Home Prices on the Rise: What You Need to Know
You might have heard some chatter about home prices potentially dropping soon. In fact, a Fannie Mae survey revealed that 23% of folks think prices will dip in the next year. That's a lot of people feeling uneasy, maybe even you.
But let's shed some light on this with expert insights. Here's what the pros are saying about home prices, not just for the next year, but for the coming five years.
Continued Growth in Home Prices Expected Hearing from just a few experts might not sway you, but what about a whole bunch of them? The Home Price Expectation Survey (HPES) from Pulsenomics gathers insights from over 100 economists, investment strategists, and housing market analysts. Their latest findings? Home prices are set to rise each year through 2027.
Even if the jump in 2024 isn't as big as 2023, remember, these increases stack up. For instance, if your home's value goes up by 3.32% this year, it's expected to rise another 2.17% next year.
So, if you're worried about a drop in home prices, here's the key point: experts predict a steady, healthy climb in prices nationwide for the foreseeable future.
What This Means for You Still on the fence? Let's talk numbers. Using the HPES projections, imagine you bought a $400,000 home this year. Over the next five years, you could see an increase in home value of over $71,000.
Bottom Line If you're concerned about falling home prices, take heart. The consensus among experts is clear – we're looking at an upward trend in home prices nationally, not just next year, but for years ahead. Got questions or thoughts about our local market? I'm here to chat and help you navigate these trends. Let's connect!
