The outlook for growth in the 2016 housing market is already dismal, and the year is merely starting. As oil prices crash and stocks tumble with it, economists are becoming concerned about the outcome of this year. Building on several consecutive years of positive performances, the overall real estate market is expecting the next year to be a jolly good one.
Although the year is only getting started, here are three trends that enthusiasts expect to shape this market in 2016.
1) New and Different Housing Options
Due to a lack of urban space and affordability, 2016 will see a rise in alternative housing, such as tiny homes. These tiny homes differ from traditional homes both in size and in building material. Some of these houses are built on wheels, while others are made from shipping containers. All average under 1,000 square feet in size.
This trend is not only for the young and detached. Analysts predict that the tiny home frenzy will strike all age groups equally.
2) Different Roles for Lenders
The big banks are dealing with new regulations this year. The result will be a gap for niche lenders to squeeze through. Niche lenders will take on a new role and fulfill increasing needs in 2016 as more people looking for loans are caught between small lenders and big banks.
3) Millennials Arrive in the Suburbs
Millennials are now becoming parents. They want the same upbringing for their children that they had, and the result is that more millennial parents and families will move to the suburbs this year.
Current residents of the ‘burbs should prepare themselves for a more Main Street style of living and a gross improvement in transit and transportation options.
Sources:
The Top 10 Emerging Trends Shaping Real Estate in 2016, Curbed.com The Micro Housing Development Boom Across the U.S., Mapped, Curbed.com
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