If you’ve been considering buying a new construction home, shopping for a New Jersey homebuilder or weighing the pros and cons of buying a home in the Garden state, you’re certainly not alone. More and more people around the country and in New Jersey are considering buying property this year, and whether it’s an existing home, new construction or quick delivery homes, more than a few are just waiting for a sign that NOW is the right time to take the plunge.

We think that there’s never been a better time than now to invest in property in New Jersey.  Here’s why:

1. The Economy is Stable

The U.S. economy in general and the state economy in particular are in better shape than they have been in years. Even more pertinent, home prices are currently more stable than they have been for some time and there are no big surprises or shocks anticipated for property in 2016.

2. 2016 A Buyer’s Market

The increase in home prices is due to slow in 2016, which will be the catalyst that will prompt sellers to list their homes. That will mean more homes on the market and more choices for homebuyers this year. New construction is also experiencing a boom in low-, middle- and high-end homes, and there’s going to be a lot more choice out there this year!

3. Interest Rate Increases Coming

The Federal Reserve is expected to start increasing interest rates soon, and that means increased mortgage costs. The interest rate hikes are expected to be gradual, but the general consensus is that the longer you wait to purchase a home, they more you will be paying to finance the transaction. In other words, the sooner you take the plunge, the better!

4. It’s Going to Cost More to Rent

Renting is expensive, and it’s likely to get more costly. Not only are you financing someone else’s investment when you rent, but you’re also going to be paying more for the privilege this year. In fact, on a national level, mortgages would have to increase an average of 6.5 percent for the price of paying for your own home to equal the cost of paying for someone else’s.

5. Construction to Come Under Pressure

The improvements in the U.S. economy are great for homebuyers, but while it’s becoming more affordable for more people to buy homes, there’s also a growing concern about a shortage of skilled construction trades and labor. In other words, while the demand for new construction homes will be up, homebuyers will be waiting longer to get into these homes, simply because there are too few coming onto the market.

All in all, 2016 is a great year to buy a home, but there’s a time limit on that. It might not be impossible to buy a new construction or established home later in the year and going forward, but it is likely to become more expensive to finance the deal, and you may find yourself on a waiting list.