If you've been on the fence about buying a home, 2016 is the year to take the plunge, according CNN Money. A number of factors are coming together, making next year a good time to buy:
1. Real estate values have been on the rise for a while, 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.
2. The new home market is expected to grow in the coming year. With more homes on the market, bidding wars will become less common and prices could ease even more.
3. If the buyer is financing, "You are likely to get the best rate you will possibly see, perhaps in your lifetimes through the majority of this year, but certainly, the earlier the better." states Smoke.
4. Rent prices are expected to continue to climb in the new year, which means in most cities, buying will be cheaper than renting. Interest rates would need to rise to 6.5% for the cost of buying to equal that of renting on a national level, according ot Ralph McLaughlin, housing economist at Trulia.
For 18 years, Big Island Builders, a luxury custom homebuilder provides a "team philosophy" to their homebuilding process. Known for building superior inspired homes in Naples and Marco Island, Florida the team at Big Island Builders is one of Southwest Florida's most successful home builders. For more information call 239.262.6867, or visit www.bigislandbuilders.com.
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