2016 Market Predictions
Housing & Real Estate
2016 Real Estate Market Predictions
With the help of the Chief Economist at Zillow, Svenja Gudell explains the 2016 market predictions for the Real Estate Industry. As predicted, affordability is a concern for the home buyers this year. We may start to see buyers looking to move farther away from or completely out of larger cities, as the cost a lower. Many will not be able to afford the high prices of urban living. Th will choose a more affordable home somewhere near the city in the suburbs. Many professionals will also be working more from home in the future, which makes their need for inner city living much less important.
First time home buyers this year will be on average older in age, as many are waiting to make large life decisions until later. The average age of a first time home buyer now is about 33 years old. Some contributing factors to this fact is lack of capital, un-approved for a mortgage, and other reasons discussed in this video. Rents will most likely continue to increase through out 2016, also even breaking some records. This will cause the rent rates to be too high for renters to be able to afford to save up for a down payment on a home. This causes many first time home buyers to have to wait much longer to be able to purchase a home for them selves.
You may be surprised with some of the facts mentioned in the movie. It is explained very well through the use of whiteboard animations. Be in the real estate market know how, and keep up to date on the latest news of the industry. To learn more about this year’s market trends and predictions, watch the full video. See what Svenja has to say over the Real Estate Market Predictions of 2016.