This spring could be the best time to buy your own home. If you’ve been waiting and struggling with rising rent and dreaming of a place of your own, I urge you to wait no longer. I believe this year may be the perfect time for homeownership and here’s why:
Jobs Are Up
The last 12 months have seen an addition of 2.65 million new jobs which is a year-by-year growth rate of 1.88%. The leisure and hospitality industry has seen a boom reflecting an increase in consumer spending and confidence.
Rent Is Up
Rents climbed through the roof in 2015, outpacing incomes and making affordability an issue for renters — and especially in fast-growing metros like Sacramento and Reno. These metros saw a double-digit pace of annual rent appreciation in 2015 — 12.5% in December. We in the real estate industry expect rents to grow even faster in 2016.
Interest Rates are Low
Current interest rates are below 4%, a phenomenon that we might not see again in our lifetime. Affordability is very high right now. While many first time homebuyers should opt in right now, existing homeowners might consider refinancing. Homeowners with rates over 4% who plan on being in their home for the next five or more years should consider refinancing. Consider a 15 year loan over a 30. Visit www.StanfordLoans.com today to explore your loan financing options with a qualified Mortgage Advisor.
Prices Are Rising
Those who purchased a home a year ago basically got their first year free, based on the increase of home value. November 2015 alone showed a 5.1% increase in pricing! As home value prices rises, many are already realizing that the time to buy is now. The quicker you purchase a home, the more home you can afford before values go up.
Fuel costs are down
With this period of low energy costs many consumers can now afford higher mortgage payments. Lower electric bills and savings on gas mean more in the bank for that monthly payment.
I hope that I have inspired you into looking into buying a new home. I know that any real estate transaction can be intimidating and that’s why I am here- to help you on your journey towards home ownership. If you would like to explore your home ownership options or if you have any questions call, text, or email me today