For many Tulsa-area renters, home ownership is a goal that often rises to the top of New Year's resolutions. Pulling the trigger is a big decision, but rest assured, the process isn't as complicated as it might seem. Guard yourself with the facts: there are a lot of reasons 2016 is an ideal time to own a home.
Mortgage rates are still low….but that might change
We’ve written about this before, but mortgages rates are really low right now. In fact, real estate experts are saying that you may never see mortgage rates this low ever again in your lifetime!
Just last month, CNN reported interest rates are increasing for the first time in a decade. It's a promising indicator of a stabilizing economy and provides a window of opportunity to lock into an enviable mortgage. Note there are a lot of options when it comes to lending, so make sure you talk to a preferred lender for advice on the best loan for your financial status.
Unemployment Rates are Declining
According to data from the Oklahoma Employment Securities Commission as of October 2015, unemployment continued to decline to 4.5%, which was also below the national average of 5% reported by CNN in December. Local foundations are developing entrepreneurial resources to help fuel growth in the startup community, while companies like book seller EDC are make headlines for their rapid growth. Both are indicators of a city working hard to diversify its employment opportunities beyond Fortune 500 companies.
Your rent may raise
Rising rent is a trend that continues year after year across the country, but we're starting to see some major leaps. A recent study by Abodo showed a 25% increase in single bedroom apartments in Austin! A fixed mortgage helps you plan expenses for the long term. Why waste money on rent when you could be adding that same amount of money into an investment of your own?
It’s true. Owning a home is one of the biggest decisions of your life, but there is an intangible value in being able to call a place your home. If you’re ready to take the next step in 2016, we’d be happy to answer any questions you may have about the home buying process.
Email us at email@example.com
or call us at (918) 274-4200. Happy New Year!