4 questions to ask before following the homebuying herd

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Many pundits believe that now is a good time to buy a home. Interest rates are low and are predicted to be higher by the end of next year. Home prices are still low in many places. And, there are indications that prices are starting to rise, at least in major metropolitan areas. From June to July, the S&P/Case-Shiller Home Price Index rose 1.6 percent in 20 big cities in the nation. Although buyers are clamoring to buy, don't make the mistake of buying now just because many people are house hunting. Before jumping into the fray, ask yourself the following questions: 1. Are you prepared for the responsibilities and risks of homeownership? Unlike renting, where the landlord usually pays for maintaining the property, you are responsible for repairs when you own. And, it's ongoing. Most buyers don't factor in the cost and time of maintenance into their homebuying decision. It's a must to keep up on maintenance for your personal enjoyment of the property and to protect its v...