2016 Real Estate Trends

-The trend that will dominate 2016 is; inventory shortages will put upward pressure on prices, holding back first time buyers.
-Home prices are expected to keep their steady increase of 2-5%
-We should see more home buyers in the 25-35 age range
-rising interest rates will also put pressure on buyers but at the same time credit restrictions are easing up so people who previously could not qualify for a home will now be able to.
-Golf course home desirability is lessening as younger generations take  a low interest in the sport.
-More buyers are interested in contemporary designs, convenient and modern homes with new appliances.
-Older, outdated homes are getting increasingly difficult to sell leading to low market value. These may lead to good potential fix/flips
-town homes and condos close to amenities are gaining popularity
-The luxury market has been negatively affected by the mood of the financial market. Luxury home prices therefore have not increased like the rest of the home market and remain weak.