Housing Trends 2016 Kingman AZ
What will the Housing Trends 2016 Kingman AZ be like?
So i’ts been almost a decade since the housing bubble burst. Anyone who bought in 2012 give or take a couple of years have seen their property values rise. For those that bought back in 2006 or so, well you have yet to see a break even point and are still most likely underwater.
2015 offered great strides in recouping some of the loses for those 2006 and 2007 buyers. Home prices year over year are on an upward trend with lower inventory levels helping fuel a more balanced market, toward full recovery. Housing Trends 2016 Kingman AZ overall look promising.
One troubling fact is the home-ownership is at or near a 50 year low. For whatever reason many people have not taken advantage of our historic low interest rates and now that prices are on an upward trend I fear that many may be priced out of the market or at a minimum will lose buying power.
The good thing is if you act now there are still homes out there that will cost less than rent. With states like Utah and Nevada having some of the highest percentage increases in the US it’s only a matter of time until Arizona is among that trend. So over the next twelve months the Housing Trends 2016 Kingman AZ should look like this:
- Home prices will continue to rise
- Interest rates will inch up and you will have less buying power
- First time buyers will continue to struggle
- Credit will get a little looser
- It will still be cheaper to buy than rent
- The suburban areas will begin to make a comeback
- All cash sales will continue to decrease as prices rise
- New Homes sales will continue there comeback