The momentum that started with Obama tackling the 2008 recession resulted in less than 5% jobless rate in US from a little over 10% in 2009. This resulted in economy growth and improved buying power. The New and Existing home sales hovered over 5.5 Million a month for past 2 years; and Housing’s combined contribution to GDP averages between 15% to 20%.
Home Values Still Lower
The interest rates started hiking from Dec 2016; and thru 2017 they will inch up a little. The Feds are very concerned not to push it upwards. The Home values are still lower and they are holding with an upwards trend. For past 8 years many qualified individuals and millennials postponed the home buying in favor of renting; it is expected that there will be aggressive buying by this group in 2017.
2017 – Best Chance To Buy New Home
With ideal low interest rates in 2017 and a quest to buy homes by many qualified individuals, 2017 is still the best chance to grab that home. With new Mortgage Loan programs offering 1% down payment and lender contributing 2% towards equity making it even easier to acquire a home. Now, getting in to a home is lot more easier and cheaper than renting.
If you are one of those people putting off buying a home, 2017 is the time; and it is the right time. Go for it.
Edi Shek owns Zapa Mortgage Company since 2008 and provides a personalize home buying experience by matching your needs to the best Mortgage available. He can be reached at edi at zapamortgage dot com or http://www.zapamortgage.com