If you are considering buying a new home in 2015, you are in luck. There are a number of benefits that can be realized by buying a new home in 2015, but only if you know what you should be looking for. The many opinions in the media of what the housing market is going to do in the near future has only served to confuse matters as consumers struggle with the question of whether or not to purchase a home in upcoming months. Here is what you should know about the current housing market.
Considerable Number Of Homes On The Market
The first thing you should know about buying a new home in 2015 is that there are a considerable number of homes on the market right now, which is good news for you. Having more homes on the market gives you a better chance of finding a home that is right for you at a price that you can afford. Sellers will be more likely to make concessions when there are plenty of homes on the market to choose from, so you may be able to get a better deal than you would have otherwise. If you are willing to carefully research your options before making a decision, you should be able to find a home that you like in a neighborhood that you desire for a reasonable price.
Interest Rates Are Beginning To Rise
While interest rates are still lower than they have been previously, they are beginning to rise again. Increases in the interest rate you must pay for a mortgage loan can cost you thousands of dollars over the life of the loan, so it make sense to lock in the lowest rate that you can. If current trends in the housing market continue, the longer you wait for buying a new home in 2015, the more you will pay as a result of higher interest rate. Obtain quotes from several lenders to see which ones are willing to offer you the lowest rates before making your decision.
Lending Standards Are Loosening
After the financial crisis in the housing market that began in late 2008, many lenders tightened their lending standards to the point where it was very difficult for many people to purchase new homes. As the crisis has eases and home prices have begun to rise again, lenders are loosening their lending standards enough to where anyone with an adequate down payment and a good credit score stands a good chance of being approved for a loan. If your credit is less than perfect and you get turned down by one lender, try again by submitting your information to a different lender. Since each lender has its own criteria for approving mortgage loans, you may find that a different lender will be willing to extend a loan for buying a new home in 2015.