Welcome to the AllIdahoFallsRealEstate.com Blog

2019-04-15 23:43:13
3 Questions You Need To Ask Before Buying A Home in Idaho Falls

If you are debating purchasing a home in Idaho Falls right now, you are probably getting a lot of advice. Though your friends and family have your best interests 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 three questions to help determine if now is a good time for you to buy in today’s market.

1. Why am I buying a home in the first place?

This is truly 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 study by realtor.com found that “73% said buying in a good school district was “important” in their search.

This report supports a study by the Joint Center for Housing Studies at Harvard Universitywhich revealed that the top four reasons Americans buy a home have nothing to do with money. The actual reasons are:

  • A good place to raise children and provide them with 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 Existing Home Sales Report from the National Association of Realtors (NAR), the median price of homes sold in February (the latest data available) was $249,500. This is up 3.6% from last year. The increase also marks the 84th consecutive month with year-over-year gains.

Looking at home prices year over year, CoreLogic is forecasting an increase of 4.6%. In other words, a home that costs you $250,000 today will cost you an additional $11,500 if you wait until next year to buy it.

What does that mean to you?

Simply put, with prices increasing, it may cost you more if you wait until next year to buy. Your down payment will also need to be higher in order to account for the higher price of the home you wish to buy.

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.

Freddie MacFannie Maethe Mortgage Bankers Association and NAR have all projected that mortgage interest rates will increase over the next twelve months, as you can see in the chart below:

3 Questions You Need To Ask Before Buying A Home | 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. The Cindy Bates Group is always ready to to get you the answers you're looking for, give us a call today! 

 
Blog Archive
2020-02-20 14:52:08
New Homes on the Market And Southeast Idaho Events!

2020-02-20 12:22:26
Active Listings in Southeast Idaho

2020-02-13 12:50:00
Global Events affecting Idaho Falls Market

2020-02-11 15:22:53
Homeownership Rate on the Rise to a 6-Year High

2020-02-10 11:16:11
Take a look at The #1 Move In State!!

2020-02-04 10:04:37
Do you think Gender plays a role when investing in Idaho Falls?

2020-01-28 09:43:15
Should You Sell Your Idaho Falls House This Year?

2020-01-27 15:17:10
First-Time Idaho Falls Buyers Are Searching for Existing Homes This Year

2020-01-22 09:34:58
Idaho Falls Buyers Can Win By Downsizing in 2020

2020-01-21 10:56:25
The 2 Surprising Things Idaho Falls Homebuyers Really Want

2020-01-16 09:58:32
Housing Inventory Vanishing: What Is the Impact on You in Idaho Falls?

2020-01-15 15:02:31
Idaho Falls home buyers increasing their Wealth!

2020-01-14 10:36:23
2020 Luxury Market in Idaho Falls

2020-01-10 11:19:19
Your Hometown Lowdown: True Love Skincare with Tricia Barnes

2020-01-09 11:37:27
There’s a Long Line of Buyers Waiting for Your Idaho Falls House

2020-01-08 12:45:47
Is The New Spring Real Estate Market Here in Idaho Falls?

2020-01-07 22:20:44
Big Demand for Small Homes Coming to Idaho Falls?

2019-12-30 16:20:16
For Sale By Owner? Give us a Call first!

2019-12-18 15:27:01
The Biggest Issue Facing Housing Next Year in Idaho Falls

2019-12-10 09:53:05
What difference Does a Year Make in Idaho Falls?

2019-12-09 20:37:52
Have You Budgeted for Idaho Falls Closing Costs?

2019-12-04 10:45:51
Is A Bigger Idaho Falls House Within Your Budget?

2019-12-03 14:58:29
Winter Sales in Idaho Falls

2019-11-27 14:19:24
Tips to Sell Your Home Faster in Idaho Falls

2019-11-26 10:04:11
Owning Your Own Idaho Falls Home

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.