Owning your first home may be one of the most overwhelming feeling anyone can have. This is why if you are thinking twice about buying a home this year, here are some points that will help you realize that buying a home in 2016 is a good idea.
Is 2016 The Best Time To Buy A Home?
Yes! And one of the primary reasons why you should buy a home this year is the currently low rates. Although Fed raised short term interest rates recently and this may also impact mortgage rates since mortgage is also trading on the bond market, it still appears as if the impact isn't all that big. And this is because those who trade mortgage bonds have already picked up on Federal Open Market Committee's obvious signals. Meaning, Fed did what was expected of it and the move is still pending.
Furthermore, rates may stop its downward slide, so this is really the best time to lock up with the mortgage's low rate.
Current Economic State
Aside from the low rates that are worthy to be taken advantage of,. the economy is also quite on the optimistic side. This is indicated by the employment rise in the country. More jobs mean more money for the citizens, allowing more people to finally buy a new home.
Home Value
Lastly, on top of the low rates and rocketing economy, another angle that we should be looking at is the rising home values. As of November, home values have risen up to 4.84% since the same time of last year. This is one aspect that some people fail to look at when buying a home. Although most people see homes as shelters, it is also important to view the property as an investment. And with rising home values, you will be happy to know that your home is actually a good investment too.
Generally, regardless of the calendar year, home ownership is a good idea. It is a property under your name and it is also a shelter for your big or growing family. However, if you're contemplating about home ownership right now, you are in luck, since this year seems to be one of the best times to buy a home. The economy is positively on fire, home values are up, and rates are great.
