What You Should Know About the Market
As we enter the final month of the year, the industry is used to a pattern in the market for this normally slower time of year. But here’s what is really happening and what you should know about:
Markets appear to be stabilizing – After yet another interesting year in housing, many are saying the market appears to be stabilizing.
Housing activity up despite slow season – Normally the winter months result in fewer homes being put on the market and fewer consumers ready and willing to buy. But 2015 appears to be different as the market, while seeing less activity than earlier this year, has maintained a steady pace.
Rate increase likely – The Federal Reserve is scheduled to meet next week and with it could come a rate hike many have been expecting for months.
Home prices steady – We generally see lower home prices in the winter months, as there are fewer buyers in the market. However, this year is seeing home prices remain steady through the traditionally slower months in housing.
Consumers looking ahead – With the rate hike looming, the market and economy appearing to stabilize, and another year of growth and potentially improvement ahead, consumers are looking to 2016 and seriously considering what their next move is in regards to housing. Rental rates are expected to rise driving potentially more consumers to the purchase market.
While typically December is a slower month, this year appears to be slightly abnormal as we are seeing only a subtle decline in activity. Stay tuned for more changes we’ll be tracking.