The new year is in full swing and most insight from analysts are projecting many different trends for 2016. The past year soared and it was one of the best on record in the past 10 years. With a full year ahead, many realtors and home buyers should expect more normal trends across the board.
Home sales and home prices will continue to grow but maybe not at the past the marked was used to in 2015. Millennials will continue to purchase homes and will be a major player along with those who are approaching retirement.
So what does this mean in terms of Murfreesboro homes for sale?
Well, there will still be many new first time home buyers looking for new construction and existing homes, but those looking to downsize will have homes for sale and will open up more inventory for millennials and other segments. In time, these two segments will help propel the Murfreesboro real estate market forward.
One of the key scenarios and reasons to purchase a Murfreesboro home for sale revolves around mortgage rates and rent. Higher mortgage rates could happen and in turn will drive payments higher. In the same way, monthly rent has been increasing and will continue to rise. So sooner than later, it will be more affordable to purchase a home if you are renting or if you are on the fence about buying a home and selling an existing one.
These are a few indicators and scenarios that could play out in the months ahead. Stay tuned to our blog for industry updates and news with Cooke Realty Partners.