The year 2015 was a great year for the real estate industry. This year, several projections and studies predict that 2016 would be even better for the industry.
Realtor predicts that 2016 will be an even more fruitful year for the real estate industry. The year 2015 was already a very good year, but with the economic growth continuously improving and the employment rates rising, individuals who are securing rental properties and homes are expected to increase as well.
According to experts, the real estate industry is about to experience normalcy. Unpredicted bursts and changes will be absent this year, and a balanced market will be available for the whole of 2016. The trend also indicates that buying a home or property now entitles the buyer a profitable sell.
Realtor Magazine, on the other hand, predicts that new constructions for this year will push through with the aim of "affordability" in mind. With higher land costs and investment in building new homes in the past years, contractors have finally assessed the importance of leaning into more affordable products for constructing homes to cater to the buying capacities of entry-level consumers. A lower price is of course more attractive to buyers.
Mortgages and rent are expected to go up in 2016. However, the amount of increase will reportedly be tolerable and will be within the means of consumers. Debt-to-income ratios will go up as well. The market that is under the highest home category price will experience the most increase this year.
Low-maintenance and practicality will also lead into the surge in rental homes while mortgages continue to rise to keep up with the losses incurred in the past years. However, with cheaper construction methods and products for new houses, the real estate industry will remain robust for the whole of 2016.
