The real estate market in 2015 still favors sellers, with interest rates as low as 4% creating demand for housing inventory. Though predictions of rising mortgage interest rates in 2014 proved false, it is likely 2015 may be the year rates start creeping up again. This worry about rising rates is continuing the incentive for buyers to purchase a house now.
Lower interest rates also help renters move into home ownership. In many cases, paying monthly rent for an apartment is becoming more expensive in the long run than buying a house. Owning a home also provides tax advantages through property tax and interest paid on mortgage deductions, whereas paying rent offers none of these benefits. All of these factors may motivate many to buy a house in 2015 rather than waiting until next year.
For help in selling your house, reach out to HAOI member, Phil Hotle, 21 Century Scheetz.