What are the Projected Home Prices for the Next 5 Years?
Where are home prices heading over the next 5 years? That will depend on who you listen to. In the media world individual opinions often make headlines. I imagine even the Kardashians have a prediction or blog post about the subject somewhere. When it comes to something as important and impacting as this subject however, there’s a comfort level in knowing a consensus of opinion among informed people.
That is why we like the Home Price Expectation Survey.
Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & 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 on Future Home Prices
Home values will appreciate by 5.0% over the course of 2017, 4.0% in 2018, 3.2% in 2019, 3.0% in 2020, and 3.0% in 2021. That means the average annual appreciation will be 3.64% over the next 5 years.
The prediction for cumulative appreciation increased from 17.8% to 18.4% by 2021. The experts making up the most bearish quartile of the survey are projecting a cumulative appreciation of 6.7%.
Pay attention to who you are listening to when it comes to real estate. Is your Uncle Larry really that smart? Do your neighbors and the people you hang with really know that much about real estate? Sure it’s good to listen to many sources and love everybody … but we’re talking about a big decision in your life so it’s wise to do your own research and avoid assumptions.
Professor Isaac Asimov is generally considered the most prolific writer of all time, having written or edited more than 500 books and an estimated 90,000 letters and postcards.
He’s credited with this quote:
“Your assumptions are your windows on the world. Scrub them off every once in a while, or the light won’t come in.”
Let Finding Homes for You help guide you through the real estate maze. We can help you navigate through these complex waters of data and trends. If you’re a nervous potential buyer take heart in knowing our company only works for Buyers 100% of the time. We are the true buyer advocate choice in the St. Louis area. Call us today at 636-532-4200.
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If you’d like to monitor the value of your current home and see a projection of what it might be worth two years from now … fill out the form below or click here for more info
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