Whether you’re gearing up to buy a Katy home for the first time, or you’re thinking about selling your home and moving into a new home, you might be wondering if now is the time for you to buy. Only you and your family can make that decision, but as your Katy real estate agent, I can offer you some advice!
KCM Crew shared three questions that would be smart for you to ask yourself before deciding if now is the right time to buy. They have to do with what your current needs are and what the current real estate market is like for buyers. Go ahead and ask yourself these three questions and see what you come up with:
1. Why do you want to buy in the first place? As a Katy real estate agent, I agree that this is the most important question for you to ask. Over 75 percent of parents say that their child’s education is an important part of searching for a new home. Others say they are looking for a place to feel safe, they want more space for their family, and they want control of that space.
Do you relate to these reasons? Why is it that you are thinking about buying a Katy home right now? Want to move up and have a place to raise your family? Want to downsize as empty nesters? Want to move closer to family, or to a job, or to a place you’d enjoy more than your current location? Keep reminding yourself of why you want to move, and stop putting off your future by waiting!
2. Where are home values headed? If money is your biggest concern, question two and three are for you. According to the latest Home Price Index, home values are projected to increase by 5.3 percent over the next 12 months. Prices have already increased, but they’re not done yet! Now is the time to buy if you want to save money.
3. Where are mortgage rates headed? This is the other financial question to ask before buying a Katy home. The long-term cost of a home can be dramatically impacted by a small increase in mortgage rates. Right now, rates are near historic lows, but they are projected to increase over the next 12 months, which would raise your monthly mortgage payments.
To sum up, financially, the sooner you buy, the more you’ll likely save in home price and with a mortgage rate. Personally, you have a reason you want to buy a Katy home. If you’re ready to make the changes in your life that you seek, now is definitely a great time to buy!
Contact me for help throughout the home-buying process. As a Katy real estate agent, I can help you find the homes that match your needs and financial budget, and I can help you with negotiations, paperwork and so much more. I look forward to hearing from you!