Real estate experts have given forecasts as to how the housing sector will be in 2016. These predictions will help both buyers and sellers in their endeavors in buying and selling a sustainable home.
Realty Biz News reports that the National Association for Realtors, Zillow, Corelogic and Redfin has contrasting predictions although all are relatively close. They did concur about the modest increase on existing home sales and prices but only at a 4 to 5 percent range against last years' 8 percent range. In addition, they also have the same opinion that cost and the sale of new homes will increase despite the possible rise in inventory.
Significantly, the price increase for homes in 2016 is expected to go beyond salary and wage increase. This means that sellers who have little pay to take home are bound to become richer if their homes are bought. As for the renters, they will most likely have financial difficulty this year as rental costs are expected to have a considerable increase. Also there might be a shortage of inventory for rental homes.
Move gives a few tips to guide buyers and sellers in their buying or selling a home for 2016. Sellers based in certain areas of California where there is low inventory, increasing prices and strong growth in jobs low have them thriving. Sellers are advised to have their homes listed during the peak season. This is said to start in April and peaks in June. This can result to quicker closings and higher prices due to bidding wars. Coordinating with a realtor within the area can also close faster and improve the price of the home based on its surrounding neighborhood and unique features. Offering incentives and being open to negotiations can also contribute to a quicker sale and a win-win scenario.
As for buyers, starting their search early will most likely result to facing lesser competition when they purchase in the summer or spring this year. AT the same time, they should find the right mortgage with lowest interest rate. This can make a big difference in the long run. They should also consider buying a new home despite the higher prices. New homes tend to have less competition, advantages in performance, warranties, more choices and are oftentimes larger. In addition, operating and maintenance costs are most likely lesser. If the price range is truly an issue then buying a home in the South or Midwest is advised if they want to close a deal for this year.
What do you think about the tips and forecasts in buying or selling a sustainable home for 2016?
