The New Year means new changes. If you find yourself on the hunt for a new home, experts say 2016 is a good year for you.
Debbie Hill, Associate Broker at Coldwell Banker in Terre Haute, says there are several reasons why buyers should take advantage. The first one being that interest rates continue to sit at a historic low for the time being.
“The Feds have recently raised the prime and the consumer will eventually see a change in the mortgage rates,” said Hill, “For now, we can take advantage of the still low interest rates.”
Hill says consumers may also have luck in getting loans with little down payment. She says mortgages could go as low as a 3.5 percent down payment or less.
Also, rent continues to increase. Hill says that alone makes purchasing a home more attractive.
“As the landlord incurs higher expenses, utilities and taxes, property insurance; he’s going to pass that to the tenant,” said Hill, “Often times you can get a mortgage for a less monthly payment than you’re paying in rent.”
Hill also credits the increase in businesses as another reason to buy a home. Hill says new businesses will hopefully create more jobs, more buyers and provide more opportunities for sellers.
Hill says it’s also a good time for those looking to sell their home.
“It’s a great time to put your home on the market, I’ve got clients who are waiting for certain homes to hit the market and they’re checking every day,” said Hill, “If your house is priced right and is in good condition, priced according to condition, it’s going to sell, it’s not going to sit on the market very long.”
Buying a home is not an easy process, however, Hill says it’s all about taking that opportunity.
“The new year is a great time to make a new plan,” said Hill, “Take the first step towards buying a home, maybe buying a new home or purchasing your first home.”
If you’re a first-time buyer and are new to the process, Hill says she recommends getting in touch with a lender or a realtor and ask questions.
“Get the ball rolling, find out how much you can afford, what your monthly payment would be and if you’re comfortable with it,” said Hill, “From there, contact a realtor and start your search, even then a realtor could also refer you to a lender.”
