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5 Real Estate Trends That Will Shape 2016

Realtor.com predicts that housing will have an even better year in 2016 than we did in 2015. Here's a look at the trends that will have the greatest impact on the housing market in 2016.

1. We'll return to normal. The year ahead will see healthy growth in home sales and prices, but at a slower pace than 2015. This slowdown is not an indication of a problem, just a return to normalcy. 

2. Generational shuffle will make 2016 the best year to sell in the near future. Millennials emerged as a dominant force in 2015, representing almost one-third of the total US home sales. This pattern will continue in 2016 as their large numbers combined with improving personal financial conditions will enable enough buyers between ages 25 and 34 to move the market -- again. Financially recovering Gen Xers and older boomers entering retirement will also affect the market in 2016.

3. Builders will focus on more affordable price points. 

4. Higher mortgage rates wil affect high-cost markets the most. The move by the Federal Reserve to guide interest rates higher should result in a more reliable upward trend in mortgage rates. The effect will be minimal across the US as the move to higher rates will spur more existing homeowners to sell and buy before rates go even higher.

5. Already unaffordable rents will go up more than home prices. In more than three-quarters of the US, it is more affordable to buy than to rent. Rents are accelerating at a more rapid pace than home prices. 

 
Greer Named REALTOR® of the Year

 Donna Greer

Donna Greer, Managing Broker for Long & Foster's offices at Smith Mountain Lake and Rocky Mount, received RVAR's REALTOR® of the Year award on December 11th at RVAR's Installation and Awards Breakfast.

Greer has been a REALTOR® for 11 years, serving in many volunteer capacities for RVAR and VAR. Greer served as RVAR's President in 2014.

The REALTOR® of the Year award is RVAR's highest honor recognizing a local REALTOR® who demonstrates outstanding REALTOR® spirit, business accomplishments and community involvement.

 
Hannabass Received RVAR Community Service Award

 Tina Hannabass

Tina Hannabass of MKB, REALTORS® received RVAR's Community Service Award at the Association's annual Installation and Awards Breakfast held Friday, December 11th.

Hannabass was recognized for her volunteer efforts on behalf of the Rescue Mission. The Association made a $1,000 contribution to the Rescue Mission in her honor.

The REALTOR® Community Service Award recognizes a local REALTOR® who gives of his or her time to an organization that improves the quality of life in the greater Roanoke Valley.

 
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