Spring 2016 had been expected to be busier with higher interest rates, as well as more first-time buyers. A recent survey from Metropolitan Regional Information Systems, Inc., the country's largest multiple listing service, revealed that the real estate outlook will reach out to nearly 750 real estate professionals with more transactions, more listings, and more attention from buyers and sellers.
Only 20 percent of those surveyed expected increased rates to not have any effect on home costs. On the plus side, about 90 percent expected more first-time buyers on the market this year. According to Jonathan Hill, VP Marketing & Communications with MRIS, the increasing rent prices had caused homeownership to be cheaper in comparison to some.
The Spring 2016 market will also see first timers that will have new important features that will compel them to purchase. These buyers will look at an updated kitchen and bath, an open floor plan, low maintenance features, walkable communities, energy efficiency, and strength of cell phone service or Wi-Fi, according to a feature from Curbed.
Meanwhile, as the first quarter drew to a close, the housing industry remained firmer than what most observers believed. New residential construction was seen as positive in February, while the increase in new single home sales revealed that there was momentum in the market.
In March, the NAHB/Wells Fargo index that reflected home builders' sentiment remained above the 50 mark, hinting towards improvement, low mortgage rates and solid employment report. Banking within these trends in the real estate industry had seen fundamentally solid gains, according to a feature from Seeking Alpha.
Spring 2016 saw a comeback after suffering through an east coast storm which affected housing in January. New residential construction made a comeback in February as the selling season began. Housing started to rise to 1.18 million in February from January's 1.12 million, which was above most estimates. Both privately owned properties for single-family and multi-family moved upwards.
