BUY NOW to get in on 2016 really being the best year for real estate in the last decade? I agree with the sentiments expressed below.
But, give that the old WIIFM test (What is in it for me) and I would answer thus.
Prices are still basically level with 2014 and 2015 in much of our area, mortgage interest rates are still at record lows, demand is going up, supply is going down. So everything is aligned for prices to start going up, probably a lot in most of our area.
What is in it for you? BUY NOW OR MOVE UP NOW, or probably pay a lot more in six months and even more if you wait a year
A few weeks ago, Jonathan Smoke, the Chief Economist at realtor.com, exclaimed: “All indicators point to this spring being the busiest since 2006.”
Now, Freddie Mac has doubled down on that claim and is saying that 2016 will be the best year that the real estate industry has seen in a decade. In their March Housing Outlook Report, Freddie Mac explained:
“Despite the challenges facing the housing market, we expect this to be the best year for housing in a decade. Home sales, housing starts, and house prices will reach their highest level since 2006 according to our latest forecast…Challenges remain, with low housing supply and declining affordability being a key concern in many markets, but on balance, the housing markets in the U.S. are poised for the best year since 2006.”
The key indicators that have given Freddie Mac such a positive outlook are:
- Low interest rates
- A resilient labor market
- An increase in household formations
- A projected increase in newly constructed homes
2016 looks to be shaping up as a great year for residential real estate. Whether you are thinking of buying or selling, now may be the time to sit down with a real estate professional to discuss the new opportunities that are arising. BUY NOW OR PAY MORE LATER.
LIKE MORE INFORMATION, CALL OR TEXT TO 484-574-4088 AND JUST SAY QUESTION. I WILL GET BACK TO YOU PRONTO.