Have you been struggling to decide whether or not purchasing a home is right for you? Here’s some good news for homeowner hopefuls: according to recent trends, 2016 might be the perfect time to buy!
In today’s blog, we will be looking at the best reasons to buy in 2016—and what a new home may mean for you and your family.
Lower, more stable home prices
One of the most promising reasons to purchase your own home in 2016 lies in the downward trend of home prices in recent years—or, rather, the downward trend in home price increases. Let’s look a little further.
While homes themselves, in general, are not decreasing in price, the rate at which they are increasing is expected to be the lowest that it’s been in recent years: about 3.5 percent, according to Zillow. Compare this to an 11 percent growth in 2013 and a 5 percent growth last year, and it’s clear that home prices are no longer soaring beyond what’s affordable for many would-be buyers.
For potential homeowners, this may mean that the kinds of homes you looked at one, two or three years ago are now a little more within your reach—so if home price was your biggest deterrent, it might be time to make your move in 2016.
High rent costs
Another factor contributing to a better buying climate in 2016 is, of course, the high cost of renting in many areas. For many, it just no longer makes sense to pay into a rental when you could be spending the same amount (or even less) on a property of your own.
Of course, this isn’t just an economical viewpoint—transitioning from a rental to a home of your own can be a freeing step toward increased independence for many.
More homes to choose from
The downward trend we mentioned earlier will likely have another impact on the buying climate in 2016—it will lead to more homes on the market. Because home sellers want to take advantage of the last of the home price rises before they level out completely (as the trend suggests they will), you will likely see more homes on the market as a result. This means there are more to choose from based on your preferences and your budget—because choice and variety are big bonuses when it comes to purchasing a home!
From the trends we’ve discussed above, buying a home in 2016 may seem like more of an achievable reality to many potential homeowners. The big question lies in whether or not you, personally, are able and ready to buy a home—whether it would be your first, second, or even third. Do you have secure employment? Will you be able to stay in the same school district, if you have children, or would you have to switch over? Ask yourself these questions and more while deciding whether or not to move into a new home in 2016.
If you do decide to pursue a home of your own, be sure to give me a call at 352-729-5597! I can help you find and purchase the Central Florida home of your dreams this year.