19 Jul Fall 2016 – What Should We Expect from Real Estate?
Traditionally, Fall is the time of year when activity in the housing market slows down, after a booming spring and summer. But, as 2016 has been a year of bucking trends in the real estate industry, what should we expect as fall approaches?
Strong Seller’s Market
2016 has been a Seller’s Market all year, and with a continually tightening supply and a steady increase in home prices, that trend isn’t going anywhere any time soon. So, if you’re looking to list a house, you may not necessarily need to wait until the traditional spring busy season to attract a buyer!
Cash Isn’t King Anymore
While 2016 has favored the seller in almost every aspect of real estate, buyers will get a break in at least one area as the year winds down. While all-cash buyers were a force to be reckoned with for the past few years, higher home prices and a tightening supply have dissuaded investors, making it easier for homebuyers who need financing. And, even more good news for the buyer, credit standards are loosening, which will make it easier to get a mortgage as the year comes to a close.
Townhouses Are Hot Right Now
Have a townhouse to sell? Considering developing a new townhouse project? 2016, even as it comes to a close, has seen a huge influx in demand for the low maintenance, walkable lifestyle that comes with a townhouse. Prime locations are in urban settings or close-in suburbs.
Renting Demand Increases
Despite the increase in rents across the country, the increase in home prices and lack of inventory will drive more to rent. These renters aren’t necessarily looking for large apartment complexes, though, so if you have a condo or home you’d like to rent, this season will be a great time to find a tenant.
“3103 Edgehill – Front of House” (CC BY 2.0) by Jim Larrison