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2016: The Year of the Home Buyer
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2016: The Year of the Home Buyer

If you have been wanting to buy a home but haven’t made the big jump, 2016 could be the year you have been waiting for. When it comes to buying a home there is a lot to think about, prepare for and plan to do. One question that comes up often, “Is now the right time to buy?” can be hard to answer. But there are some key factors at work and industry trends which all point to 2016 being an ideal time to buy a home. The experts at Realtor.com have put together a list of 6 reasons why you should make the move from renter to owner now.

·         Interest rates continue at record lows. While the average rate for a 30 year fixed mortgage loan is now at about 4%, this is still significantly lower than interest rates of 30 years ago when we saw averages closer to 18%. By getting in on a low interest rate now, you will be saving thousands in interest payments down the road.

·         As noted in my previous blog, Buy or Rent in 2016, rents across the country have increased significantly, including in the Orlando-Kissimmee metro region. According to the Realtor.com report, property managers are indicating an average rent hike of 8% is expected in 2016. Stop paying for someone else’s property, pay for your own, and save some money too.

·         2015 saw more price stabilization in housing markets than in previous years. This is a trend that is expected to continue. When prices hold at a stable rate, buyers have the advantage in the offer process. Sellers will see that their home prices are not drastically increasing this year, creating more options for buyers to look at within their price range, and more flexibility in the offers they make.

·         Gone are the days of saving thousands of dollars for a down payment. With all the changes in the last few years to help resuscitate the housing market, and help buyers get into homes, there are many down payment assistance programs available. Now buyers can get into a home without worrying about how much they have saved. Orange County offers a down payment assistance program where qualified buyers can get from $10,000-$30,000 to put toward a home.

·         Should you end up with a low, or no down payment to buy a home, there is still Mortgage Insurance to pay. This protects the lender should you default, and is usually required to be in place until there is 20% or more equity value in your home. Mortgage Insurance does add to your monthly payment. Currently there are FHA loans available to help buyers with down payments as low as 3.5%, and low credit ratings. The fees for these loans are down to 0.85%, resulting in lower monthly mortgage payments, keeping them affordable even with mortgage insurance.

·         When you buy a home you get to take advantage of major tax benefits. As a home owner you can deduct some home related expenses, and get tax credits for energy efficient upgrades. You can also deduct your monthly interest paid on your loan each year, so long as your loan is less than $1 million.

I believe 2016 is the Year of the Home Buyer. There are some great advantages in place to help you get into a home and make buying a home a better option than renting. I am proud to be able to make the real estate process move smoothly for my clients, and I am here to help with all of your real estate needs.  If you’re looking for a warm and engaging professional to help you with the purchase or sale of your home, contact me today at 407-234-5313 or by email: Jeff@JeffRoyle.com.

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MLS® #U7802458 MLS® # U7802458 (Active)
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FOR SALE

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Jeff Royle

Royle Realty Group

1404 E. Concord St.
Orlando  Florida 32803

407-234-5313

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Information Deemed Reliable, but Not Guaranteed. The property information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this web site comes in part from the participating Brokers.

Last updated on Apr 26, 2017: 12:55 PM.

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