If you’ve been wavering about whether or not to purchase a home of your own, 2016 might be the year to take the plunge.
“If your New Year’s resolution is to become a homeowner, this is a great year to buy,” said Sandy Krueger, CEO of the Staten Island Board of Realtors (SIBOR). Here are four reasons from SIBOR why 2016 is the year to become a homeowner:
Rent costs are high. Rent prices have been rising the past few years and are expected to continue climbing in 2016. What this means is in many cities owning is simply cheaper than renting.
“While saving for a down payment can be a complicated financial maneuver for some, at the end of the day, a mortgage may be the better deal for many current renters who are ready, willing and able to purchase,” said Krueger. “And the money spent on your mortgage is paying for your own asset that will usually appreciate in value, rather than going to a landlord.”
Interest rates are low. Interest rates are historically low, and potential buyers cannot expect that to last forever. “Buyers may not see interest rates this low again in their lifetimes, so now is the time to jump on them,” Krueger said. “Chances are you will see good rates throughout the year, but the sooner buyers lock something in, the better deal they can expect to get.”
Home prices may stabilize. If more homeowners place their homes on the market in 2016 as expected, rising prices could stabilize.
Mortgage terms are clearer. Clearer, easier to understand loan terms and paperwork at the closing table should make things easier for homebuyers, especially first-time homebuyers, with the recent integration of several mortgage closing documents. According to Krueger, “This is going to help buyers better understand their financial commitment and keep surprises from showing up at the closing table.”
About The Staten Island Board of REALTORS® (SIBOR)
Having marked its 100th anniversary in October 2015, the Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit professional and trade association in Staten Island, N.Y.
SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically, and promote the preservation of the public’s right to own, transfer and use real property.
Comprised of approximately 1,800 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.
SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 3,700 real estate transactions every year.
All SIBOR Realtors belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).
SIBOR may be reached at 718-928-3220 and viewed online at www.SIBOR.com. SIBOR may also be visited on Facebook at “Staten Island Board of Realtors” and on Twitter via @SIBOR.
Media Contact: Barton Horowitz
Relevant Public Relations, LLC
Headquarters: 718‑682‑1509
Mobile: 917‑715‑8761
Email: [email protected]
