Many gay and lesbian Realtors expect to see a good number of LGBT couples looking to buy a home now that they are legally married. However, you may want to take a look at what the market looks like before you do. Here are a few trends experts are predicting will dominate the real estate market during the rest of 2016, but always do research on the local market before buying or selling.
The Market Will Normalize
The housing market has been up and down, as anyone who has bought or sold a house in the past 15 years has noticed. Fortunately, experts are predicting that the housing market is actually going to go back to normal, or as normal as it ever gets. This is great news for LGBT first-time homebuyers since it means lenders will be less afraid of making loans. However, many also believe that interest rates are going to rise next year, especially in areas where home prices are already high. Unfortunately, this will make gay neighborhoods like the Castro area of San Francisco, which is already difficult to afford, even more out of reach for many.
New Homes Will Be More Affordable!
If you’ve been looking for a new home, you may be very dismayed to find prices are fairly high. That’s because builders have had to deal with higher costs and fewer skilled workers. However, most experts believe that new homes will actually drop in price because many of the new homes that have been built over the last year haven’t sold. This means that those new LGBT neighborhoods that have stalled out due to a lack of buyers may suddenly explode, plus new gayborhoods may spring up in some areas. Definitely keep an eye on the costs of new houses in the area you want to move to because you may be surprised at how cheap they get.
Don’t Rent
Finally, Realtors are predicting that rent is going to continue to rise. 2015 saw many rental properties jump in price. A large number of people now pay more than 30% of their income to rent. Because the housing market is expected to normalize, mortgages are actually going to be cheaper than renting, making it the time to seriously reconsider your housing situation if you rent.
Anyone that is considering the market for the remainder of 2016, needs to think about what normal looks like in the area that they want to buy. Don’t worry about last year, take this year and make that perfect house your new home.
