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2015 Year in Review: The Economy and National Real Estate Market

This time of year, many people like to take a moment and reflect on the year that has passed, whether it’s reflecting on good memories or how the nation is doing financially. Today, we would like to take a moment to reflect on the economy and what this year’s trends meant for real estate.

A Brief Look Back on the US Economy

The economy has done well in 2015 — personal income is increasing, new construction homes are on the rise, and the job market is strong. And looking to the new year, now is the best time to buy a home. Here are three main real estate-related takeaways from the United States’ past economic performance in 2015.

1. Unemployment is Decreasing

laptop at an office workplaceThe job market in the United States is doing much better than in previous years following the Great Recession.

Unemployment this time last year was at 5.6%; the latest data from the Bureau of Labor Statistics states unemployment is at 5.0%. With more jobs and disposable income, home buyers have been able to spend more on their dream home than in past years.

2. Interest Rates May Increase

The Federal Reserve is expected to raise the interest rate tomorrow, December 16th, for the first time in nearly a decade. This is a good sign — the economy is doing well and the job market is strong.

For home buyers, however, these forecasted interest rate increases mean it will soon cost more to finance your home, and that now is the best time to buy the home of your dreams.

3. The Cost of Renting is Increasing

modern rental propertiesThe rental market has been surging, according to the Joint Center for Housing Studies at Harvard, reaching a 20-year high this past year.

New apartment complexes have been built all over the nation to provide more housing, and due to this high demand for rental properties and lower vacancy rates, rent costs have increased.

For former renters looking for a place to call their own, now is a great time to purchase a home.

Now is the Best Time to Buy a Home

With forecasted interest rate increases, current rent cost increases, and a growing economy in 2015, now is the best time to buy a home. As local real estate experts, we can help you find the home of your dreams and direct you to the best home buying resources, including a mortgage calculator, that can help you purchase the home of your dreams with confidence.

Connect with us and let’s talk about your home buying goals for the new year.

About The Adler Home Team

When looking to buy or sell in Northern New Jersey, you may rely on The Adler Home Team and their intimate knowledge of the distinct communities throughout the region. Jeff & Debby Adler continue to lead with contribution and have served over 1,100 families in their 20 year experience in Northern New Jersey. Through their combined efforts, this team of eleven professionals is very diligent in serving a full array of clients from first time buyers to those seeking their expertise in Residential, Condos, Townhomes, Luxury, New Construction, Relocation, Short Sales, Foreclosures and Rental Properties. By accessing the very best in technology, current market data and creative marketing applications, The Adler Home Team takes every measure to ensure that their clients are educated and provided with the critical insights that meet their specific requirements. They teach, lecture and train at the national level on negotiation skills, marketing and team building. The Adler Home Team is most proud and thankful for their strong referral business that confirms their talents, creativity, professionalism, diligence, knowledge, and outstanding integrity. The Adlers look forward to forming a partnership with their clients to help them reach their goals and make smart business decisions. So, when it comes time for you, a friend, or a family member to make a move, trust the Adler Home Team to win for you. Google

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