2015 was the best year for housing since 2007, and it looks like the market may be even better in 2016, according to some forecasting from realtor.com®.
Here’s a quick list of the housing predictions for 2016:
- “Normal” is coming.
- expect a healthy growth in home sales and prices
- Generation buying trends shape up.
- 2016 may finally be the year that young adult’s make their presence known on the housing market
- New home construction focuses more on affordability
- Builders will likely shift to a more affordable produce to cater to entry-level buyers
- Higher Mortgage Rates
- Mortgage rates will likely be volatile in 2016
- Rents to go up even higher.
- Rent is accelerating at a much more rapid pace than home prices (which are moderating)
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Source: realtor.com® (December 16,2015)