Does it make sense to buy an Elmhurst home in the current market? Many people would say no and urge you to hold off for a while. But if you’ve decided that now is the time to make a move, asking yourself the following questions could help crystalize your decision—or convince you to wait.
Question 1: What do the experts say?
If you feel you can trust them, experts like Warren Buffet and John Talbott have been saying for several months that now is a good time to buy.
Question 2: If I buy now, when will my Elmhurst property appreciate?
One answer to this comes from a company called Macro Markets, LLC, which started a Home Price Expectation Survey back in 2010. They asked over 100 housing industry experts to project what housing prices would do through 2016.
In the most recent survey, the pros predicted home prices would stay flat in 2012 and gradually appreciate to above ten percent by 2016. So buying today means your home will be worth approximately ten percent more in about four years.
However, the potential financial gain when selling should not be the only reason you decide to buy, which leads nicely into the last, and most important, question.
Question 3: What do I really want out of owning a home?
Often, the honest answer to this question is not at all about financial gain. In fact, the Fannie Mae National Housing Survey says that the four reasons why people buy a home are much more emotional than financial. Most people make the choice because they want:
- A place to raise children safely and get them a good education;
- To live somewhere everyone can feel safe;
- Larger living space for the family;
- To have control over that space.
Buying a home is one of the most important decisions you will make, and it’s essential to make the best choice possible for you and your current (or future) family. The finances have a way of taking care of themselves, so make those important non-tangibles the basis for your decision to purchase Elmhurst real estate.
Another important buying decision is choosing experienced agents like us. If you’re looking to buy or sell Elmhurst real estate or properties in the surrounding area, contact the Gracik Makinney Group, or call (630) 567-5902.