With the expected announcement by the Federal Reserve Board of the rise of interest rates looming, the real estate market could be more than a little bit affected. Experts in the real estate industry are predicting some key changes to occur in 2016 – most of which lead to more and more people seeking to own their own home (or upgrade to a bigger one).
Here are a few reasons why:
Millenials
The millennial generation is expected to make an impact in the buying market of the housing industry this year. Millennials (that is, those young people between the ages of eighteen to thirty-four) are experiencing stronger stability in their employment, with many individuals likely to be promoted. Added to this, many have expanded families and are ready to move into homes they can grow in to. This trend is one predicted should to continue over the next two years.
Starter Home Market
Due to the recovery of home prices over the past few years, investors have been snapping homes up like crazy. This is especially true of the starter-home market. This market will prove competitive, as listings in the starter home market are low, with more and more buyers seeking to snatch these homes up.
One more thing driving the real estate market forward in 2016: more than 70 percent of working adults in the United States say their ultimate dream is to own their own home. This American Dream is not expected to change in 2016, and if the economy does well, the real estate market should do well too. As we’ve seen here in Nashville, the market continues to thrive – and so should the housing market.
Are you in the market for a Nashville home? Our award-winning real estate agents are here to help. Give DeSelms Real Estate a call at 615-550-5565 or drop us a line today.