The dream of home ownership is alive and well for many people. After moving out of our homes we tend to move into an apartment and get a job. From there we start to build up some money, get some experience living alone and then might come to a point we want to start a family and need more space. In these situations, we need to start about what we need to do to financing a home.
What is the current national average price for a home?
The average price for a single-family home in October 2018 was $286,300. This represents a 1.9% increase from the same month last year. During this period, prices increased in 90 out of the top 100 MSAs. With the recent pandemic and the state of the economy as a whole, people are really bouncing around in this market.
What type of house do you want?
It is important that you know what type of house you want to purchase and if it will fit your needs for the foreseeable future. When looking for a home you want to remember that it is a long term investment that you will need to focus on for many years to come.
How much can I afford?
For those who have never purchased a home before it is imperative that you learn how the process works and more importantly how much money you will need. Before jumping into anything, we suggest learning the basics of finance. This includes knowing your debt, your income and your savings. Each of these will work together for the life of your loan as well as any other financial decisions you make in the future.
When it comes to purchasing a home, don’t stress over it. You want to make it a fun and rewarding experience. Just understand what you are getting into before you sign any papers.