With the start of 2015, many real estate experts are predicting that 2015 with be a strong year for real estate. With predicts of interest rates rising and new loan programs for first time home buyers, many are predicting that buyers who have been waiting on the sidelines will finally decide to buy.
After the housing market crash, buying a Knoxville home is slightly different than it used to be. Here are 3 ways buying a Knoxville home has changed for the better in 2015.
In 2015, Knoxville home buyers will have more loan options to buy a Knoxville home. In recent years, lenders had tightened restrictions, making it difficult for many buyers to buy. In addition, many first time home buyers had to meet high down payment requirements. Luckily, at the end of 2014, Freddie Mac and Fannie Mae announced a new 3% conventional loan for first time buyers. This would allow many first time home buyers to put as little as 3% down.
Reason #2: Buyers Can Expect A Larger Housing Inventory
In recent years, many buyers have been buying in competitive markets, due to a shortage of homes on the market. Buyers should expect a large inventory of houses on the market during 2015, as more sellers gain confidence in the Knoxville real estate market. This will give Knoxville buyers a better choice of home and cause less bidding wars to erupt.
Reason #3: Buyers Have A Different, More Responsible Take On Home Buying
With the crash of the real estate market, many buyers have changed their perspective when it comes to buying a Knoxville home. In the past, buying a home was one of the smartest investments a person could ever make. After the crash of the real estate market, many buyers have changed their perspective on what it means to buy a Knoxville home. Buyers now are more likely to consider the potential investment of a home as well as to consider whether or not they will stay in a home for a few years in order to recoup their investment.
Are you thinking about buying a Knoxville home this year? If there is anyway Knoxville Home Team can assist you, please let us know, you can give Rick at call at 865-696-9002 or send an email to [email protected]. Kati can be contacted at 865-392-5880 or via email at [email protected]. Also, be sure to check out our Knoxville Neighborhood Page.