Whether buying or selling a home, correctly forecasting potential market trends can help you know the right time to list your house, or if you should hold off on buying that new ranch-style house just listed. Here, we have the current and developing market trends set to affect you in 2016, for better, or for worse.
Constantly checking the housing market, varying prices and interest rates all make buying or selling a home far more complicated than in years past. In 2016, expect a bit of normalcy. Home sales, and prices, will increase, but at a slower pace. This should allow you to take your time, shopping around for that right property you’ve been dreaming of. However, if you haven’t been approved for a loan yet, you may want to consider doing that sooner rather than later, as we expect interest rates to climb, which may have a bigger impact on you than any potential shift in the market.
Looking for a newly constructed home? After the housing bubble collapsed in 2008, new home construction took a major hit. Now, you are a bit in luck when it comes to brand new constructions. However, these constructions demonstrate a shift in contractor mentality. Now, the homes are designed as affordable options, not five or six-bedroom homes with ornate bathrooms and kitchens. Many contractors went out of business at the eclipse of the housing market as it tipped over the edge into a devastating financial free fall. Instead, contractors have started building again, but the homes are more affordable, often catering to entry-level buyers. Keep this in mind when looking over new constructions.
Thankfully, the housing market is starting to smooth out after a few blistering years. Whether buying or selling, we’ll be here to keep you up to date with the latest news and information you need to know.