If you’re looking to buy a home in Oakland, now might be the time. The area is expecting to see a significant increase of homes built and purchased this year. First-time homebuyers and persons looking to invest are among a couple of the biggest groups that are taking advantage of this opportunity. Oakland’s recent boom in employment is given partial credit for the increase in home buyers in the area. With steady employment bringing steady pay, first time homebuyers in the Oakland area are more confident when looking in to buying a home. Growth in 2015 is expected to continue significantly as employment increases and people continue to move to the city, many looking for relief from San Francisco's impacted housing market. However, this trend isn’t going to continue forever. Although Oakland is expecting millions of dollars worth in building and construction, this will not keep the prices down for long. Many buyers are opting for quick closings to avoid increased interest rates. While the mortgage rates are low now, the Federal Reserve is planning on making some changes to mortgages, and new home buyers are looking to get in on the housing market before these changes go in to place. Buyers looking to invest also make up an impressive portion of Oakland’s increase in homebuyers. With the housing market reaching recovery after the recession, many current homeowners look forward to regaining their home as a valuable asset. Prospective investors in the housing market are taking advantage of Oakland’s lower cost of living before it’s too late in hopes of earning from their investment quickly as the value of the housing market continues to increase. While housing in Oakland is lower for the moment, the city’s housing market is expected to increase significantly in value over the next couple of years as the city fully recovers from the recession and mortgage policies change and rates show promise for increase. Alexis Breitkreutz is an analyst for New Home Source Facebook Tweet Linkedin Pinterest Google + Interested in becoming a Contributor?