The two most important questions to ask yourself if you are going to buy a home

by Maria Del "Carmen" Sanchez

If you're thinking about buying a home, chances are you're paying attention to just about everything you hear or see about the housing market.

And, you're getting your information from a variety of channels:

The news, social media, your real estate agent, conversations with friends and loved ones, listening to someone chatting at the grocery store, the list goes on and on.

To help reduce confusion and give you the information you need most, take a look at what the data says.

Here are the two main questions to ask yourself about home prices and mortgage rates when making your decision:

1. Where do I think home prices are headed? One reliable place to go for that information is the Pulsenomics Home Price Outlook Survey (HPES), a survey of a national panel of more than 100 economists, real estate experts and investment and market strategists. According to the latest publication, the experts surveyed project a slight depreciation this year. The worst home price declines are behind us and prices are appreciating again in many markets. Why is this important to you? It means that your home will likely increase in value and should gain equity in the coming years, but only if you buy now. If you wait, according to these forecasts, the house will cost you more later.

2. Where do I think mortgage rates are headed? Even experts can't say with absolute certainty where mortgage rates will be next year, or even next month. This is because there are many factors that can affect what happens. So, to give you an insight into the various possible outcomes, here's what to consider: If you buy now and mortgage rates don't change: You've made a good move, as home prices are projected to rise over time, so you'll at least outpace the rising prices. If you buy now and mortgage rates fall (as projected): You probably still made a good decision because you got the house before home prices appreciated more. And, you can always refinance your home later if rates are lower. If you buy now and mortgage rates go up: If this happens, you made a great decision because you bought before both the price of the house and the mortgage rate went up.

In conclusion If you're thinking about buying a home, you need to know what to expect with home prices and mortgage rates. While no one can say for sure where they will go, expert projections can provide powerful information to keep you informed.

Contact me and I can give you an expert opinion on your local market.

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