National Association of Realtors® President Tom Salomone told Nerd Wallet in a recent interview that there’s a clear road ahead that is balanced and fair for buyers and sellers, but it will take some time to get there.
“We don’t want these big peaks and valleys we’ve seen since the downturn,” Salomone told the personal finance blog. “Steady, sustainable growth is what we’re after.”
Salomone’s statements echo comments he made in a recent op-ed, also submitted to Nerd Wallet, on what he sees ahead for real estate in 2016.
Among the bits of good news for consumers, Salomone pointed to low interest rates, low down payment programs, additional job creation in the broader economy and lower mortgage insurance premiums from the Federal Housing Administration.
These bright spots in the industry indicate a “mostly smooth road” ahead for buyers, but Salomone urged caution since plenty of challenges remain.
Salomone pointed to high rents and student debt as impediments to saving for a down payment. He also noted that tight supply and rising home prices present additional costs and challenges for buyers.
To navigate around those trouble spots, Salomone suggested that potential buyers and sellers look for expert advice from a Realtor®.
“While it’s too early to say exactly what’s down the road in 2016, it’s never too early to start planning your route,” he said.
Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.