Real Estate Predictions for 2016

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Today we are excited to be discussing the market and just how strong it was in 2015, as well as what the expectations are for 2016. We’ll also talk about what you should be expecting if you’re thinking about selling your home.

According to the NAR, in 2015 we had the strongest market we’ve had in the last 10 years. The expectations are that 2016 is going to be even stronger. This past year, both existing home sales and pending home sales were at their highest rate since 2006.

There are a few variables leading up to this being an incredibly strong market for sellers. Right now, there is an extreme lack of inventory, coupled with strong demand from buyers, which is increasing exponentially. The law of supply and demand is at work in our real estate market.

Both nationally and locally, we are seeing great increases in home prices. In just the last year, we saw an 8% increase in our market. If you’re thinking about buying a home, it makes sense to buy now due to historically low interest rates and the fact that home appreciation is expected to at least maintain, if not increase, in 2016.

Most home sellers are entering the market in April, May, and June. If you can get ahead of that curve, you’re going to be able to take full advantage of these fantastic market conditions. If you have any questions for us, give us a call or send us an email. We can’t wait to hear from you!