IT’S NOT TOO LATE TO BUY A HOME IN 2016
If you were thinking about buying a home in 2016 and haven’t done so, it’s not too late. In fact, now is a good time to make that dream a reality. There’s no doubt a sense of relief in finalizing a new home purchase before the year is out, in settling into a new home before the holidays and the depths of winter. But is now a good time for you? Here is some interesting data to help you make that decision.
You might have a certain town in mind, but how do you determine if it’s in your price range in comparison to other towns? Coldwell Banker offers a useful resource to answer this question – the 2016 Home Listing Report (HLR). The annual report is the most extensive home price comparison tool currently available in the United States. Using a four-bedroom, two-bathroom home as a point of comparison, the HLR ranks the average listing price of more than 50,000 houses in more than 2,000 markets throughout the United States. By visiting the HLR website at https://www.coldwellbanker.com/hlr/2016, you can see how much the same home would cost in different towns throughout your state and the entire country. It can help you determine which areas are best suited to your financial and lifestyle needs.
What about prices in the current housing market? According to the National Association of Realtors, the median existing national home price in August was $240,200. This represents a 5.1 percent increase from a year prior and the 54th consecutive month of year-over-year price increases. NAR said this home price growth is tied into a shortage of housing inventory that in August was more than 10 percent lower than a year before, representing a 15-month decline in the number of homes for sale. Supply and demand is at work. You can also look to the information here to determine price points, average time on market and more for the local communities that interest you most.
The question to be asked is, how long do you want to put your dreams and plans on hold? Due to an improved job market, there is strong competition for available homes. Fewer are likely to enter the market the further we get into winter, so now is really a good time to look.
There are additional incentives for current home buyers. Mortgage rates remain at record lows and buying a home creates financial equity over time. Plus, renting is actually more expensive than buying a home in 42 states, according to a recent story on MSN Money.
An affiliated Coldwell Banker Residential Brokerage agent can you help you decide if buying a home this fall or winter is a viable option. They can help you find the best home at the best price for you, utilizing their local expertise, negotiating ability, and powerful technological tools. Although deciding to buy a home can be a difficult choice, a talented and caring real estate professional can help make that process much easier. Contact a Coldwell Banker Residential Brokerage agent today!