As we look ahead to a new year, what can the mortgage industry expect in 2016?
Home prices may be rising in 2016, especially for a booming Raleigh, Chapel Hill, and Durham housing market.
According to Core Logic, home prices rose nearly 5.5% in September. While price can be affected by location, the sales of neighborhood homes, and other factors, we can expect home prices to continue rising in 2016.
Think apartment living may be for you? In looking at past data, we conclude that apartment rents will also rise. In September, apartment rents rose at an annual rate of 5.3%.
The Triangle area is adding many new jobs in the tech industry, which continues to impact prices for both homes and apartments.
While housing prices will rise, Millennials will still be kept out of the housing market due to higher school loans. According to the Home Buying Institute, student loan debt will continue to keep the young adults from entering the housing market.
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Stay tuned and stay in touch with your mortgage professional. Thank you for the opportunity to serve you.
David.
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