2015 has been a strong year for Real Estate, but where is the Chicago and national market headed for 2016? We’ve been watching the market closely and have carefully tracked other experts in the market, as well.
Chicago Real Estate Market Forecast Predictions For 2016:
Economists at Zillow predict that the market will slow for Chicago in 2016…
“The economists at Zillow are making more conservative predictions for the Chicago real estate market in 2016. When this page was last updated, in September 2015, Zillow’s economic team was predicting a 12-month home prices increase of 3.6%. That’s half the amount house values rose over the previous 12 months (7.2%). So here again, we have a Chicago housing market forecast that calls for a more gradual rise in prices through 2016.”
Other real estate forecasts for the Chicago housing market in 2016 predict additional home gains, but will likely be smaller than 2015.
1. Inventory will remain steady throughout the year.
2. Additional job gains could increase demand for homes in 2016 and put upward pressure on home pricing.
Read more: http://www.metrodepth.com/chicago/
National Real Estate Market Forecast Predictions For 2016:
A forecast, produced by the ULI Center for Capital Markets and Real Estate, predicts a healthy pace of economic expansion with somewhat slowing growth…
1. Mortgage rates will increase at the end of 2015 and into 2016.
2. The Western portion of the United States will see the highest home increases.
3. Home prices will rise more slowly in most major cities.
4. Outstanding student loans will prevent many Millenials from entering the home-buying market.