It seems as if more people are tired of renting and are considering purchasing real estate in Phoenix, but how can one tell if they’re really ready to take the leap into homeownership? If you’ve found yourself in a situation similar to this and want to purchase real estate in Phoenix, here are three questions to ask yourself before doing so.
The most important question of all is why do you want to purchase real estate in Phoenix in the first place? Do you want to invest your money somewhere? Are you looking for more space to raise your family or are you simply tired of renting? There are a number of different reasons why people choose to purchase real estate in Phoenix and only you can determine what your reason is. Whatever your answer to this question is, whether it be financial or non-financial, should ultimately be the deciding factor on whether your purchase real estate in Phoenix or not.
It is understandable, however, that just because you want to buy a home doesn’t mean you can afford to. Or can you? When looking at the financial aspect of whether or not you can afford real estate in Phoenix you need to ask yourself where home values and mortgage rates are headed. Both are projected to increase steadily over the next twelve months, but what exactly does this mean for you? In terms of home values, it means that right now you can get more for your money while at the same time begin to build your equity sooner and faster than if you were to wait until next year to purchase real estate in Phoenix. With regards to interest rates, they impact the long term cost of your home, making your home more affordable for the duration of your mortgage.
So, there you have it. Of course, only you and your family can determine if right now is the best time for you to purchase real estate in Phoenix, but with these three important questions lingering in your mind, you’re bound to make the right decision.