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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2300 E Concorda Drive Tempe, AZ 85282

$623,500

4 Beds

2 Baths

2,252 SqFt

Status Active

MLS # 6704841

Property Type Single Family Residence

Price Type --

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$623,000

4 Beds

2.5 Baths

2,439 SqFt

Status Active

MLS # 6684020

Property Type Single Family Residence

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2740 S Pleasant Place Chandler, AZ 85286

$623,000

4 Beds

3 Baths

2,350 SqFt

Status Active Under Contract

MLS # 6744938

Property Type Single Family Residence

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2730 Nelson Lane Chino Valley, AZ 86323

$622,462

3 Beds

2 Baths

2,076 SqFt

Status Active

MLS # 6776501

Property Type Single Family Residence

Price Type --

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19016 W Rose Lane Waddell, AZ 85355

$621,915

6 Beds

3.5 Baths

3,159 SqFt

Status Active

MLS # 6770159

Property Type Single Family Residence

Price Type --

Amazing 2 story floorplan, Downstairs owners suite plus guest suite. Professionally decorated gourmet kitchen, quartz center island with stainless appliances, Wood plank tile in common areas, Quartz countertops, tiled backsplash, staggered Harbor cabinets, oversized great room and eat in kitchen, oversized laundry room. Massive loft upstairs, Jack & Jill bath. Enjoy the peaceful sunsets on your covered patio and mountain views. Plenty of room for everyone and extra space in the 3 car tandem garage. This home will be completed in December/January

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6798 W Andrea Drive Peoria, AZ 85383

$621,900

3 Beds

2.5 Baths

2,051 SqFt

Status Active

MLS # 6722958

Property Type Single Family Residence

Price Type --

Turnkey READY NOW-North/South Exposure. 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 White 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 to show layout, options will vary*

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10130 S Bickwell Trail Apache Junction, AZ 85120

$621,848

5 Beds

4 Baths

3,099 SqFt

Status Active

MLS # 6768168

Property Type Single Family Residence

Price Type --

Discover the exceptional difference in your home-buying experience! Welcome to Laurel at Blossom Rock, where our 2-story Ponderosa design w/ LIVE in SUITE is under construction now. Imagine an open-concept floor plan featuring a warm and welcoming kitchen that flows into a bright, airy great room. This space opens up to your private, extended covered outdoor room - perfect for relaxing or entertaining. With 5 spacious bedrooms, 3 luxurious baths, a great room with a dining area, and a flexible office space, this home has everything! Plus, we're including $81,000 in stunning upgrades to make this home truly special, and we're offering special financing to help NOW.

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28250 N 134th Avenue Peoria, AZ 85383

New

$621,469

4 Beds

3 Baths

2,318 SqFt

Status Active

MLS # 6788574

Property Type Single Family Residence

Price Type --

A soon to be complete single-story Harbor with a Ranch exterior elevation style. This 4-bedroom home plus a flex room offers 3 and a half baths and a 3 car tandem garage. The kitchen features stainless steel appliances and stylish Mocha colored cabinetry and beautiful white quartz countertops. Throughout the home, find upgraded baseboards and wood-like tile. The home and community are at the base of a mountain and are near Vistancia. Home warranty included.

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7313 E Fillmore Street Scottsdale, AZ 85257

$621,000

4 Beds

2 Baths

1,841 SqFt

Status Active

MLS # 6762777

Property Type Single Family Residence

Price Type --

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3946 W Antelope Way San Tan Valley, AZ 85144

$620,995

4 Beds

3 Baths

2,908 SqFt

Status Active

MLS # 6784619

Property Type Single Family Residence

Price Type --

*Home is still Under Construction* Check out this beautifully crafted home with well-appointed interior finishes. A large center island in the kitchen overlooks the casual dining area. The open-concept great room is the perfect atmosphere for entertaining, with connectivity to the dining area and expansive views of the outdoor living space. A large loft space on the second floor creates an abundance of living options that are perfect for the way you live. The resort-style amenities in this community will make your family feel they're on vacation year-round. Experience the luxury you've always wanted by touring today.

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3836 W Antelope Way San Tan Valley, AZ 85144

$620,995

6 Beds

4.5 Baths

3,164 SqFt

Status Active

MLS # 6779216

Property Type Single Family Residence

Price Type --

Check out this beautifully crafted home with well-appointed interior finishes. The pronounced front entry opens to a two-story foyer with a grand staircase. Premium finishes in the kitchen include name-brand appliances, upgraded cabinets, and tile floors. The open-concept great room is the perfect atmosphere for entertaining, with connectivity to the dining area and expansive views of the outdoor living space. A large loft space on the second floor creates an abundance of living options that are perfect for the way you live. Come experience your dream home today!

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15531 W Piccadilly Road Goodyear, AZ 85395

$620,900

2 Beds

2 Baths

2,154 SqFt

Status Active

MLS # 6778730

Property Type Single Family Residence

Price Type --

South facing beautiful golf course home with front courtyard entry. Enchating outdoor living area with outdoor pergola, outdoor kitchen, outdoor bar, Misting system, Personal size Shasta Pool and heater if you want. Great landscaping for your privacy. Owner Solar with new solar converter, and if you have a green thumb a potting station, new heating and air, water softener system located in garage that as extra space for golf cart plus a hand wash sink in garage, front and back yard water system in him RO water system under sink. Sunburst shutters in Bedrooms and custom home office with built in custom cabinetry, Bedrooms both have walk-in closets. Both bathrooms updated. This home impresses with its high ceilings custom designed ET wall with lighting and built-in surround sound system with amplifier with builtin speakers. Great room with gas fireplace, 60in TV and windows have Hunter Douglas custom window treatments. bump out windows in kitchen nook second bedroom, ceiling fans, Stunning granite counters and klithen is upgrades and has under cabinet lighting, Spacious Utility Room. Also garage has storage cabinets. carpet free home, fence backyard. Seller is providing a home warranty.

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