I hope you had a wonderful weekend and enjoyed the warmer temperatures we had around here. I remember last year at this time we were expecting snow and ice. Not too much longer for Spring and Summer to arrive.
I just read a great article on the Keeping Current Matters Blog about Future Home Values and where the experts think pricing are headed. I wanted to share it with you:
“Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey. Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts, and investment and market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.
THE RESULTS OF THEIR LATEST SURVEY:
Home values will appreciate by 3.7% over the course of 2016, 3.3% in 2017 and 3.2% in the next two years and finally 3.1% in 2020. That means the average annual appreciation will be 3.3% over the next 5 years. The prediction for cumulative appreciation slowed slightly from 21.6% to 17.7% by 2020. The experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of 10.9%”
Slow and steady is predicted and I agree with the numbers here. I think certain pockets of our market will do a little better than these numbers predict but I think these conservative figures are certainly reliable.
Questions, comments or topic requests for our Monday Market Update are welcome.
Have a great week and as always, thanks for your continued support, business and friendship.