Thinking of Buying a Home? Ask Yourself These 3 Questions!

3 Questions

If you are debating purchasing a home right now, you are surely getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in real estate.

Let’s look at whether or not now is actually a good time for you to buy a home.

There are 3 questions you should ask before purchasing in today’s market:

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Should I Wait to Put Down a Bigger Down Payment?

 

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Should I Wait to Put Down a Bigger Down Payment?


Some experts are advising that first time and move-up buyers wait until they save up 20% before they move forward with their decision to purchase a home. One of the main reasons they suggest waiting is that a buyer must purchase private mortgage insurance if they have less than the 20%. That increases the monthly payment the buyer will be responsible for.

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Home Prices Up in 93% of Measurable Markets

KCM

Some Highlights:

The national median home price for Q2 is up 8.2% to $229,400

The income needed to afford the median home in each region is directly impacted by the amount of the down payment. The larger the down payment the lower the income needed to pay the monthly mortgage payment.

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