Should I Buy My First Home in 2017?

January 5, 2017

 

 

 

 

 

 

 

Happy New Year! Will 2017 be the year you buy your first home? Are you still on the fence about it? Here is some updated information to help you make an informed decision, and to answer the question: “Should I buy my first home in 2017?”

Buying Your First Home in 2017

In most U.S. cities, buying a home makes a lot of sense right now. The housing market is stable, with rising home values reported across the nation during 2016. The job market and the broader economy have improved significantly since the recession years. And in many areas, owning a home is actually more affordable than renting right now.

But these are just the external factors. There are personal considerations as well. You have to make sure buying a home makes sense for you, based on your current financial and lifestyle situation.

For starters, ask yourself the following questions:

  • Do you plan to live in the area for at least the next few years? If so, buying might make sense for you.

  • Do you have steady and reliable income right now, with a reasonable expectation for continued employment and income? If so, you can put another check mark in the “buy” column.

  • Would owning a home improve your quality of life in some way?

If you answered yes to these questions, then 2017 might be a good time to buy your first home.

Mortgage Rates Have Risen

As a first-time home buyer, you should be aware that mortgage rates have risen in recent weeks. In fact, by the last week of December 2016, the average rate for a 30-year home loan had risen to its highest point in more than two years.

At the start of 2017, the average rate for a 30-year mortgage was 4.32%. Analysts with the Mortgage Bankers Association expect rates to rise gradually throughout 2017, possibly reaching 4.7% (for a 30-year loan) by the end of the year.

The point is, if you postpone your home-buying plans until later in 2017, you could end up paying more for a home — and for a mortgage loan. So a strong case could be made for buying sooner rather than later.

I Can Help You Every Step of the Way

I specialize in helping first-time home buyers succeed. I can help you find a home that meets all of your needs, and make a smart offer based on current market conditions. This is the first step to success when buying your first home, and it all starts with market research. This is one of my key skills.

I can help you navigate the complexities of the local real estate market in order to find the ideal home. Please contact me at your convenience so we can talk about your home buying needs.

Share on Facebook
Share on Twitter
Please reload

Featured Posts

3 Reasons to Get Pre-Approved for a Mortgage Loan

November 16, 2016

1/1
Please reload

Recent Posts
Please reload

Archive
Please reload

Search By Tags
Please reload

Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square
  • w-facebook

©2018 Better Homes and Gardens® Real Estate LLC. A Realogy Company. All rights reserved. Better Homes and Gardens® Real Estate is a registered trademark owned by Meredith Corporation, licensed to Better Homes and Gardens® Real Estate LLC and used with permission. Better Homes and Gardens® Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated. Listing information is deemed reliable but is not guaranteed accurate.

An Equal Opportunity Company. Equal Housing Opportunity. Each Office is Independently Owned and Operated.

Any services or products provided by third parties are not provided by, affiliated with or related to Better Homes and Gardens Real Estate LLC, or its affiliated companies.