2016 is predicted to be a HUGE year for real estate. The housing market has stabilized and is stronger than it’s been in 10 years. If you’ve been waiting for the “right time” to buy a new home or put your home on the market, now is that time. Here’s why…
2016 is predicted to be the best year for real estate in a DECADE
- According to Jonathan Smoke, Chief Economist at realtor.com, this spring season will be the busiest market we’ve seen since 2006. Despite challenges involving low housing inventory and decreasing affordability, this year looks to remain steady with increased home sales and low market rates.
Rents are at an all-time HIGH
- Some renters in the U.S. have been worried about the increase in home prices and affordability causing them to hold off on purchasing their dream homes. While owning doesn’t always make sense for every situation, it is important to note that rent costs are currently at an all-time high. Renters today are finding themselves paying more in monthly payments for rent than they would in a monthly mortgage payment. In the end, whether you choose to rent or buy, as a Keeping Current Matters article notes, either way you are paying a mortgage. Why not make it your own?
Rates are at historic LOWS
- We’ve seen mortgage rates continue to drop over the last few months making it a great time to purchase a new home or upgrade to your dream home! These low rates won’t stick around forever and are predicted to rise to 7% by this time next year according to Freddie Mac. Don’t wait! Now is the time to take advantage of these historically low rates and get the most for your money.
Home inventory is DOWN
- With home inventory down, the simple law of supply and demand puts sellers in the best position to capitalize on the sale of their home. Buyer demand is booming creating a strong seller’s market increasing equity for homeowners and allowing sellers to list their homes at premium price.
Bottom Line: 2016 is predicted to be the best real estate market we’ve seen since 2006. If you are considering purchasing or selling your home this year, now is the time to sit down with your real estate or mortgage professional to discuss your options. Please contact me to discuss your financing opportunities for a new home purchase or to discuss refinancing your current home loan at a lower rate.