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What to expect in the 2016 real estate market

From all accounts, it seems that the 2016 real estate market should continue to be an industry where a lot of action will take place.  Here are three major issues that home buyers and sellers will have to take into consideration during this leveling out year in the real estate world.  First, home buyers who are looking for the first time will have a challenge getting into their dream home.  Why?  Inventory seems to be a major issue.  As you will see later on, construction is lagging behind demand.  Second, considering what is happening to the oil and gas industry, many current home owners will continue to have trouble paying their mortgages.  Last year, I attended a lecture at Loyola with some of the industry’s top analysist and the oil and gas speaker explained statistics that were just simply staggering.  From every corner of our state to so many people depending on employment in the drilling industry, our real estate market will continue to feel the impact.  Finally, and on a more positive outlook, 1.25 million new single-family households are expected to be formed in 2016.  To put this number in terms of demand, the National Association of Realtors predicts that there will be 1.3 million family starts this year.  But, nationally, the demand is 1.5 million roof tops needed.  And, yes, there will be a shortage again this year.  This only means that pricing will continue to rise.  So, get ready to be very very luck to find “deals” this year.  They are out there but it takes a very determined agent to find them for you.  If you are looking to purchase real estate, please give Lanclos Realty, LLC a call.  We would be happy to help you and your family purchase that special home.  Visit us at www.lanclosrealty.com or call us at 985 869 6050.             

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