Long gone are the days of 0% down payments on a Fort Lauderdale luxury home mortgage, and that might be a good thing considering the 2008 housing bubble and the beginning of the Great Recession. With that said, 2015 is a good time to buy a house, especially if you’re a first-time homebuyer. Read on to learn about our 2015 home mortgage trends.
Top 3 Home Mortgage Trends For 2015:
- Millennials will be the largest group of homebuyers. You might be surprised to learn that Generation Y are expected to purchase the largest share of housing in 2015, but the young, tech-savvy group has a large number of members in their early 30s who are beginning to settle down and start families. If you’re planning to sell your home, there are specific way to attract Millennial Home Buyers.
- Down payments as low as 3%. Freddie Mac and Fannie Mae are trying to stimulate the housing market. Through March 23, 2015, first-time homebuyers and folks who have not owned a home in three years might be able to take advantage of down payments as low as 3%. Home mortgage loans won’t be as easy to come by as they were before the housing crisis, but if your credit is rated as “good” or better, you have a chance at getting a historically low down payment. It’s important to keep in mind that the effects of the housing bubble burst can still be felt. Don’t count on getting a low interest rate on top of a 3% down payment, especially if you have less-than-ideal credit.
- Home value increases will normalize. Homes nationwide were averaging 6% in value growth the past few years, but that’s expected to get cut in half in 2015. While that may not seem to be good news for homeowners, considering that home values rebounded considerably, the overall picture is not bad. For folks thinking about purchasing a home for the first time, it’s great news! The combination of slower home value increases and fewer foreign investors competing for moderately-priced properties will help drive the housing market into a favorable position for buyers.
Quite a few years have gone by since the housing market favored buyers. If you’re thinking about purchasing a home soon, now is a good time to take advantage of the home mortgage trends likely to materialize in 2015. Check out Today’s Mortgage Rates to get the latest updates. Contact us when you’re ready to begin your search of Fort Lauderdale luxury homes.