Expect a busier year, higher interest rates, and more first-time homebuyers, according to a recent survey from Metropolitan Regional Information Systems, Inc. (MRIS), one of the nation's largest multiple listing services. In the 2016 Spring Real Estate Outlook survey, MRIS reached out to nearly 750 real estate professionals, and over half of those surveyed expect this spring to be busier than last year. So, expect more transactions, more listings, and more interest from buyers and sellers.
Only 20 percent of those surveyed expect rising rates to not impact home prices. On the plus side, roughly 90 percent expect more first-time homebuyers on the market this year than last. According to Jonathan Hill, VP Marketing & Communications with MRIS, the increased rent prices are causing homeownership to be more affordable in comparison for some.
To better appeal to these first timers, MRIS also listed some of the most important features that compel these homebuyers, which include:
- Updated kitchen and bath
- An open floor plan
- Low maintenance features
- Walkable communities
- Energy efficiency
- Strength of cell phone service or Wi-Fi
For more data from MRIS' survey, you can see all of the findings here.