NATIONAL ASSOCIATION OF REALTORS CHIEF ECONOMIST, LAWRENCE YUN, GIVES HIS ECONOMIC AND NATIONAL REAL ESTATE FORECAST FOR 2016:
Some Key Points:
A Modest Increase In National Home Sales Is Expected
Housing Market May Struggle To Gain In 2016
No Recession But Slow Growth Projected In Our Economy
The 2015 National Real Estate Market Had A 7% Growth In Sales
ExpectTo See Only 1-3% Growth In Home Sales in 2016
Increases In The Job Market And Pent Up Desire Will
Contribute To Home Sales In 2016
There Will Be A Possible Housing Shortage In Some Markets
Home Values Were Up 6% In 2015
ExpectTo See A Weaker Rise In Home Values in 2016
Closer To 4-5% NATIONALLY
Mortgage Rates Are Expected To Increase
The Annual Average For 2015 Mortgage Rates Was 3.8%, And He Is Predicting Mortgage Interest Rates To Go Up To 4.5% In 2016
Even With Some Increases In Interest Rates, Mortgage Interest Rates Should Overall Still Be Attractive To Home Buyers
***A 1% Rise In Mortgage Interest Rates Results In 10% Less Buying Power
Over 90% Of Renters See A Home Purchase In Their Future, Per A Recent NAR Survey, Since Our Economy Has Been Generating More Jobs For The Past 5 Years
Markets Are LOCAL-Depending On The LOCAL Economy And Job Growth. In This 7 Minute Video, He Talks About Which Markets In The U.S. Are Predicted To Have The Most Increases And Challenges In Their Local Real Estate Market.
It Is Important To Keep In Mind That These Are National Projections And Averages And Real Estate Markets Vary From One Part Of The Country To Another, From One State To Another, And Vary From One County, Town, And Even From One Subdivision To Another! Markets Vary And Are VERY LOCAL.
Overall, 2016 Should Be A Very Good Year To Both Buy And Sell Real Estate.
If You Are Thinking Of Buying Or Selling A Home In Illinois In 2016, Please Give Me A Call At 847-516-6760 And I Will Be Happy To Help!
It is an EXCELLENT TIME TO BUY AND SELL NOW, especially for second home buyers, investors, move-up buyers and even first-time buyers!
I hope you find this information useful. I am only a phone call or email away of you need real estate help:-)
If I can be of assistance to you, please do not hesitate to call or email me. It will be my pleasure!
By the way, if you know of someone that could benefit from my high level of service, please call or email
me with their name and daytime phone number and I will make sure to follow up and
take great care of them.
The majority of my business is referral and repeat clients. I am so grateful it keeps growing from your loyalty and referrals:-)
I appreciate YOU and your referrals!
I can be reached at my direct number at the office: 847.516.6760. I look forward to hearing from you!
Information deemed accurate and reliable but not guaranteed. Source MRED MLS.Disclaimer: Information herein may come from various sources, some of which may not be reliable and may change without any notice. Debra Kukulski does not guarantee or is any way responsible for the accuracy of the information in this blog and information provided is without warranties of any kind, either express or implied. Information on this blog represents the opinions and ideas of the author; comments by others may not express the views of the author. All photos and content may not be duplicated without express written consent of author.
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