If you’re thinking about buying a home in Santa Fe, you’re no doubt getting a lot of input from friends and relatives. Of course they’re looking out for your best interests. But they not be completely aware of your needs and the state of the real estate market in Santa Fe.

Here’s 3 questions to help pin down if now is the time for you to buy a home.

Why am I buying a home?

Sure this sounds like an obvious question, but it’s the most important. And this is not about finances. There’s hopefully a reason that has nothing to do with money. For example, many say it’s their child’s education, or wanting to live in a safer community. People also want more space for them and their family and control over that space.

So decide what owning a home really means to you, including the non-financial benefits.

Where are home values headed in Santa Fe?

The median Santa Fe home value is currently $310,900 according to Zillow. These values have gone up 2.6% over the past year and are predicted to rise another 1.5% by next year. The longer you wait, the more your new home will cost, if current trends hold.

What’s the projection for mortgage rates?

You need to consider more than prices. What you spend over time is dramatically affected by mortgage rates. The National Association of Realtors, Mortgage Bankers Association (MBA), and Fannie Mae have all projected that over the next twelve months mortgage interest rates will increase.

Only you and your family know if now is the right time to buy. But answering these questions will help. If you need more expert advice, you can count on City Different Realty to provide expert advice. Feel free to give us a call at 505-216-6688.