4 Reasons Why 2018 Is A Great Year To Become A Homeowner
Becoming a homeowner seems to be an unlived dream for people including veterans, millennials, and everyone in between.
In 2018, however, the game could change because reports are suggesting that the hotter-than-ever housing market might have finally hit an ice cap which can cool it down a bit. These are mere speculations considering how the market has gone magnificently up over the past few years, but depending on the stepping stones you choose and the amount of thought you give to what is about to be relayed to you, you might just be writing down an official owned home address in every formal document by the end of this year.
1. Mortgage Rates
At present, the mortgage rates in the States are somewhere around 3 to 3.5 in most institutions, which looks to be very significant when compared with the inflating economy. However, that is not exactly the case because the rates are not as high as they were in the previous decades.
Because of rising home prices, the absolute rate that you have to pay on the mortgage is higher than the previous years, but the percentage falls show a decline that you might want to capitalize on by making your properties available for a mortgage.
2. Market Demand
The market for housing has been increasing with rural to urban migration, rise ins standards of living, and more population entering the independent barrier. But the words ‘housing’ and ‘house’ are not one and the same because the former encapsulates apartments and rented housing.
The burst in rented housing has led to a fall in the number of people looking to become homeowners, which can have an impact on the overall demanded price in the market. This essentially means that the aim of becoming homeowners will become alive for a number of people due to the possible deflation of prices.
3. Single Family Housing
The construction of these relatively small houses has not only resulted in the availability of more housing for people looking for it but has also caused a considerable deflationary pressure on the prices in the market.
In addition, more people are opting for such housing opportunities because they are relatively a lot easier to manage in circumstances where the income is not as much. So with a little less down payment and a lot more conviction, you can get the perfect little house for yourself.
4. Rent Rises
The law of demand and supply may not hold as the only theory governing markets these days, but even in its conventionalism, it can explain a lot of happenings around us. The sudden rise in the demand for rented housing is an example of this scenario; tenants have realized that in the upcoming few years rented housing will become very draining in terms of expenses.
This means that the slump in the market for house ownership will head towards a boom, which is essentially the best period to purchase the house/apartment at a very normalized and affordable price.