If you’ve been wavering about whether or not to purchase a home of your own, 2016 might be the year to take the plunge.
“This is a great year to buy,” said Dave Duncan, President of the Snohomish County-Camano Association of Realtors®. “With a good job market and financial conditions, 2016 is shaping up to be a great year to get into your dream home.”
Here are three reasons why 2016 is the year to become a homeowner:
Rent costs are high. Rents have been rising and are expected to continue climbing in 2016. In many cities owning is simply cheaper than renting. “While saving for a down payment may be challenging for some, a mortgage may be the better deal for many current renters who are ready, willing and able to purchase,” said Duncan. “And the money spent on your mortgage is paying for your own asset rather than going to a landlord.”
Interest rates are low. Interest rates are historically low, and potential buyers cannot expect that to last forever. “Buyers may not see interest rates this low again in their lifetimes, so now is the time to jump on them,” said Duncan “Chances are you will see good rates throughout the year, but the sooner buyers lock something in the better deal they can expect to get.”
Home prices are stabilizing. More homeowners are expected to place their homes on the market in 2016, which should provide a boost to inventory and help in steadying rising prices. “Home prices have been climbing for years, but the market seems to be experiencing a cooling off period that potential home buyers can capitalize on,” said Duncan.
The Snohomish County-Camano Association of Realtors® is “the voice for real estate in Snohomish County.” If you have questions for The Expert about Real Estate email us at info@sccar.com.
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