Why 2016 is the Best Year to Buy a Home
Fact 1: Interest rates for home loans are currently at a LOW 4.01%
Fact 2: Interest rates for home loans are forecasted to climb to 4.80% in 2017
--Freddie Mac and Bankrate
While a 0.80% difference may not sound much, it actually translates to an additional $67,000.00 in payments for a 30-year mortgage for a home worth $250,000.00. That’s an additional $186.20 you have to pay on top of your monthly mortgage for the next 30 years, which can alternatively be used for buying a new car or weekly dinner-out indulgence for your family to enjoy, had you decided to buy a home a year earlier.
This forecast is especially applicable to Austin where home prices are expected to soar alongside increases in interest rates, thanks to the astounding performance of Austin’s economy. And as a popular choice for millennials to set up shop, the housing market of Austin has seen a consistent increase in demand for the past few years.
We believe that if you have set your heart to invest in real estate in the future, the “future” you are waiting for may have finally arrived. Take advantage of the affordable listing prices and interest rates available today before the surge in demand drives everything to skyrocket. If you want to learn about the home buying process or would like to work with a professional team who could help you find the home that fits your needs and budget, you can connect with Cain Realty Group through this form or call us at (512) 522-4659 today.