Market Predictions 2016
Since the crash of the real estate market in 2007, the housing market as we once knew it has forever changed. Each year since, potential homebuyers and realtors have watched the industry slowly get to its feet and dust itself off, watching for signs of shakiness or another impending collapse. The last few years have shown a steady recovery and impressive rebound that puts the real estate industry back on solid ground. So what can we expect in 2016? Let's gaze into our crystal ball...
1. The real estate industry will continue to stabilize. While the industry is different now than pre-crash, those changes have allowed the market to establish a new normal that will continue to steady out in 2016.
2. Across the US, lower inventory in the cities is enticing buyers back into the suburbs. Here in the Grand Strand, the building boom is expected to continue throughout the area as the now-hot Myrtle Beach market continues to attract buyers.
3. Potential homeowners will see more options opening up in loans and mortgages as lenders adjust requirements in response to industry recovery and the rebounding economy.
4. First-time millennial homebuyers will continue to increase at a slow but steady pace. Cautious millennials have been slow to enter the market but increasing confidence in the overall real estate industry will give them the security to put down roots with a home purchase.
5. Formerly distressed homeowners who lost their homes to foreclosure in the crash, so called "boomerang buyers", will be looking to purchase again now that they have rebuilt their credit over the last several years.
6. Prices will rise slightly both in the Myrtle Beach market and across the country. The increase in prices is largely due to an increase in the cost of land and increasing cost of building materials. We're also heading into the spring and summer selling season, which typically always sees an increase in home prices over wintertime.
7. The hot Myrtle Beach market will continue to grow with both newly-built homes and previously-owned homes providing great options for both local homebuyers and buyers looking to relocate to the area.
According to our crystal ball, the fortune is good for the real estate market in 2016 in Myrtle Beach and beyond.