Realtor staffer Johnathan Smoke is showing the top 5 real estate trends of 2016 that will impact the housing market.
There are great changes that are coming into 2016's housing market, such as builders focusing on more affordable price points. Also, millennials are going to make 2016 the best year for selling homes. However, there will also be some already affordable rents that will get more expensive in the coming next years.The year ahead will see healthy growth in home sales and prices, but at a slower pace than in 2015. This slowdown is not an indication of a problem—it’s just a return to normalcy.
More than 85% of U.S. markets have rents that exceed 30% of the income of renting households. Furthermore, rents are accelerating at a more rapid pace than home prices, which are moderating. We’ve been seeing asking rents on vacant units increase at a double-digit pace in the second half of this year.