Many folks like to make predictions about what will happen in the New Year, so here are my thoughts. Unlike last year, this year the weather has been very cooperative at least so far, so buyers can get out to look at properties without fighting snow and freezing temperatures. They are, however, going to find less inventory to choose from as more potential buyers are more motivated to buy now and take advantage of opportunities before interest rates continue to rise. I do see at least a few more small rate hikes coming in the new year from the federal government. Overall the US economic conditions will continue to improve as our country’s Global position strengthens and more job become available. With less rentals available and prices rising in that market, more first time homebuyers are going to be entering the home buying market. I also believe the median prices of homes in our area will rise as well and sellers should be finding more buyers viewing their homes then last year. I remain very optimistic that 2016 will be a stronger market for sellers as well as a challenging year for homebuyers. Good luck in 2016!
