Dear Friends and Neighbors,
As the holiday season approaches and the year comes to a close, this is a good time to reflect on why 2016 was a great year for both Buyers and Sellers. As most of you know, this past year was successful for Sellers due to increased (and still increasing) home values. Most people who sold their homes experienced a great return on their real estate investment. As expected, a low supply of homes brought a great amount of demand, which led to bidding wars and even higher prices.
2016 was not only profitable for Sellers, but also a great year for Buyers. Although many Buyers did lose out on homes due to multiple offers, once a Buyer finally won and found the perfect house, they were able to take advantage of the very low interest rates.
Low interest rates can significantly raise the affordability of a home, and as we are told, rates will go up next year. Lending has also loosened quite a bit, and Buyers no longer always need 20% down to obtain a good loan.
So, as we see it, 2016 was a great year for all! We hope that you have a happy and healthy Holiday Season, and we look forward to hearing from you in 2017!