The real estate forecast for 2016 is a bright one. Home sales in 2015 were up 6% in California compared to 3% nationwide. Prices in 2015 were strong and with the interest rates rising, home sales will see greater numbers as buyers position themselves to get into a home before the interest rate prices them out of their dream home bracket. Prices will also rise as inventory tightens up.
Rents will increase more than home prices. Prices will rise at a more normal rate. We will see new construction returning to normal levels.
The western United States will see the most increases nationwide, according to the Home Builders Association.
Realtor.com predicts that 2016 will be a better housing market than 2015. Retiring older baby boomers will boost the market as they sell to downsize and buy smaller or lower cost. GenXers will be entering the market as they continue to recover financially.
Zillow reports that the S & P Case Shiller data shows that home prices continue to rise.
DS News states that we will experience higher home sales and prices . The consensus among economists is that growth in the economy will continue. Growth should be 2% to 3% during 2016.
Price Waterhouse Coopers indicates there will be a demand for multi- family housing in the California market as prices continue to rise. Los Angeles and Orange County are in the top 20 markets in the nation ranking 10th and 14th.
Inflation will begin this year and peak in 2016. No doubt that will have a bearing on the coming market. This is another reason first time home buyers will feel the need to get into a home.
The market has become a more par or even market where sellers and buyers are equal in their motivation.
Please feel free to contact me at my email: homes4uBynikki@gmail, for all your real estate needs or questions. By phone (310) 560-7070.
Nikki’s Neighborhood
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