2016 — a Defining Year

It can’t be said enough, home loans are really cheap. Take a look at this chart:

freddiemac30yrmortgchart 2016
I am overdue on a report on how I feel the 2016 real estate market is doing – it’s the life of a Realtor. When you’re busy, you can’t find time to eat let alone sleep.

2016 seems to be the discernible turnaround year. It’s the year that seems to mark the shift to better, more reminiscent days of economic durability.

The July labor market hiring was strong, wages for private-sector jobs matched their strongest annual pace of growth in 8 years, rising by 2.6%, and more joined the labor force, maintaining a 4.9% unemployment rate. Many economists expect that the gains in incomes, adjusted for inflation, will accelerate later this year and into 2017.

“This was everything you could have asked for, maybe more,” Michelle Meyer, head of U.S. economics at Bank of America Merrill Lynch said.

As a Realtor who has worked through a number of different market dynamics during a nearly 20-year career, I feel the discernible shift to a time more memorable as a healthy market pace. We may have arrived. So much so that I haven’t found my way to my blog all these months.

But vulnerabilities remain.

There will be global concerns over Brexit, the U.S. election, Fed meetings in September, November and December.

If we have learned anything in this slow slog back to more “normal” economic times, it is that patience is a virtue and hope is another. Thoughtful and truly meaningful actions by the American public in ways where we can make some difference are crucial. So vote with your conscience in the presidential election. Continue to demand better wages, work conditions and benefits. Unions should be encouraged – problems may exist with them but they protect livable wages.

I close with this thought, and following resource links:

“It’s been a really good summer for hiring all across the country,” said Tom Gimbel, chief executive of LaSalle Network, a recruiting and staffing firm in Chicago. “Business has been great. Kids coming out of college are getting hired and we’re seeing a lot of activity in the $50,000 to $150,000 category.”

Relevant links:

Forbes.com: Mortgage Rates and Brexit June 23, 2016
The Wall Street Journal: Robust Jobs Report August 5, 2016
The New York Times: Reframing the Economic Outlook August 5, 2016

About MD Real Estate Service

Realtor since 1997 with a priority to best service. Experience spans several MD counties helping buyers and sellers with condos, single family and town homes, new construction, land, sales, rentals and relocation. Get the attention you need, the expertise you expect with an agent who knows how to deliver in a no pressure way.
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