Real Estate Market Trends for Fall 2016

What should you expect from the real estate market in the fall of 2016? 

Seasons change, and the real estate market is not immune to this shift. The fall of 2016 is here, but what can you expect to happen to the housing market during this change in seasons? Will the prices be affected by the presidential election? Will an up and coming generation finally make its mark in the real estate market? And for what should potential buyers be on the lookout. Here is what you should know about the real estate market trends for the fall of 2016.

In the fall, mortgage rates will rise. Mortgages have been low for the past decade and with a strengthening economy, prices are looking to be back on the rise.

Rent rates will climb gradually. Rent rates have increased since 2015, and it will remain steady through the fall of 2016 and into the future. This steadiness is because American households simply do not have the credit, savings, and stable income that’s required by modern-day lenders.

Millennials will take the wheel. The fall is known for the slowing down of home sales, but in 2016, Millennials will finally start making a difference in the real estate market as more of them buy their very first home. Recovering Gen Xers and Baby Boomers will also make an impact in the home buying field as well.

The fall is a time for change, and the real estate market will be changing along with it. Being prepared for this shift is the only way you’ll be able to take advantage of the opportunities that may be coming and acquire the house that’s right for you. Contact  Dean Rathbun when it comes time to finding the perfect plan of action to buy your home. We are happy to help you.