A NEW YEAR BRINGS RENEWED ENTHUSIASM
Happy New Year! We at Coldwell Banker are pleased to welcome 2016 and look forward to an exciting year for the real estate industry. While there is no crystal ball to predict what the coming year holds, many factors that impact the real estate industry have been positive.
Most agree that growth in the housing market is largely bolstered by the stability of the job market. As reported by Marketwatch, 2015 will be the second-best calendar year for U.S. job growth in this millennium.
While the Federal Reserve raised short-term interest rates, it did so because of a strengthening economy and financial markets remained resilient and receptive in light of the hike. One has to remember as well that even if rates continue to inch higher, the rates are still very low historically.
Rising rents in most markets around the country continue to make purchasing a home a better financial option for many. Last year was another record-setting year in the number of renters paying more than 30 percent of their income on housing costs, according to the 2015 report on rental housing released from the Harvard Joint Center for Housing Studies.
Additionally, home prices are increasing. According to the National Association of Realtors®, the median existing-home price for all housing types in November was $220,300, which is 6.3 percent above November 2014. November's price increase marks the 45th consecutive month of year-over-year gains.
While the pace for home sales tends to be slower around the holiday season, there are buyers currently active in the market now and are eager to make their move before the frenzy and stiff competition of the spring market. Even though it is still winter, marketing your home now could be very advantageous and lower inventory presents an immediate opportunity for sellers. Plus, with prices steadily rising, you may find yourself in a position to take advantage of increasing equity.
If you are in the process of buying or selling a home, it’s important to discuss these dynamics with a sales professional affiliated with Coldwell Banker Residential Brokerage. A sales professional can explain how numerous factors, including those shared here, can impact your home buying or selling goals.
At Coldwell Banker Residential Brokerage, we are hopeful that 2016 will continue to bring a revived economy and a growing housing market. We look forward to what awaits in the New Year and assisting you with all of your real estate needs in 2016 and beyond. Happy New Year!