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Are you considering buying a home? If so, you’re not alone. Home prices and mortgage rates are both on the rise, making this an excellent time to buy. But before you make any decisions, it’s important to ask yourself two questions: “How much can I afford?” and “What’s the best way to finance my purchase?” By answering these questions, you’ll be in a much better position to make a powerful and confident decision about whether or not to buy a home right now.

If you’re not sure how much you can afford, ask yourself what your monthly mortgage payment would be if you purchased a home at the current median price. Then, compare that number to your current rent payment. If the difference is manageable, you may be able to afford a home. However, if the difference is significant, you may want to wait to purchase a home until you can better afford it.

To finance your purchase, you’ll need to get a mortgage. Mortgage rates are currently at historic lows, so now is a great time to lock in a low rate. However, experts expect rates to rise in the future, so if you’re considering buying a home, you may want to do it sooner rather than later.

Mark Fleming, Chief Economist at First Americansaid:

If you’re still not sure whether buying or renting is right for you, ask yourself how long you plan on staying in your current situation. If you think you may move soon, renting may be the better option. However, if you plan on staying put for a while, buying a home can be a great investment.

 Home Price Expectation Surveyfrom Pulsenomics, According to the latest release, the experts surveyed are also calling for home price appreciation for the next several years (see graph above):

No matter what you decide, make sure you do your research and consult with experts before making any decisions. Buying a home is a big commitment, so you want to be sure you’re doing it for the right reasons.

If you’re thinking about buying a home, ask yourself these two important questions first. With prices and rates on the rise, you need to be sure it’s the right decision for you. Otherwise, you could end up stuck in a situation you’re not happy with. Do your research and consult with experts to make sure buying a home is the right decision for you.

If you have any questions about buying a home, feel free to reach out and we will be happy to help. Thanks for reading!

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