If you want to be a really smart buyer or seller in 2016, experts agree that engaging a local realtor who is knowledgeable about your needs and most important, the market, is the single key to a successful residential real estate transaction. The 2016 housing market is predicted to primarily be a seller’s market, with increasing home prices, relatively low inventory, and competition between buyers.

Buyers looking to close this year need to keep an open mind and be prepared to move quickly when they find a home that meets their needs. Sellers must be aware of the ins and outs of their local market so they can set the appropriate price for their home and quickly close. That being said, here are some other key tips to know and utilize.

1. Don’t wait. More than 85 percent of buyers who say they plan to buy a home in the next year say they will wait until the spring or summer of 2016. But buyers who start their hunt early will likely face less competition and have just as many homes for-sale to consider.
2. Shop around for a mortgage. Buyers shouldn’t take the first rate-quote they receive and should talk to more than one lender. A lower interest rate could equate to thousands in savings over the life of the loan. Mortgage rates are largely expected to rise over this year. Predictions are that mortgage rates will reach 4.65 percent by the end of this year (they’re currently just under 4 percent).
3. Don’t discount buying new. New-home construction is expected to surge this year, with an expected 16 percent increase in new home sales year-over-year. Buying new most likely means less competition and a wider selection of homes, but there’s a caveat: new homes will typically cost more.
4. Buy in the Midwest or South. The Midwest and South will likely offer the most affordable options for home purchasers in 2016. There are many markets offering buyers high affordability, rising inventory, and some of the most favorable lending standards.

Next month I’ll have more information about selling in the current market.  Remember, we are professionals at Deon Cannon Realty and we’re here to serve your real estate needs. Call us at (404) 630-2985 and we’ll work with you right now to develop a strong and sensible plan to sell your home or find the one that’s absolutely perfect for you.