With 2015 coming to an end, it’s time to look forward to 2016. The question is, what will 2016 look like? Will we see more Millennials taking a leap into homeownership, is the job market going to continue to get better, where will technology take us? I recently asked our leadership team to chime in with their thoughts for 2016. Below are the predictions they came up with for the real estate market.
The CSS Team Predictions
“There has been no shortage of issues or challenges in the 4th quarter of 2015 with the TRID rule. I see lenders, realtors, and settlement agents making significant progress in 2016 with the continued implementation of the TILA-RESPA Integrated Disclosures, working through collaboration issues of CDs utilizing the many technology platforms available, and expanded awareness by all of the cyber-security risks.” –Debbie Bartlett, CLTP, Executive Vice President – Operations
“Housing will continue to be steady, with a slight increase in prices and activity. Commercial sales, refinances and construction will continue its steady incline. Renting will still be very strong for the younger generation—what do they call them now?? Millennials or something else? Refinance activity will not increase and may decline as the Fed is expected to finally raise interest rates by the end of 2016.” –Maura Snabes, Esq., CES, CLTP, Vice President — Sr. Underwriting & Compliance Counsel
“I predict that interest rates begin to rise in 2016 which will cause the refinance market to slow. However, there will be more folks looking to purchase homes and take out home equity loans in 2016 vs. 2015.” –Kevin Ingles, Vice President, National Account Executive
“Employment has finally caught up to the economic improvement, and people have confidence in their paychecks again. Though interest rates may rise, I predict a healthy increase in first-time home buyers and a resurgence of home equity loans.” –Laurie Lapp, SPHR, Vice President, Human Resources
“From the technology side, here are some opportunities for innovation across the real estate industry in 2016. Property Management Software applications will be more prevalent in real estate. Research and analytics applications made easier to use and more affordable mobile applications will continue to be hot for this market segment.” –John Krupp, Vice President, Information Technology