The media is constantly bombarding us with doom and gloom. So many potential homeowners are sitting on the fence, waiting, and wondering...is now the time to buy? If you are considering purchasing a new Murfreesboro TN home, then only three questions really matter to you.
- Can I afford it?
- Does the home meet my needs?
- Is the home a good investment?
Can I afford it?
This question is the starting point that needs to be addressed before we go any further. Carefully consider your monthly income, debts, and expenses and decide how much of your take home pay can be comfortably allocated to your monthly mortgage payment. Then take this information and speak with a reputable lender! A great lender will walk you through the process of getting pre-qualified and help you determine how much home you can comfortably afford. You don’t want to be house poor! You want to be home rich!
Does the home meet my needs?
Take a piece of paper and write down what you are looking for in a new home. Are school zones important to you? What about number of bedrooms, size of the rooms, and location of the rooms. Can the master be up or do you prefer down? Do you work from home or participate in hobbies that require a specific layout? What about lot size and location? Do you prefer a larger lot or acreage in the county or quick access to the interstate and shopping offered by purchasing in the city. Once you have narrowed down what you really NEED and what you really WANT in a home, you will be more prepared to make an offer when you find that perfect home for you.
Is the home a good investment?
Take a look at this impressive chart that tracks home affordability for the past ten years!
The answer is YES!
Now is a GREAT time to purchase a home with affordability at almost a generational high!
This chart shows the national average home price of $182,400 and the median income of $64,400. The statistics for Murfreesboro TN are very close to the national average, but reflect a slightly brighter picture! The median income for Murfreesboro TN residents, according to the 2010 census report was $63,085 and the average home price in Murfreesboro TN for the first half of 2011 was $176,299. In fact, CNN Money Magazine selected Murfreesboro TN as 20th in Top Cities For Affordable Housing.
Home prices ARE more affordable than they have been in over half a generation already and expected to hit generational highs this year. With rock bottom home prices accompanied with historically low interest rates, the buyers have the edge! Don’t miss out on your opportunity to own a piece of the American Dream!
If you are searching for Murfreesboro TN homes for sale or real estate in the surrounding area, I would love to work with you! Having a knowledgeable agent on your side will make the journey to owning your first home a pleasant journey!
If you already own a home and are considering selling and buying a larger home, or even trying to downsize, I would be happy to complete a thorough comparative market analysis of your home and determine the most likely sales price for your home.
Please contact me today at 615-566-3789 so we can discuss your housing needs while the buyers still have the edge!