Mortgage rates have been bouncing around record lows . But even though they're likely to start going up, you haven't missed your chance to get a deal on a house. A number of factors are coming together and its starting right now!
1. HOME PRICES will finally calm downReal estate values have been on the rise, but are likely to slow their pace next year. Prices are expected to rise 3.5%, according to Zillow's Chief Economist Svenja Gudell. Buyers who've been stuck behind the wave of rising prices may finally get the chance to jump in. And that could lead to a flood of buyers, said Jonathan Smoke, chief economist at Realtor.com. "We have the potential for about six million home sales just through the months of April through September; that is basically impossible to do," he said. Related: These are the most expensive housing markets But not everyone will be in a position to take advantage. Despite the slowdown, Zillow still expects home values to outpace wage growth, which can make it tough to afford a home, especially for lower-income buyers. Plus, prices in the country's hottest markets -- like San Francisco, Boston and New York City -- aren't expected to pull back as much next year.
2. MORE HOMES WILL HIT THE MARKET!!! The slowdown in home prices will prompt more owners to list their homes, giving buyers more choice. "Because of the price appreciation they have experienced, you will have more sellers put homes on the market next year, How DO YOU buy a home without a 20% down payment The new home market is also expected to grow in the coming year with builders focusing more on starter and middle-range homes, which will also boost inventory and make it easier for buyers. With more homes on the market, prices could ease even more.
3. LOW INTEREST RATE MORTGAGES COULD VANISH!!!The Federal Reserve is widely expected to begin increasing interest rates soon, which means the window for record low mortgage rates is closing. While rates are expected to go up gradually, higher rates push up borrowing costs and monthly mortgage payments. You are likely to get the best rate you will possibly see, perhaps in your lifetimes through the majority of next year, but certainly, the earlier the better,
4. RENTING WILL STILL HURT AND CONTINUE TO CLIMB!!! Rent prices are expected to continue to climb in the new year, which means in most cities, buying will be cheaper than renting. Even though mortgages could get more expensive, buying might still be the better deal. Interest rates would need to rise to around 6.5% for the cost of buying to equal that of renting on a national level,
A qualified experienced professional real estate agent can sit down with you and help you decide, along with a qualified professional mortgage loan officer can help you decide whether you can make one of the most important decisions in a lifetime! Receive a $25 gas card when you complete your pre approval and appointment today
Author:Tim Semmens Phone: 440-785-9322 Dated: February 12th 2016 Views: 310 About Tim: See Me For ALL Your Real Estate Needs
Have been a real estate professional for over 16yrs and ca...
View our latest blog posts in your RSS reader. Click here to access.
Real Estate and Homes for Sale in the Cleveland Ohio and Sandusky Ohio Areas Searching for Ohio real estate? Russell Real Estate can help with all your property needs. Russell Real Estate Services Cleveland real estate, Sandusky real estate, and all surrounding Ohio real estate markets. Our agents can help with all your real estate needs, whether you're in Cleveland, Westlake, Brecksville, North Ridgeville, Strongsville, Medina, Amherst, Hudson and Sandusky
Search our more than 560 real estate agents serving Cleveland, Sandusky and more. Russell Real Estate Services has eight offices across the Lake Erie coast of Northern Ohio.
Check out all of these wonderful "Just Listed" homes in Medina County!
--I have bought and sold with Terri and Carol. They are very client focused and not high pressure at all. Terri is very patient and was willing to take the time to make sure I found just the right house. She went the extra mile to get answers when there were some concerns about a house I had put a bid on, including going to city hall to ask questions! I was selling when the market was down and she was a great resource and very supportive, not letting me get discouraged when it took longer to sell then I'd hoped. They both are a great source of information on the market and can help you price just right to sell. They don't stop when an offer has been made--Terri stayed very involved through the whole process and helped things go smoothly. My buyers were taking longer to get financing then they thought they would, and I was worried about losing the house I'd put a bid on, but Terri stayed on top of things and helped everything get sorted out. I've recommended them to friends and family, and everyone who's used them has been very happy.