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How Will You Navigate the 2016 Real Estate Changes?

How Will You Navigate the 2016 Real Estate Changes?

The fluctuating and unpredictable market seen in recent years has worn out its welcome, bringing a much-desired return to normalcy in 2016. Real estate professionals and consumers alike can expect to see increased consistency in mortgage rates, insurance premiums, house prices, and credit restrictions as the market establishes a more balanced platform for growth in the coming year.

Millennials, Gen Xers, and Boomers Take Center Stage

meeting real estateEmployment and income has continued to rise in recent months, setting the stage for increased growth and a higher demand from first-time home buyers. Millennials are predicted to dominate the real estate market in 2016 as they seek to upgrade their current homes or enter the market for the first time. New construction will also see a boost as build costs reach affordable levels and new buyers pursue a more customizable approach to home ownership.

Generation Xers and Baby Boomers are projected to have a double impact on sales growth in the next year as they sell current homes and buy new to take advantage of the market’s increased stability. Expect Boomers settling into retirement to downgrade in size while upgrading to the upscale amenities they seek.

Boston is projected to benefit from Boomers looking to trade in their large houses in the suburbs for high-rise condos in the heart of the city. Empty nesters are expected to take Boston by storm in 2016, and boston.com reports that they will be the third largest group to purchase homes in the city during the upcoming year.

boston city

 It’s a Seller’s Market in 2016

Many experts are predicting a seller’s market in 2016 due to a variety of factors:

  • Bizjournals.com reports rising rent costs, which will encourage more renters to buy.
  • Lower mortgage insurance premiums will boost buyer incentive.
  • Historically low interest rates are predicted to return to higher levels over the next year. Buyers will be looking to capitalize on low rates now to get the best deal.
  • According to Bankrate.com, as mortgage rates rise, some homeowners will put off selling rather than risk a new purchase at a higher rate, lowering inventory overall.

 Make the Market Work for You

If you’re a buyer hesitant to enter the real estate market for the first time, an empty nester wanting to simplify the process of downgrading one home to another, or an experienced millennial looking to secure an affordable construction loan, this is the time to take advantage of what the market can do for you. Finding the right agent is essential to navigating the new real estate climate. At LinkingHouse Real Estate, we can assist you in making 2016 the year your homeownership dreams come true.

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Mitra Farzani is the founder and CEO of LinkingHouse Real Estate (LinkingHouse.com) and an award-winning Greater Boston area Realtor, Sales Manager, and VP of business development. Through over a decade of experience in real estate, Mitra Farzani saw a need to remove traditional boundaries in choosing the right real estate agent. Her drive for creative solutions, commitment to ethics and customer service, led her to founding LinkingHouse.

“We are a full service Real Estate company and will work with you to have the right real estate consultant at your side.”

Please connect with me on LinkedIn. Let’s set up a chat for couple of minutes and I can walk you through a few starting points with your real estate needs.

LinkingHouse

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