Forecast Indicates a Seller’s Market in 2016
This year’s real estate market is shaping up to be in favor of sellers. Jonathan Smoke, chief economist for Realtor.com, notes that low inventory and increasing home prices will create fierce competition among buyers.
This competition will be most evident here in California, which is forecast to have the trifecta of job growth, limited inventory, and rising prices across the board. The Stockton-Lodi market was mentioned specifically as an area for significant growth.
Realtor.com also released “Top Tips for Buyers and Sellers in 2016,” which advises sellers to list during the prime-buying season (beginning in April and peaking in June), pricing to sell, and including an incentive.
Buyers would be wise to start their search early to beat out the peak-season competition. It is also suggested they shop around for mortgages, which could lead to thousands in savings, and to not rule out buying a new (versus older) home.