Shelley Koster
Bartlesville and Grand Lake Realtor
If you have been considering purchasing a home for a while, then wait no longer! 2016 is shaping up to be the best year to purchase a home.
For the past few years mortgage rates have been shifting to record lows and are due to go back up soon. Many financial experts are predicting that 2016 will be one of the last year’s before rates take a turn upward. Which means now is the time to buy.
However, just because mortgage rates are low does not mean that it is the only reason to buy a home in 2016. There are actually several others, but today we have gathered three big ones in hopes that you will make a decision to buy a home in 2016 and cash in on an amazing investment.
Let’s get started!
1. Rent is through the roof.
After 2008, a dismal year for the housing market, many homeowners became renters – either out of necessity or because home prices skyrocketed. This influx of renters created a very competitive market. A market that property managers and landlords have taken advantage.
Throughout the past few years, available renting space has become less and less which has driven the cost of renting up and up. While we believe most landlords tend to remain fair, the market itself is what is making it unfair and what makes renting so expensive.
The reality is buying a home and paying a mortgage payment, especially here in Bartlesville, is more cost effective and a more financially sound investment.
2. Home prices are more stable.
Taking a look at the housing market, home prices have begun to calm down.
According to Zillow’s Chief Economist, Svenja Gudell, “Real estate values have been on the rise for a while, but are likely to slow their pace next year. Prices are expected to rise 3.5%.”
This is great news for potential buyers! The housing market in the past has been highly competitive, allowing sellers to get top dollar for their house. However, in 2016 it is predicted that more and more homes will come up for sale. This will level the playing field and give buyers more options to get more for their dollar.
With low home prices, it might be time to consider looking into an investment property.
3. You can spend less on a down payment.
One of the biggest hurdles a potential homebuyer can overcome is making a down payment. However, in 2016 down payments can get a whole lot cheaper!
In the past, lenders wanted to see a down payment of 20% of the home’s value. However, over the past few years new programs have been introduced in which a potential home buyer would only need to make 3% as a down payment. These lending deals are becoming popular and it is a trend that will continue in 2016.
This year is a great time to make a big leap forward for your future by purchasing a house. It is a solid investment that can pay off in the years to come.
To find out more information or to see what your housing options are contact our team!
