You may not be thinking about selling or buying a home this year, but realtors are now saying 2016 is the year to do just that.
Rock bottom mortgage rates are on the way out, and interest rates are going up. Experts Western Mass News spoke with said this year could be a great chance to lock in those better rates.
"We'll be moving into my mother's house very shortly now, sometime this month," explained Bill Norton, of Springfield.
Norton has only lived in his so-called storybook cottage for six months, and his Springfield property is already back on the market.
While driving around the neighborhood, Norton and his brother noticed their childhood home boasted a for sale sign on its front yard.
"[My brother's] jaw must have dropped to the floor," said Norton.
Together, Norton and his brother will be moving into their former home. His current house has already been scooped up by another family.
With the start of the new year, buying a new home is at the top of many people's to-do lists.
"People are actively looking at homes this time of year," explained Stacy Ashton, of Gallagher Real Estate in Holyoke.
Ashton said these rates won't be doing down, so now is the time to lock up those rates.
"So, you're ultimately getting more bang for your buck and better resale down the line," said Ashton.
If you are planning to buy a house this year, Ashton recommended to contact a lender early, do your research, and act quickly.
For those people who are waiting to sell their homes, realtors said the spring market starts in mid-January -- therefore; putting your home on the market sooner rather than later means it will sell faster and you'll get a better price.