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If you are thinking that 2015 sounds like a fantastic year to purchase your first home, then you are bound to be in good company. Read on to find out why many first-time buyers will find this year to be the best year in quite a while to purchase a new home. The Housing Market Is Better Than Ever The housing market is now in the midst of a perfect storm! From lower interest rates to pent-up buyer demand, everything seems to be coming together this year. When the market started to slowly recover in late 2012, it was entirely a seller's market. Unfortunately, they took this opportunity to price homes just out of the reach of potential buyers. However, sellers are now coming around to the demand for lower price tags and have listed properties at more realistic prices. Though 2014 had a very slow autumn season, history has shown that slow falls are usually followed by a slew of buyer demand the following spring. If the past couple months are any indication, this seems to be the case for 2015. In addition, interest rates are finally coming down after a steady increase starting in May 2013. Some realtors feared rates would rise to 5%, consequently slowing down the burgeoning market. However, since September 2014, rates have gone steadily down and are now at the lowest that they have been in over two years! Unfortunately, these rates can't stay low indefinitely. It would be wise to purchase a home soon since the Federal Reserve has decided to allow rates to remain low until later this year. The Economy Is Booming Probably the most significant reason of all to purchase your first home in 2015 is the upward march of the general economy. Between gas prices going down, the stock market going up, and unemployment declining, things are really starting to turn around. Lending institutions have finally started to loosen their grip for the first time since the 2008 housing bubble burst. Freddie Mac- and Fannie Mae-backed loans are now even offering a loan that only requires 3% down as a deposit. Combined with lower gas prices, this generous program will enable many young families to move out to the peaceful suburbs and commute to work. Home values have also increased 3.68%, according to realtors, making the purchase of a home a great investment. Take Another Look Are you willing to buy your first home in 2015, or are you still undecided? Now that you know experts feel that this year will be the strongest year in the last decade, it may be worth your while to meet with a few realtors in your area to get a feel for your local market. Attend some open houses and read some online listings. If you still think that the market is failing, you may be pleasantly surprised. There is nothing like the feeling of owning your own piece of this world, so why not take the plunge? When considering realtors, Ann Arbor residents visit Matt Dejanovich. Learn more about this professional at http://www.isellannarbor.com/about_us.html.
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