Planning to score the best deals for a home may be promising this 2016 and if you're in it for the chase, CNN Money lists down three things that will make you decide to get that anticipated home before the year ends.
1. Prices of Homes are Slowing Down
The prices of homes may have a decline this year and this slow move is the best chance for prospective buyers. Chief Economist Jonathan Smoke of Realtor even suspects the huge rise of buyers in the months of April to Sept.
"We have the potential for about six million home sales just through the months of April through September; that is basically impossible to do," Smoke said based on the article.
Although this is a promising deal for home buyers, some cities like San Francisco, Boston and New York which are always ranking in the market are expected to not pull down their prices and hence, stay the same.
2. The Market will Open More Homes
Due to the decline in prices, CNN Money tells that this will lead for more homes being on the market as homeowners will surge this opportunity to sell their property.
"Because of the price appreciation they have experienced, you will have more sellers put homes on the market next year," Smoke noted.
Apart from this, it was also specified that builders will also add in more homes to the inventory which can make home buyers choose from a wider selection.
"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."
3. Rents will Remain High
Another thing that will make buyers decide to buy a new home is the rent fee that is still projecting its increase even in 2016.
"Interest rates would need to rise to around 6.5% for the cost of buying to equal that of renting on a national level," said Ralph Mclaughlin, Housing Economist of Trulia.