Economic experts predict that mortgage rates will start to rise in 2016. This is an ideal time to shop for a home in and around La Jolla, CA and lock in great financing.
Make 2016 a Year for Home Ownership
The world of residential real estate has been dominated with talk of refinancing for several years. After the disastrous market crash of 2007, it certainly makes sense that prospective buyers are reluctant to invest in any new property. Low rates and other valuable economic incentives offered throughout the past several years of recovery has made refinancing an excellent solution – but this situation will not last forever. Before long, we are likely to see home ownership make a big comeback. In fact, market experts are seeing the first indications that 2016 mortgage interest rates are becoming highly favorable to prospective home buyers. This might be the time to skip the refinance option and start considering home ownership again. The team at FollowMe to La Jolla is ready to help you find the home of your dreams.
This Year’s Economic Forecast
The experts at CoreLogic have looked at major economic indicators to determine that federal economic leaders will most likely raise short-term interest rates by approximately 1% in 2016. This rise will take place slowly over several months. While this rise might seem relatively insignificant it can have a serious implications for many people. For instance, this simple increase would cause a subsequent rise in mortgage interest rates by around half a point, bringing the rate to 4.5% for 30 year mortgages with a fixed rate.
These historically low rates are good news for home buyers, but only if they take advantage of financing in the very near future. Instead of continuing to waste money on rent, consider the economic advantages offered by home ownership. This is a great way to secure your financial future against the ups and downs of the market.
Homes Are Still In Demand
Although the numbers of homes sold every year has remained low compared to the past few decades, sales have continued to increase every year since 2007. That said many prospective buyers are discovering that buying a home today is different than it was just ten years ago. There are several features that characterize the housing markets in many national locations. These include:
•Fewer home owners listing property for sale
•Current home owners choosing to hold on to property instead of selling at current rates
•Decreased number of homes on the market have started to drive up prices in many markets
•Relative caution by first-time home buyers
Even though demand for homes in many markets remains low, the numbers suggest that change is on the horizon. An increased supply of homes could enter the market, stabilizing prices again.
A Great Time to Buy in La Jolla, CA
Between low interest rates and housing prices that are only now starting to creep up, this is a great time for prospective home buyers to shop. Homes of considerable value can be found in many major national markets. Real estate agents work closely with clients and provide expert guidance at every step of the home buying process. Even in the most favorable financial climates the insight of an experienced agent can make this important process much easier.
Begin Shopping Today
Start exploring properties that have just entered the market. Contact John Wilson today by calling (858) 429-9336 or visit our website.