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BUYING A HOME? WHAT’S YOUR 10-YEAR PLAN?

BUYING A HOME? WHAT’S YOUR 10-YEAR PLAN?

If you’re in the market to buy a new home, you probably have a list of concerns and questions. What is the future outlook of the housing market? How do you know if the mortgage and housing markets are healthy enough to make the ­life changing decision to purchase a home?

D. Shane Whitteker is the owner and lead broker at Principle Home Mortgage. PHM specializes in helping their clients navigate the complex landscape of mortgages and the ever-changing housing market in Central Pennsylvania and beyond. One tip he gives his clients is to take the long view.

“It is good to have a ten year plan so that the buyer is considering the future of home ownership and not just their initial purchase,” Whitteker says. “Finding someone to help navigate this type of scenario is very important.”

According to Whitteker, there are certain indicators he looks at to help determine the overall health of the mortgage and housing market. One of those indicators is new hone construction. This can be a good gauge of the overall health of the market.

“New home construction is an important criteria in projecting future trends and sustainability in the mortgage and housing sector,” Whitteker says. “Things look good in the near future according to the data. Through July of 2015 singly family housing starts stood at 782,000 which is annualized at a 19% year over year increase.” In simple terms this means growth in the housing market.

What is the driving force behind this good news? “Interestingly, it’s accredited largely to millennials purchasing their first homes.”

It is this kind of critical information that can be vital in determining when to enter the housing market as a home buyer. Mortgage brokers can be a great asset to a first time home buyer in Pennsylvania or anywhere else. Principle Home Mortgage works with their clients from their centrally-located office in State College, in the heart of Central Pennsylvania.

“Brokers tend to be more likely to educate first time home buyers,” Whitteker says. This can help home buyers make a better decision in their purchase of a home.”

This is an important aspect to consider, as a person’s first home can have significant impact on how that person’s future of homeownership will work out.

“For example, buying a home that stretches someone too far financially can have a negative impact on how that person or household can save for future investments in life including real estate.”

To learn more about the housing and mortgage markets and why now is a great time to buy a new home, contact the mortgage experts at Principle Home Mortgage today!