2015 is coming to a close. With a new year comes many new opportunities, and yours could lie in real estate. If you are thinking about getting into the real estate market, here are six reasons why you should be buying a home in 2016. Realtor.com compiled six reasons why 2016 is a great year for you to buy the new home you have been dreaming of, and here are three of them.
- Interest rates are still very low.
The Fed may have raised rates a bit, but interest rates are still at record lows. 30 year fixed rate home loans are still around 4%. However, they could creep up soon. Some realtors do not think we will ever see such low rates again. So, do not wait, take advantage of these super low rates and buy a home now.
2. Rents are on the rise.
It is not a secret that rent prices in the US are very high. Instead of continuing to pay so much to rent, it is time to purchase your own home.
“In most metropolitan cities, monthly rent is comparable to that of a monthly mortgage payment, sometimes more,” says Heather Garriock, mortgage agent for The Mortgage Group. “Doesn’t it make more sense to put those monthly chunks of money into your own appreciating asset rather than handing it over to your landlord and saying goodbye to it forever?”
3. Prices of homes are stabilizing.
Instead of climbing up, home prices are now coming to stable points. More stable prices means a fairer playing field between buyers and sellers.
If you are not completely convinced that you should be buying a home in 2016, RE/MAX Paradise’s amazing properties for sale will help. From beachfront properties to homes downtown, RE/MAX Paradise has homes in every major neighborhood Miami. Contact one of our agents today to hear more about what is to come in 2016, and to check out the homes available today!