According to Sean Becketti, Freddie Mac’s chief Economist, 2016 will be a spectacular year for residential real estate. The job market continues to improve and the 30-year fixed mortgage interest rate is still less than 4%, which means more buyers should have the confidence and ability to pull the trigger on new home purchases this year. Inventory for these buyers should be plentiful, as home prices continue to rise and sellers grab their lofty profits while they still can. We’re getting close to 2006 home prices again, so this is probably the optimal year for homeowners with substantial equity to sell.
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