What can you expect from the fall real estate market in 2016?
Seasons change and with every season, the real estate market trends seem to change. As we enter the fall of 2016, what can you expect from the real estate market? How are prices going to be affected by the presidential election? And what should you–a potential buyer–be keeping an eye on? We tackle these questions here because I want you to have all the right tools in making smart decisions.
Fall Real Estate 2016 Market Trends
Mortgage Rates Will Rise in the Fall
Mortgage rates have been low for quite some time and with a strong economy driving the market, you can expect that mortgage rates to feel the effect of it with higher home prices.
Millennials Will Drive the Fall Market
Millennials have finally reached the age of dominance. The fall traditionally sees a slow in home sales, but in 2016, Millennials will start making a difference as more and more of them start buying their very first homes.
The Market Will Slowly Return to Normal
Since the beginning of the 21st century, the real estate market has heavily fluctuated. And the collapse of the real estate market in 2008 doesn’t help. But new home construction and distressed sales will tread closer and closer to their historic averages than they have in years.
Rent Rates Will Climb
Rent prices are climbing much faster than home prices. It’s a trend that started in 2015 and it will be continuing into the fall and beyond. It’s at a steady rate because American households simply lack the creditworthiness, savings, and stable income that’s required by lenders to qualify for mortgages. (These qualifications are to help avoid another recession, something lenders and bankers did not have in place before.)
For help with 2016 home buying and selling, contact a dedicated home loan specialist like me, Andraya Coulter. I serve the Bay Area and the entire state of California and Texas with quality, suitable, home loans! I can help guide you through the refinance process and make sure you get the home loan you deserve. Call me!