Buying a House-Ask Yourself These 3 Questions First
Buying a house is everyone’s favorite “American Dream”. People save for years, so that they can live comfortably and secure their future. Today, the real estate market is quite unpredictable. The demand is on high and the supply is less. Sellers are facing too much competition and are taking different tactics to market houses.
The current real estate trend requires you to do your homework before browsing the market. Jumping the gun will cost you extra and unbiased advice from friends and family. This might force you to take the wrong decision, which is why it is important to proceed with the home-buying process with a real estate agent by your side.
So, before buying a house, ask yourself the following three questions:
Q1. Why Have You Decided Now in Buying a House?
For a minute, set aside your finances and focus on the other reasons of why you are buying a home for sale in Oakland County, Michigan.
- You no longer feel safe in an apartment.
- The landlord is unbearable.
- Has there been a new addition to your family?
- The school in the area is not good enough for your child.
- Some of the facilities available nearby were shut down and now you are having trouble.
- Your job changed and commute is hard to get here.
Narrow down the reason behind the buy and then you will be able to evaluate its seriousness. Making a huge decision such as buying a house is not something you should do on a dime.
Q2. Is the Real Estate Market Going to Crash?
The housing market right now is buyer-friendly, which gives you the opportunity to buy a great home for sale in Oakland County, Michigan within your budget. This window is quite important and must be one of the reasons behind why you are buying a house. In 2017, the housing market went up by 5.8% from 2016. Right now, the market is stable but according to the National Association of Realtors (NAR), it will reach alarming levels by the end of this year. So, unless you want to look for change under your couch cushions, better check out the real estate market trend before buying a house.
Q3. Is the Mortgage Affordable for You?
The house-buying process can become quite confusing and difficult, if you are not working through a real estate agent. The long term cost is something that will haunt you even after years of buying the house. Even a 0.5% increase in the interest rates can set you way back on the monthly payments. This is why it is important to consult different lenders and find the perfect mortgage loan plan that you will be able to pay within 20 to 30 years and without going into debt.
Our final word of advice is that if you feel it is the right time for your family and you to buy a house then you should go for it! If you want to buy a home for sale in Oakland County, Michigan that falls under your budget then visit Homes2MoveYou. Get in touch with a me directly 248-790-5594 and start seeing houses in areas of your liking.
