April 6, 2016 by Jeff Lowen
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
This is good news for folks buying a home. Low interest rates and great options for homes means it’s a great time to consider your first home purchase, moving up to that larger home and being able to get more bang for your buck, even downsizers have an opportunity to cash in on the market and get a great deal on that smaller home with unusually low mortgage payments if any at all!
If you’re considering making a move and have a home to sell, this is great news for you as well. Buyers will be out in droves and you have an opportunity, along with a professionally trained, skilled negotiating agent to help you maximize your dollar.
The moral of the story…
2016 looks to be shaping up as a great year for residential real estate. Whether you are thinking of buying or selling, we should meet up to discuss the new opportunities that are arising in your local market.
And with our Expert Advisor Network, no matter where you are in the world, I can help you find a professional that will exceed your needs.
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