Luckily for you if you’re searching for a home, the economists from realtor.com compiled the top tips for buying a home for 2016. The housing market is constantly changing, and with a new year came some changes for the economy and real estate market. While 2016 has so far been steady in most aspects of real estate, we can’t predict anything. However, check out these tips.
The end of 2015 and so far in 2016 in real estate have been marked by tight supply of homes. So, the first tip:
- Don’t wait to start your search!
“Buyers looking to close this year need to keep an open mind and be prepared to move quickly when they find a home that meets their needs,” says Jonathan Smoke, realtor.com’s chief economist said. He noted that there is “fierce competition among buyers.”
“If you’re intending to purchase, based on the volume of house hunters who are just like you, consider doing it sooner rather than later—you’re likely to get a better price and a better mortgage rate,” he says, pointing out that there’s far more inventory available relative to the number of sales in the off-peak months.
According to a realtor.com survey, 85 percent of buyers plan to buy in the spring or summer this year.
2. Compare mortgages.
“Work as hard on the mortgage as you do on finding a home—this will pay dividends over the life of the mortgage that you have,” Smoke says. “Don’t just assume that the 30-year fixed mortgage is the best for you.”
3. Look at new homes- not just existing.
Many people just assume that a new home would be more expensive than an existing one so they overlook purchasing new. However while this may be true, they also come with more warranties and updated features. Considering the current low supply, many new homes will be on the market as they are built this year.
“You either know about new homes or you don’t know about new homes,” he says. “The vast majority of people don’t, and they make the assumption that they’re not right for them because they’re too expensive, et cetera.”
Hopefully, these top tips for buying a home will encourage you to make a move on the home in Miami you have been eyeing and you will schedule a showing today. Still need advice? Contact our expert agents at RE/MAX Paradise today!