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

3 Questions to Ask If You Want to Buy Your Dream Home | Simplifying The Market

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:

3 Questions to Ask If You Want to Buy Your Dream Home | Simplifying The Market

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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7445 W Quail Track Drive Peoria, AZ 85383

$670,250 - 3Br/3Ba -  for Sale in Aloravita North Phase 3 Parcel 4, Peoria
Open House
$670,250
3 Beds
2.5 Baths
2,051 SqFt
Status Active
MLS # 6734111
Property Type Single Family Residence
Price Type --
Corner lot, no back neighbor-ready to call home in October 2024. Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'El Dorado' floorplan features 3 full bedrooms, 2.5 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes Burlap Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Photos of similar spec home, options may vary-home is under construction**

13827 N Wendover Drive Fountain Hills, AZ 85268

$670,000
3 Beds
2 Baths
1,732 SqFt
Status Active
MLS # 6748069
Property Type Single Family Residence
Price Type --
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10835 E Tesla Avenue Mesa, AZ 85212

$670,000
3 Beds
2.5 Baths
2,462 SqFt
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MLS # 6737188
Property Type Single Family Residence
Price Type --
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11445 E Paloma Avenue Mesa, AZ 85212

$670,000
4 Beds
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2,951 SqFt
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MLS # 6756927
Property Type Single Family Residence
Price Type --
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$670,000
5 Beds
3 Baths
2,648 SqFt
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MLS # 6764184
Property Type Single Family Residence
Price Type --
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12427 N 38th Street Phoenix, AZ 85032

$670,000
3 Beds
2 Baths
1,264 SqFt
Status Active
MLS # 6769033
Property Type Single Family Residence
Price Type --
Come & see this amazing property located in the highly sought after area of 40th St. & Cactus, near the 51 & shopping! This gorgeous home boasts charming curb appeal, low maintenance gravel landscaping, 2-car enclosed carport, RV gate (paved area behind gate), neutral paint, new laminate floors, cozy fireplace & lots of storage areas! The lovely kitchen offers matching stainless steel appliances, Silestone- Quartz countertops, tile backsplash & a pantry. The master suit features a private exit, bathroom with his & her sinks & a nice walk-in closet. The expansive backyard boasts a large covered patio, 2-8x10 Tuff Sheds, 1-10x16 Tuff Shed Workshop & tons of potential for you to personalize it & make this house your own.

7232 E Maverick Road Scottsdale, AZ 85258

$670,000
3 Beds
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2,581 SqFt
Status Active
MLS # 6780712
Property Type Single Family Residence
Price Type --
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2821 W Libby Street Phoenix, AZ 85053

$670,000
5 Beds
3 Baths
2,636 SqFt
Status Active
MLS # 6713274
Property Type Single Family Residence
Price Type --
Welcome to your dream home, a one-of-a-kind custom-built masterpiece that exudes elegance and sophistication. Built in 2019, this is the newest two-story house on the block, featuring a grand entry with a stunning wood door that sets the tone for the luxury within. This exceptional residence offers unparalleled luxury and modern amenities, ensuring a lifestyle of comfort and convenience. With five generously sized bedrooms, there's ample space for family, guests, or even a home office. Each bedroom is designed to provide maximum comfort and privacy, complemented by three beautifully appointed full bathrooms with high-end fixtures and finishes, offering a spa-like retreat for your daily routine.The heart of the home features custom cabinets and top-of-the-line stainless steel appliances, perfect for the home chef. Granite countertops add a touch of elegance to the kitchen's open layout, which is ideal for entertaining and family gatherings. The living spaces are adorned with stunning wood floors, and the grand wood staircase adds warmth and charm to the interior. Vaulted ceilings create an airy and spacious ambiance, while double wide patio glass doors seamlessly connect the indoors with the outdoor living areas. For those with a passion for travel, the RV gate provides convenient storage and access for your recreational vehicles, making it easy to embark on your next adventure. The home is equipped with two high-efficiency air conditioning units, ensuring comfort throughout the year. Energy-efficient windows by Milgard and foam insulation enhance the home's sustainability and energy savings. Recessed lighting throughout the home provides a modern touch and brightens every corner. The garage features an 8-foot door with extended height, perfect for larger vehicles. Additionally, the oversized water heater ensures that you'll never run out of hot water. The extended back patio is perfect for outdoor living and entertaining, complete with electrical wiring for up to three ceiling fans. The backyard also features a full-size shed for extra storage and is enclosed by a block stucco wall for added privacy and security. The home also boasts a comprehensive salt water filtration system for clean and healthy living. The exterior of this custom-built gem boasts a stylish stucco finish, adding to its unique architectural design. Every detail of this home has been thoughtfully designed to offer the utmost in modern living. From the open-concept living spaces to the high-quality materials used throughout, this home is the epitome of luxury. This property is not just a house; it's a lifestyle. Don't miss the opportunity to own this extraordinary home that combines unique design, luxurious features, and modern amenities. Schedule a private tour today and experience the beauty and elegance of this exceptional property.

7451 W Crystal Road Glendale, AZ 85308

$670,000
3 Beds
2 Baths
2,111 SqFt
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MLS # 6729565
Property Type Single Family Residence
Price Type --
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507 E Wesleyan Drive Tempe, AZ 85282

$670,000
4 Beds
2 Baths
2,086 SqFt
Status Active
MLS # 6727308
Property Type Single Family Residence
Price Type --
This beautiful home has been remodeled from top to bottom. Turnkey house that is upgraded to the max. New Electrical, new light fixtures, completed repainted. New front and back landscape with paver driveway extensions and front paver patio. Completely new kitchen with new appliances. New Master bathroom with his and her shower. Features a mud room and large pantry. All new upgraded tile throughout the house. New drywall, new windows, new doors and hardware and a new roof! This home is close to the University and in a great family neighborhood. Come make this your new home!

968 S Western Skies Drive Gilbert, AZ 85296

$670,000
5 Beds
3 Baths
3,102 SqFt
Status Active
MLS # 6731733
Property Type Single Family Residence
Price Type --
Price Reduction! Sellers open to concessions towards buyer costs w/ approved offer. Upgrades including Fresh Paint, Brand New flooring, & more! GOLF COURSE LOT!** Experience luxury living in this 5 bedroom, 3 bath home overlooking the 10th hole of the Western Skies Golf Course. Pebble tech pool & scenic golf course views. Updated kitchen, features custom cabinets, granite countertops, massive island, stainless steel appliances, & a walk-in pantry. Home comes with an enhanced & transferable, Home Warranty Protection plan, which covers ALL Appliances, Plumbing, HVAC equipment, & much more! Tile flooring, vaulted ceilings, & a formal dining area. The spacious Owners suite has 2 walk-in closets & soaking tub. Home also boasts 4 large bedrooms upstairs. The den downstairs can be a 5th bedroom

728 W Thunderbird Road Phoenix, AZ 85023

$670,000
3 Beds
2 Baths
1,935 SqFt
Status Active
MLS # 6767036
Property Type Single Family Residence
Price Type --
Experience the perfect blend of luxury and tranquility in this stunning 3-bedroom, 2-bathroom home backing up to a scenic golf course. Wake up to breathtaking views, enjoy vaulted ceilings that add spaciousness and light, and relax in a beautiful home with fresh paint inside and out. The brand-new roof ensures peace of mind for years to come. Whether you're a golfer or just love beautiful surroundings, this home offers the perfect escape. Don't miss the opportunity to own this slice of paradise. Hurry and make it yours! Seller will give $10,000 credit towards appliances or closing cost!!!!!

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