Chinese calendars might say 2016 is the Year of the Monkey, but according to CNN, 2016 is the year to buy a new home.
So, why a new home in 2016?
- Home prices are steadying. Home values, which have been on the rise over the last few years, are starting to settle and slow down.
- There’s more homes! With prices up and now steadying, more sellers will list their homes. Plus, builders have adjusted new home development to attract more starter and mid-value home buyers.
- Borrowing for cheap may change. Interest rates are expected to start climbing again during 2016. Though slight increases are expected, the longer a buyer waits, the more likely rates will be higher.
- Renting still bites. Rental fees keep climbing and taking a bigger bite out of budgets. Even with a slight interest rate increase, the cost of owning a home is predicted to be less than renting in most cities.
And, for those monkeys out there born in 1920, 1932, 1944, 1956, 1968, 1980, 1992, 2004, and 2016… According to Chinese zodiac, you may want to purchase on the 14th or 28th of the month to be lucky. Purchase a home facing north, northwest or west and you might just have your best year yet!
If you’re ready to find out if 2016 is your year to buy and want to get the loan process started, contact me at (562) 972-0351 or firstname.lastname@example.org. We are ready to help you!
Sources: CNN and China Highlights