Top Tips for Buyers in 2016
With the new year comes a new responsibility; a buyer who is willing to invest in real estate this 2016 should know the latest housing market trends in order to make the best decisions for their real estate investments. Brought to you by Realtor.com and Cain Realty Group, here are our Top Tips for Buyers in 2016:
Time is of the essence; Act NOW
A realtor.com survey shows that 85% of buyers say they plan to buy a home in the spring or summer of 2016. However, experts recommend that serious buyers start their hunt early; doing so lets them scour the market without too much competition. Also, if you are thinking that house-hunting in Austin during the spring or summer will give you more options to look at, you are wrong. There will be just as many houses for sale now as there will be in the spring or summer. The only difference of starting early is you are well ahead of the buyer’s craze and you will have more options to choose from with less competition.
Mortgage shopping; Find the Best Deal
Mortgage rates are forecasted to rise over the course of 2016. Currently under 4%, mortgage rates could go as high as 4.65% by the end of this year. To circumvent the dilemma of paying high mortgage when acquiring new real estate in Austin, you have to acquire real estate ASAP AND find the best mortgage deal at the same time. We strongly suggest that buyers not settle with the first rate-quote they receive. Instead, talk with several lenders. Grab the best option and you will do yourself a favor by savings thousands over the life of the loan with a lower interest rate.
Look into “Buying New”
Buying new homes may cost more, but it does have its perks and people are starting to appreciate constructing their home or investing in newly-developed property. Looking into new homes also means that you have less competition and more options to choose from. In fact, “new home sales” is expected to rise by 16% annually. And frankly, the concept of getting to build your dream home according to your specifications is quite appealing. So, if you can afford it, why not splurge and enjoy your investment?
Invest in the South or Midwest
The most affordable homes will most likely be at the South or Midwest, so if you are looking into buying real estate for investment, then you might want to look into the housing markets these areas have to offer. Realtor.com identifies these markets as the best for homebuyers due to “high affordability, rising inventory, and some of the most favourable lending standards.” There must be a reason why many people decide to invest in real estate in Austin, so you might want to look into that too.
If you need professional help in finding the right piece of real estate in Austin for you, you might want to send Cain Realty Group a message. We would be very happy to assist you in your search for real estate this 2016.