What Happened in the 2016 Real Estate Market?

What happened at the end of the 2016 real estate market? I’ll give you a quick recap today, and we’ll also take a glimpse at the upcoming 2017 market.

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2016 has come to a close. As we start a new year, now is a great time to reflect on what happened in the 2016 real estate market.

A lot of things happened in our market due to the election. We expected interest rates to rise after the election results came in, and that is exactly what happened. As we enter January, rates are starting to creep up a little bit.

Those increasing rates are affecting the market already. Buyers want to go out and lock down a low rate now before rates go up even further.

As a result, November, December, and January have been incredibly busy months in the real estate market. We were writing offers, closing transactions, and selling houses on Christmas Eve and on New Year’s Eve.

We expect 2017 to be a record-breaking year.

Now that the holidays are over and things are getting back to normal, we have seen a drastic increase in market activity. Many people have reached out to us and asked for help selling their homes; the market has really picked up.

There aren’t as many buyers on the market now as there will be in the spring, but there are more buyers on the market now than we have ever seen at this time of year before.

There are not many homes for sale right now either, which is actually great news for home sellers. Since inventory is low, buyers will come look at your house for sure. Also, interest rates should continue to rise throughout 2017. If you want to sell your home to a large pool of buyers, now is a great time to list your property.

People buy and sell houses 12 months out of the year. We have shown houses in hip-deep snow. Don’t slow down just because there are a few snowflakes out there; keep going.

As I said, December of 2016 was the busiest December I have ever seen, and January is off to an incredible start. We are anticipating a record-breaking year for real estate. If you have any other questions about our upcoming market, give me a call or send me an email. I would be happy to help you!