Low Rates
Contrary to what you may have been led to believe from the nightly news, mortgage rates are still extremely low. The Fed did raise the target funds rate by a quarter-point in December. The first increase since 2006. An increase to the target funds rate does not equal an increase to mortgage rates. The Fed had provided enough hints that everyone knew it was coming. So the bond markets that drive mortgage rates had already priced this increase into rates. Overall, rates have been ticking upward over the previous 12 months as you can see in Freddie Mac’s 30 Year Fixed Rate chart, so it may be a great time to lock in a low rate. There is no obligation or risk to requesting a rate quote if you are considering buying a home in Ohio in the near future.
Economic Improvement
The last few months have show
n quite a bit of uptick in the economy, non-farm payroll increases, unemployment rate decreasing, consumer confidence increasing, etc. An improving economy translates to more money in people’s pockets which means more purchasing power for home buyers. Potential home buyers with more purchasing power means more people competing for homes on the market. More people competing for homes on the market leads me to my next point.
Home Values
According to Zillow, the median home value in the United States has increased 3.9% over the past year, and will increase 2.6% within the next year. Home values in Ohio have increased 2.6% over the past year and are predicted to rise 2.8% within the next year.
Your investment, the home that you buy to raise your family, put a roof over your head, is predicted to increase in value. So not only will you be taking part in the American Dream, you will be adding another investment to your portfolio, one that is predicted to increase in value over the next 12 months.
Buy a Home in Ohio
Time Money’s, Best Places to Live 2015, rated
- Solon, OH at number 10
- Mason, OH at number 17, and
- Twinsburg, OH at number 22
Forbes’, Best Cities For Raising a Family, rated
- Youngstown, OH at number 4 and
- Cincinnati, OH at number 9
Cities all over Ohio ranked as great places to live. How could you go wrong? You should buy a home in Ohio in 2016.
If you’d like to discuss your options for buying a home in Ohio, or have any questions you can contact me
