type --

Welcome to a charming home with a story to tell! Nestled in tranquil Palm Valley, this property boasts the distinction of being cherished by its original owner, making it a rare find in today's market.Step inside and be greeted by a warm and inviting atmosphere. This meticulously maintained residence offers 5 bedrooms, 4 bathrooms, and a separate office and loft providing ample room for relaxation and entertainment, as well as a casita with a separate entrance perfect for visitors or multi generational living. The heart of the home is the well-appointed kitchen which is a haven for culinary enthusiasts, featuring white cabinets, stainless steel appliances and large island. Whether you're hosting family gatherings or intimate dinners, this kitchen is sure to impress, and is open to the living area for seamless entertaining. Step outside through the multi panel sliding door that offers the best views of your beautifully landscaped yard, with 2 separate covered patios. Imagine sipping your morning coffee on the patio as you bask in the serenity of your surroundings and mountain views.Conveniently located inclose proximity to 303 Interstate, i-10, and 101. Wigwam resort, multiple golf courses & shopping.

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20235 W Hollyhock Street Buckeye, AZ 85396

$671,995

4 Beds

3 Baths

2,890 SqFt

Status Active

MLS # 6698318

Property Type Single Family Residence

Price Type --

Designed for entertaining this ranch style Julia plan model home offers airy 10'' ceilings. Once inside an extended entry leads to an expansive gourmet kitchen with 42'' white cabinetry with brushed nickel cabinet pulls, quartz countertops, tile backsplash, GE Plus stainless-steel appliances with a chimney hood and 36'' gas cooktop, an extended island, a breakfast nook, and a great room that includes an additional flex space. French doors lead from the dining nook out to an extended patio that runs the length of the great room. Inside a Butler's pantry with wet bar leads to a large walk-in pantry and a formal dining room leads to an adjacent covered courtyard off to the side of the home. This home offers two bedrooms that share a jack and jill bathroom, both with walk-in closets. A fourth bedroom and third bathroom complete the home. The primary bedroom includes a private bath with walk-in closet, dual vanities and a tile shower. In addition, this home has 12x 24 tile in all bathrooms, upgraded carpet in the bedrooms only and wood laminate flooring in the remaining areas of the home. This home also includes two-tone paint, ceiling fan prewires in all bedrooms, great room and covered patio, pendent lighting above the kitchen island, upgraded light fixtures in the dining room, nook and entry way, exterior coach lights and a paver driveway and walkway and front yard landscaping. A two car plus one car side turn garage is also included. This home is situated on a North facing 8760 square foot lot.

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3437 W Thoreau Lane Anthem, AZ 85086

$671,000

6 Beds

4 Baths

3,855 SqFt

Status Active

MLS # 6730172

Property Type Single Family Residence

Price Type --

This stunning home is located in the heart of Anthem, a beautiful award winning master planned community where joy abounds. At first sight you will notice a welcoming front porch, decorative stonework, and a lovely neutral color palette. The dramatic front entrance is enhanced by vaulted ceilings, custom pillars, and charming loft. The kitchen boasts ample storage and stainless appliances. The primary suite is located on the first floor as well as a secondary bedroom and a full guest bathroom. The second story has all the space one could need with four large bedrooms, two full baths, a bonus room and a loft. The backyard is an entertainer's dream with an extended flagstone patio, private pool and spa, and a gas firepit. Truly Sonoran living at its finest.

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920 W Saddle Run Apache Junction, AZ 85120

$670,990

4 Beds

3 Baths

2,649 SqFt

Status Active

MLS # 6786665

Property Type Single Family Residence

Price Type --

Welcome to Blossom Rock! The east valley's newest master planned community. With views of the Superstition Mountains and a wealth of amenities currently in the making including three community parks, dozens of neighborhood parks, a community school, miles of trails, beautiful lakes, and indoor and outdoor gathering spaces all meant to serve as the backdrop of the calendar of signature events and annual celebrations currently being created. A copy of the public report is available on the Az Dept. of RE Website

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