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Housing Market Forecast for 2016

February 11th, 2016 · No Comments · Mark Lomas and Kirsten Wolfe, Market Conditions, Santa Barbara Real Estate Market Trends

2016 Housing Market Forecast

Forecast for the 2016 Santa Barbara Real Estate Market

Right now there does not appear to be any downside to the southern Santa Barbara real estate market.  The modest increase in median prices across the areas still look appealing to buyers. Interest rates are still at historic lows.  If the Feds consider raising interest rates down the line it will be prudent for buyers to get off the fence.

A real estate news resource for real estate agents Inman News suggested in a 2016 Industry Outlook Report What’s Next?   “That the real estate industry is bullish going into 2016,” based upon a survey they conducted Inman News reported, “That with the economic and housing market signs pointing up, the vast majority of the respondents are optimistic about the economy and the housing market. This confident mood is pervasive despite a general sentiment that interest rates will move higher and that global events are uncertain and even threatening.”

Predictions about the housing market in 2016 are very optimistic. What accounts for this optimism? One respondent explained it this way.  “After being somewhat reserved in my optimism in 2015, I believe that 2016 will be very good!  If interest rates continue to be under 6 percent, shadow inventory remains low and in check, unemployment remains under 10 percent, local economies continue to strengthen, and inventory is adequate, consumers will have the confidence to make their move purchasing and selling.”

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