When you look back on the history of the housing market and compare it to today’s market, you’ll notice one consistency: It’s always fluctuating. Without hesitation, the housing market can change in an instant. However, with the evidence of how it has changed in the past, our mortgage brokers are positive about your future when purchasing a home in Buckhead with our experienced personnel at The Mortgage House, LLC. If you’re curious about the housing market of 2016, you’ll be excited to learn our previous blog post provided readers with the first two of six housing market changes. Keep reading to learn more about the third and fourth of six, 2016 housing market changes.
3. Homes are staying consistently priced.
Although we’ve seen a trend of rising home prices throughout the past two years, the prices are rising less now more than we’ve recently seen. Did you know that the national average price for a single-family home was expected to be 3 percent higher than last year? That’s a slower rate than in 2015 at a 5 percent increase. In today’s market, the prices are steady. However, it’s crucial to understand your location will also come into play in the market’s trends.
4. The prices of rent is rising.
Although the prices of homes are staying consistently higher than we’ve seen in the past, rent prices are still on the rise. Rent has increased sharply throughout the past few years. In fact, a study comlpeted by Zillow.com revealed U.S. home buyers were spending 15 percent of their monthly income on their mortgage payment of a typical home, while U.S. renters were spending 30 percent of their monthly income on their rent payment of a median-valued property. That’s a big difference! Just think of the amount of money you could be saving each month for owning your own home. If it’s time for you to stop paying rent, and start paying a mortgage, contact us right away.
With home prices at a consistent price and rent rising, it may be time for you to speak to your mortgage broker in Buckhead about your home buying options. Our brokers are experienced and ready to find you the perfect home! Contact us online today to learn more about your options. Meanwhile, stay tuned for more great information regarded the last two important things you need to know about the housing market of 2016 in our next blog: Crucial Must-Knows About The Housing Market of 2016.