Buying a house is a big deal and can be a scary thought. It’s a huge commitment and the housing market can be tough to read. But things are looking up for potential homeowners. Here’s a few reasons why 2016 is a great time to buy your dream home.
Number One: According to blogs like Housing Wire, rental rates are increasing steadily with no signs of slowing down. During this past year, an estimated 88% of property managers have raised their rent prices. With rental rates climbing, buying a home may be the more affordable and sensible option once you find your ideal space.
Number Two: Interest rates are low. Current interest rates for buying a home are at their lowest in years and the latest surveys from lenders show there hasn’t been much variation. 30 year fixed-rate mortgages have averaged as low as 3.98%. These lower interest rates make buying a home much more affordable.
Number Three: Mortgages are easier to get. The standards for credit have lowered, and you don’t necessarily have to have to best credit score to qualify. Along with credit scores lowering, the upfront costs associated with home buying have dropped as well, making loans more affordable.
So if buying a home is a dream of yours, now might just be the right time. When you decide that you are ready, contact us at Dargan Real Estate today and we will help you fulfill that dream.