2016 Housing Market Predictions
Happy New Year!
Wow, I can hardly believe how quickly 2015 flew by! It was a complete whirlwind filled with new adventures, challenges and more blessings than I can count.
Now 2016 is off to a running start. With the new year comes the hope of new beginnings, heartfelt resolutions and a surge of wonderment at what will come. There are several housing market predictions coming to the forefront of discussion, and it might just "pay" to take note.
Predictions for the 2016 Housing Market
A Rise in Interest Rates
Housing interest rates have been very good and very low recently, but there is always flucuation. A lot of the expectation into rate increases have already been built in, so markets overall won't see much change. The rise in rates, however, could occur multiple times throughout this year, so buyers might tend to gravitate towards an earlier buying season to lock in the best rates.
Millennials Trickling In
People are generally living longer, marrying later in life and purchasing property later as well. Other years there have been predictions for a surge in Millennials buying homes, but thus far, it seems to be more of a steady trickle into the market.
New Home Inventory Low but Rising
Even though the economy has done some joyful recovering, and there are new housing developments popping up, there still aren't many new homes available, especially in cities and at the lower end of the price spectrum. People will start to opt for suburbs with good amenities.
Overall 2016 looks like it will be a good year to purchase a new home. With a little common sense, research and help from real estate experts, you can find success!
To take advantage of valuable resources such as a free market analysis and expert advice from one of the area's top producing agents, contact Christina Pitz broker/agent at 910-467-4000 or christinaleone@aol.com. Let's work together to bring your real estate dreams into reality in 2016!
The following predicted trends were gathered from Money magazine The Washington Post and wealthmanagement.com.
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