2016 is going to be a dynamic year for our local real estate market!
I recently attended a real estate economic forecast at the Federal Reserve Bank in Boston, where one of the top real estate economists in the nation predicted that 2016 will go down as one of the busiest years ever, especially in the Greater Boston region.
Locally, we share those expectations for the new year based on the latest economic data, strong consumer demand, and the solid momentum from 2015 that continues to propel our local real estate market forward.
Existing home sales and prices have finally recovered from the "great recession" and in many cases hit new highs in 2015. Distressed activity like short sales and foreclosures are down substantially as values have increased to pre-downturn levels.
All through 2015 inventory was pretty consistent with demand exceeding supply. We expect this condition, known as a "sellers' market" to continue to be the case throughout 2016.
Demand is being been fueled by low interest rates, easing of credit access, and a strong local economy that continues to create well-paying jobs.
Most importantly though, are the demographic changes that are effecting our region.
According to Realtor.com the Boston area will be number 1 region in the nation in 2016 when it comes to baby boomers shaking up the real estate market. Whether it is downsizing from an empty nest to a condo, buying a larger home or investing in a vacation property, boomers are driving the market's resurgence.
Just as importantly are today's millennial generation, a huge group born starting in the early 1980's. This well educated and consumer savvy generation are already making an enormous impact as they begin to make their move into homeownership. This next wave of buyers are drawn to our area in particular because of our strong local school systems.
According to all the national data, 6 month purchase plans are up-pointing to a strong spring. In fact, according to realtor.com, over the past 90 days, a record number of buyers and sellers have begun the preliminary step of preparing for a move by accessing the popular real estate web site.
If you are serious about making a move in 2016, now is the time to start preparing for what will be an intense spring market.
If you're a seller that means taking the time over the next few months to prepare your property for the marketplace. That could mean simple decluttering or making more extensive improvements to maximize value. Our agents can provide you with important advice and guidance as well as an accurate market evaluation to properly price your home.
If you're a buyer, it makes sense to establish a relationship with a Realtor now before the spring rush. As a buyer, when you are shopping in a marketplace with a shortage of homes it makes all the difference when you work with an experienced and knowledgeable agent especially when you are competing against others for a chance to buy your dream home.
We would like to take this opportunity to thank all of our clients in 2015 for once again making Northrup Associates the leading real estate company in the region.
We are a unique company, that has stood the test of time. We are proud to have worked with generations of families helping them buy and sell their homes. The secret to our success is the time we take to work personally with each and every one of our clients.
Call Northrup Associates so that we can help make your move in 2016 a success!