Why 2016 Will Be the Best Year in a Decade for Real Estate

Posted by Andreas Holder on Monday, April 11th, 2016 at 6:31pm.

A few weeks ago, Jonathan Smoke, the Chief Economist at realtor.com, announced: “All indicators point to this spring being the busiest since 2006.”

Now, Freddie Mac has supported that claim and is saying that 2016 will be the best year that the real estate industry has seen in ten years. In their March Housing Outlook Report, Freddie Mac explained: “Despite the challenges facing the housing market, we expect this to be the best year for housing in a decade. Home sales, housing starts, and house prices will reach their highest level since 2006 according to our latest forecast…Challenges remain, with low housing supply and declining affordability being a key concern in many markets, but on balance, the housing markets in the U.S. are poised for the best year since 2006.” The key indicators that have given Freddie Mac such a positive outlook are:

  • Low interest rates.
  • A resilient labor market.
  • An increase in household formations
  • A projected increase in newly constructed homes

Bottom Line

2016 looks to be shaping up as a great year for residential real estate. Whether you are thinking of buying or selling, contact me to discuss the new opportunities that are arising in your market. Send me a message online to get started or give me a call at 312-893-3560.

Andreas Holder, Chicago Real Estate AgentAre you thinking about buying a home this year in Chicago? Andreas Holder can help! Let him be your guide to the downtown Chicago real estate market and help you find a home that not only matches your needs, but your lifestyle too.
Learn more about Andreas or start your home search now.

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