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2015 marked the best overall year for homeowners since 2007 thanks to steady demand, attractive interest rates, and a healthy Utah job market. Looking ahead to 2016, here is a quick outlook on 3 things I anticipate to occur.
Interest rates will rise.
From news outlets, leading economists, to real estate blogs, rates are forecasted to be closer to 5% by years end.
Rental rates will continue to increase.
Low rental vacancies, lack of new construction rentals, and difficulty to save sufficient down payment to purchase a home will continue to drive rents upwards.
Millennials, millennials, millennials.
These ’35 and unders’ just surpassed baby boomers as the largest demographic. You’ll hear more and more about ’em as they move out and move into homeownership.
