Real Estate economists shared their insights, figuring out what lies
ahead in the real estate industry and it seems that this year’s real estate
industry will be a promising year for economic and industry advancement.
Homebuyers should familiarize themselves with the trends that will have an
impact and will influence the real estate market this year.
Sales of existing homes are expected to grow moderately this year.
According to Chief economist of the National Association of Realtors,
Lawrence Yun, there will be a continued growth of housing demand as sales
activity will once again be driven by the increasing amount of sellers, who
will be finally realizing their equity gains and using it towards the down
payment for their next home.
The 2016 housing market will be influenced by three distinct generation
groups, which are the Millennial,
Generation X and Boomers. The Millennials
(ages 18 to 34) were a dominant force
in 2015, representing almost 2 million sales, which is more than one-third of
the total. The Gen X population (ages 35
to 50) who are mostly with growing families and incomes recovering from the
recession, are mostly entering the market for the first time. Boomers (aged 51 and older) are currently making
up about 15% of the housing market. Since most of these people are already
homeowners, they will more likely play a double role, boosting the market as
both sellers and buyers.
According to some reports, distressed sales will no longer be playing an
outsized role. The new construction market is returning to a more traditional
level and expected to make consistent gains this year. Builders will focus more
on affordable price points and the residential construction sector will
continue its gradual recovery. Attractive mortgage rates are also expected to
be a huge factor in new construction gains this year.
Have these trends prompted new real estate needs for you? If you are
ready to take the next steps towards purchasing your new home in Denver area, Contact the professionals at the Bandy Team for a no-obligation
consultation. Whether buying or selling a Denver home, if you’re
interested in Denver Real Estate, we can show you some beautiful homes for sale in Denver.
Curious about the value of
your Denver home? Click here for
a quick estimated home value.
Our trusted professionals will be there to help you every step of the
way!
Until next time,
Marianne Bandy, Team Leader
The Bandy Team
Keller Williams Park
Meadows
720-466-3790
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