Price Matters, but…

Most people begin with the price in mind when buying a house.  Price is important, but other issues also come into play.  Is the house updated?  Is the size right?  Is the location right?  Does it have the amenities the buyer is looking for?  

The other parameter to consider is the overall cost of the house.  Price and cost are different.  Price is what the property will sell for, cost is what it will take to own the house.  Things to consider, in addition to the price, are homeowners insurance, property taxes, utility costs and maintenance costs.  The “cost” of owning a house is largely impacted by low interest rates.  With interest rates at historic lows, housing is more affordable and many buyers can afford “more” house than they thought. Low interest rates also can save the homeowner over the life of the home loan, in many cases off-setting the rising home prices.  

When you are ready to pull the trigger, be sure to have your ducks in a row.  Have a pre-approval letter from a lender ready and make sure your Real Estate professional is in tune with your wants and needs.  Who you work with really does matter!