Though 2016 is nearly over, home-buying opportunities are as attractive as ever. Mortgage rates have dropped drastically, and continue to hover at record lows. There are plenty of options still available that can help you finally get into your dream home, and there’s time left in the year for you to benefit! Here are a few reasons why 2016 may still be the time for you to buy.
Lower Home Prices
Real estate prices have dropped, allowing for an increase of supply for homes. This results in lower prices for those ready to buy and get moved in. Many homes are still available at low cost to the buyer.
More and more sellers are willing to put their homes on the market, allowing the floodgates to open for new homes. Starter and middle-range homes are abundant, boosting inventory to make buying easier. Bidding wars may go away, and prices could fall even more.
The Federal Reserve has been planning on raising the interest rate, which means low rates may not stick around beyond this year.
Rent is Going Up
Rental prices are expected to rise, which means that buying a home can be cheaper than shelling out extra money for rent. If buying a home sounds like a scary commitment, I promise you that the amount of money you’ll put into rent in the long run is much more significant.
When you’re looking for a home, it’s a good idea to get pre-approved for a home. This way, you know what you can afford, and start pricing the market. Since homes are cheaper now than in recent years, you can get more bang for your buck.
Trying to time the housing market is like trying to predict the future without knowing all of the factors. Since the housing market is cyclical, you shouldn’t wait for that perfect time. The market can go up or down, it’s impossible to know where the market will go. But if the market has rates at a level that you can afford, there’s no better timing than the present.
The housing market has seen some tough times within the last decade, but has rallied and come back in a big way. Before mortgage and interest rates jump higher in the months and years ahead, make 2016 the year you win big with your dream home at low cost!
Ready to get preapproved and explore your options? Let’s talk, I’m here for you.