We're nearing the end of the year and everyone is sharing their predictions and hopes for real estate in 2016. According to Realtor.com, here are the top five trends that will be shaping real estate next year. The economy, rental market, and housing market are all changing in the Seattle area and its Eastside. These trends are definitely something you want to pay attention to as we jump into 2016.
Five Real Estate Trends in Real Estate in 2016
1. We'll Return to Normal
Something that we in the Seattle area are eagerly anticipating! The year ahead will see healthy growth in home sales and prices, but at a slower pace than in 2015 according to Realtor.com. "Distress sales will no longer be playing an outsized role, new construction is returning to more traditional levels, and prices rise at more normal rates consistent with a more balanced market."
2. The Best Year to Sell
We all knew that millennials would make a huge impact in 2015, and they did. Millennials emerged as a dominant force in 2015 and represented almost 2 million sales. That's more than one-third of the total! "This pattern will continue in 2016 as their large numbers combined with improving financial conditions will enable" them to jump into the market again. Financially recovering Gen Xers and older boomers who are thinking about retirement are also going to affect the market. According to the article, since "most of these people are already homeowners, they'll play a double role, boosting the market as both sellers and buyers."
For more information, read the full list on Realtor.com.