...for 2016. Looking back on the year this has been one of the most active bull markets in modern real estate history.
As this year comes to a close there are a couple of things buyers and sellers may want to keep at the top of their mind.
For buyers, interest rates won't stay this low forever. For the past few years America has been climbing out of the "Great Recession" and part of the stimulus plan has been to keep interest rates low in attempt to encourage the purchase of homes. But now that the economy has become more vibrant there's only so much longer before keeping the interest rates at historic lows will do more harm then good.
For sellers, you have benefited from two straight years of a seller's market with low inventory and huge demand. But there's only a matter of time before new construction catches up with resale supply and suddenly forces the market into a more balanced environment where buyers have a few more options to choose from. This will cause resale prices to list for less and stretch days on market for properties directly in competition with new homes.
The bottom line is nothing last forever. Therefore take advantage of the current market conditions while you have them now.