Three Important Questions for Home Buyers to Ask Themselves

It is easy to become overwhelmed when you enter the home buying market in Florida. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the Florida housing market.

It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the Florida  home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home.

1. Why am I Buying a Home?

Regardless of the finances, it is important to think about what made you want to buy a home in Florida the first place. Usually the reasons don’t have to do with money. Instead, Florida home buyers are focused on how the house will impact their family in the future. A study done by the Joint Center for House Studies at Harvard found there are four reasons people buy a home. Those reasons include schools for your children, a safe environment, more room for your family to grow, and control of your own space.

These factors are the most common reasons people look to buy a new home. When you ask yourself why you are looking to purchase a home in Florida, do any of those factors come up? Spend time with your spouse or family members who are involved in this decision and determine why you want a Florida home in the first place. Creating this list will help when searching for a Florida home and can help your real estate agent find the best home in Florida for your needs.

2. What is the Trend with Home Values?

Our current economy and housing market is strong. That means Florida home values and mortgage rates are increasing. If you are looking to purchase a home in South Florida but want to stay within a budget, it may be in your best interest to move quickly. It is forecasted for these trends to continue in an upward motion, causing Palm Beach area home values to continue to increase.

3. What About Current Mortgage Rates?

The ticket price is not the only thing you should be concerned with when purchasing a South Florida home. Mortgage rates are always changing and can have a huge impact on your monthly payments. Current trends show mortgage rates are rising. This is something to consider if you are debating the right time to purchase a home in the Palm Beach area, since the rates may be even higher down the road. 

Bottom Line

You and your family are the only ones who can determine the right time to purchase your dream home in Florida. It is important to decide exactly why you want a new home for your family and decide on a budget that will be comfortable moving forward in the Palm Beach, Boca Raton, Delray Beach and the surrounding cities. This budget may affect the amount of time you have to search for a home in Florida, since home prices and mortgage rates are increasing.