Nampa is a great city in Idaho and living there is amazing for dozens of reasons. But it becomes less amazing when your home is too small for you and your family. That is when you start thinking about investing in a bigger home. But is now a good time to buy a bigger home in Nampa? With everything happening currently in the United States, this isn’t an easy question to answer. But that is what I am here to write about and give you some important information about the real estate market. This is going to help you decide whether you should buy a bigger home in Nampa right now or wait a while.
Real estate market in Nampa currently
Before you decide to buy a bigger home in Nampa you have to know more about the real estate market in Nampa. Nampa is a relatively cheap city to invest in real estate considering the quality of life there. But the home prices in Nampa have risen over the last year for around 9,9%. This means that the current average home price in Nampa sits around $250,000. The price varies depending on the part of Nampa you are investing in, of course.
But before you invest right now, you must know that certain professionals believe that the prices are going to drop by around 1,5% in the following year. This is caused by the coronavirus pandemic and the lack of interest in real estate currently. But as the future is basically unpredictable even when it comes to things such as real estate, investing right now might not be a bad idea after all.
As Nampa is a very lovely place to live in, a lot of people started moving to Nampa from other cities and even other states. At least that is what Peasley Transfer & Storage Idaho have noticed as a professional moving company. This means that this market is becoming more looked at and a lot more people are going to start buying homes here in the near future for sure. That is why investing right now in a bigger home in Nampa would actually be a smart move. But no matter how much you earn, investing in real estate requires a lot of money and you have to make sure that you are currently capable of doing so. So, reading some home buying tips is what you should do.
Why shouldn’t you buy a bigger home in Nampa right now?
Even though there are plenty of reasons for you to buy a bigger home in Nampa, there are also plenty of reasons not to do so. And this is also a very important thing to think about. If you can’t easily afford a new, bigger house even after selling your current one, you should definitely back off this idea. We are currently living in very uncertain financial times because of coronavirus and nobody knows what the future holds. A lot of people have lost their jobs or are hearing less money currently because of the pandemic. If you by any chance lose your job after investing in a home with the help of a loan, you will lose your house too. And this is not a situation you want to have to go through. Owning a home, especially a big one, costs a lot of money.
Here are just some of the things that cost more when you live in a bigger home:
- mortgage payments
- home insurance
- home decor and furnishing
- ground and landscape.
Are you ready to handle all these expenses at a higher cost than right now? All while not knowing what the future holds as everything is very uncertain now? This is a very important question to think about. But if these expenses don’t present a problem for your current finances and you believe that they won’t do so either even if they increase, you can start planning to buy a bigger home in Nampa and also searching for relocation specialists to help you settle in once you find something appropriate.
Where to buy a house in Nampa?
If you decide that buying a new bigger house right now is the right thing to do and that there won’t be any bad consequences on your lifestyle, you should know where to buy. If you already live in Nampa, you probably already have an idea where you would want your new home to be. But for those of you who don’t live in Nampa and don’t know much about it or its neighborhoods, here’s where you will find some great suggestions.
The Copper River Basin is the first neighborhood you need to do research on. This is one of the best neighborhoods in the city and the homes here don’t cost a lot of money. You’d pay around $340,000 for a big home with five bedrooms. Southern Ridge is also a neighborhood where finding big homes is very easy and most of the homes are newly-built. Franklin Village is another neighborhood worth checking out when searching for a new home. If you want to avoid expensive neighborhoods, Carriage Hill North is not the one for you.