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Check out the article from eppraisal.com!
5 REASONS WHY 2016 IS LOOKING GREAT FOR REAL ESTATE
You don't have to look far to find a better time to buy or sell!
Despite some snags, the real estate market continues on its path toward a healthier and more stable condition. And while there will still be some ups and downs in 2016, such as ironing out the wrinkles of TILA RESPA disclosure changes
, most of the signs look favorable for both BUYERS and SELLERS in the coming year!
are still reasonably good, and employment rates
are still improving.
Add to that the desire to own a home, the market might be ready for its biggest upswing in years!!!
#1: The Economy is Getting Better
You're probably hearing it everywhere, and that's because it's true.
The economy keeps getting stronger, and that's a good sign for real estate, whether you're a buyer, seller or both.
Lower unemployment rates mean more people. Even those who might have gone into foreclosure nearly a decade ago are in a good position to look at real estate again.
The Wall Street Journal
says that even those who were hit hard have improved credit scores and are in a favorable position.
#2: Millennials are Ready to Buy
Rental properties are exorbitant and rent keeps going up!
There are no two ways around that fact. While millennials have spent several years renting, they're also moving into better jobs and Bankrate
says they don't have much credit card debt.
They might not have the greatest credit, but many are tired of renting, according to RIS Media
The security of a fixed mortgage payment suggests that more millennials will want to buy, and soon.
Investors who bought in low are now enjoying the benefits of higher market values!
#3: Investors are Ready to Sell
There's a lack of inventory in real estate
. Investors will likely be targeted by real estate agents in 2016, according to RIS Media. They bought up properties when so many other people were suffering through residential foreclosure.
With property values going up again
, selling now would give them at least some of the profits that they wanted and help replenish the number of available homes. That helps a growing market keep growing.
#4: Technology Makes it Easier
It's a great time to be a buyer or a seller
and technology is a big reason why. When homeowners want to sell, clear digital images cost nothing to take and download, so a listing can have numerous photos to show a property's best assets.
From the buyer's standpoint, online listings mean they're searchable 24 hours a day
and often with more information than a traditional MSL printout. And communication is much easier than it was before the housing bubble burst.
#5: It's an Election Year
Election years mean a lot of things. Some of them good and some of them bad. The deluge of political ads that are bound to hit TV and the Internet in 2016 are part of the bad.
But the good news for real estate is that historically, election years are great for buying and selling homes!
RIS Media explains that legislation rarely changes in an election year so there are fewer surprises and more stability.
Not everyone wants to own a home but it is still the American Dream. And it is not just mid-adults who are ready to test the waters. A generation that many have viewed as kids are not really kids at all anymore, at least not those on the leading edge.
Millennials range in age from 18 to 34, according to Pew Research
, and are set to surpass Baby Boomers as the "largest living generation." some of them are still in college. But many are settling into their careers.
If you want to sell, 2016 looks like a great time to do it.
And if you want to buy, the same thing applies.