With the interest rates being raised by the Federal Reserve and the tumbling economy of China affecting other countries like the United States, one may simply ask whether it is the right time to buy a house. Such question was answered by Jeffry Bartash in his article discussing the some insights about home buying and the stock meltdown:
So go ahead and buy that house you've been looking at.
Well, not necessarily. But consider: all the worries about China that have battered the U.S. stock market in early 2016 have done the opposite for bonds. More money pouring into Treasurys has driven mortgage rates to a two-month low. A 30-year mortgage slipped to 3.92% in mid-January.
The housing market had already been steadily gaining ground even before the latest drop in rates. Indeed, it's been one of the strongest parts of the economy over the past year. Sales of new and previously owned homes are likely to finish 2015 at the highest level since before the Great Recession. Source...
Now economic and stock market status are not the only factors to consider before buying a house this 2016. In fact, there are various essential elements to consider, and perhaps the most fundamental and significant component would be the affordability. In a sense, it may apply to the idea of when can you afford to buy a house. In addition to such intention, Kathryn Vasel in her article also cited some reasons why it is great to buy a house this year:
4 reasons 2016 is the year to buy a home
Home prices will finally calm down
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. Read original post...
Now with the logical pieces of evidence being presented, it seems like the early part of 2016 is an opportune time to take hold of your own property. With proper guidance of real estate agent, hopefully, your transaction will run smoothly.
