(CNN) – Wannabe home buyers: 2016 might just be your year. Here’s why.
One: rock bottom mortgage rates are on the way out. Interest rates are going up and that’s going to make new home loans more expensive, so 2016 could be a great chance to lock in the rate of a lifetime if rates keep rising.
Number two: expect home prices to rise more slowly. Prices have been soaring the past few years, but real estate tracker Zillow says you can expect home price tags to rise just about 3 and a half percent. Those improving numbers will push more owners to list their homes, easing the inventory crunch, meaning there might be more homes available to buy in 2016.
Bringing us to reason number three: more new homes on the market next year. Builders are focused on starter and midrange houses.
And the final and perhaps best reason to buy a home: soaring rent prices. Rents just keep going up, becoming almost unaffordable in some markets. So that means in most places, buying is a much better bargain.
To recap: 2016 can mean more options and fewer bidding wars for prospective home buyers.
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