Zillow recently released their 2016 Housing Market Predictions – and it’s good news for potential homebuyers. In fact, Zillow’s experts predict that “2016 will be all about housing affordability.”
However, Zillow’s Chief Economist, Svenja Gudell, predicts that many homeowners will be purchasing those new homes in the suburbs.
“In 2016, we’ll start to see more people in hot coastal markets forced to move farther from the core of the city to find housing,” Gudell said. “When they get there, they’ll be looking for amenity-rich suburbs — mini-cities, with walkable cores and an urban feel.”
Here are some of Zillow’s other predictions for the 2016 market:
- The median age of homebuyers will set a new record (older than ever)
- The median rental cost will be the highest ever
- Homeowners will move opt for suburbs over cities
Source: Zillow