It is still early in the new year, which means everyone still has their crystal ball out and is trying to look into the future and determine what we can expect for the rest of 2016. Who will win the 2016 presidential election? What will be the next fast food craze (deep fried pizza on a cronut?)? What will become of the housing market?
As far as that last question is concerned, the Huffington Post is offering up some help, as it has created a list of five predictions for what we can expect from the housing market in 2016. If you’re sick of bad news and are afraid to read on, don’t be, as 2016 looks to be a year filled with positive signs for the market.
According to the Huffington Post, rising rates will squeeze first-time homebuyers, sales will rise modestly, house prices will increase, but slower than in 2015, the housing demand will go up, and rents will also increase. You’re probably thinking that isn’t exactly the good news you were looking for, but you have to look a little deeper to see it.
Sure, nothing really jumps out as being super positive about that list, but the list as a whole is trending in the right direction. For a housing market to be considered sustainable, it needs to be fair for both buyers and sellers, and all of these 2016 predictions are all headed in the direction of making that happen.
It has been a slow recovery, and there is still a lot of work to be done, in some areas more than others, but the evidence is there to suggest that better days lie ahead.