If you need assistance, please call 561-876-8135

3 Questions to Ask Before Buying Your Dream Home

Friday, October 07, 2016   /   by Dan Malloy

3 Questions to Ask Before Buying 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 actually a good time for you to buy in today’s market.


1. 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 money.


For example, a recent 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 four major reasons people 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 Home Price Index from CoreLogic, home values are projected to increase by 5.3% over the next 12 months.


What does that mean to you?


Simply put, if you are planning on buying a home that costs $250,000 today, that same home will cost you an additional $13,250 if you wait until next year. Your down payment will need to be higher as well to account for the higher home price.


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, Fannie Mae and Freddie Mac have all projected that mortgage interest rates will increase over the next twelve months as you can see in the chart below:


Mortgage Rate Projections | MyKCM


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.

Malloy Home Team at Premier Brokers International
9123 N. Military Trail, Suite 104
Palm Beach Gardens, FL 33410
561-876-8135
561-370-5736

The multiple listing information is provided by MIAMI Association of Realtors® from a copyrighted compilation of listings. The compilation of listings and each individual listingare © 2018 MIAMI Association of Realtors®. All Rights Reserved.
The information provided is for consumers’ personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.
All listings featuring the RPBGFL MLS logo are provided by the Realtors of the Palm Beaches and Greater Fort Lauderdale, Inc. and BeachesMLS, Inc. This information is not verified for authenticity or accuracy and is not guaranteed. Copyright 2018 Realtors of the Palm Beaches and Greater Fort Lauderdale Inc. and BeachesMLS, Inc.
All listings featuring the RPBGFL MLS logo are provided by the Realtors of the Palm Beaches and Greater Fort Lauderdale, Inc. and BeachesMLS, Inc. This information is not verified for authenticity or accuracy and is not guaranteed. Copyright 2018 Realtors of the Palm Beaches and Greater Fort Lauderdale Inc. and BeachesMLS, Inc.