Despite data indicating a rise in home prices across the country, some still fear another crash is imminent. A recent survey by Fannie Mae reveals that 23% of consumers believe prices will fall in the next 12 months. If you share this concern, let’s delve into what the experts have to say not just about the next year but the next five.
Ongoing Appreciation: What the Experts Forecast
While individual expert opinions might not sway your perspective, a collective viewpoint might offer reassurance. Enter the Home Price Expectation Survey (HPES) from Pulsenomics. This valuable resource compiles projections from over 100 economists, investment strategists, and housing market analysts. The latest quarterly release indicates a consistent expectation of rising home prices every year through 2027.
Even though the projected increase in 2024 is slightly smaller than in 2023, it’s essential to understand that home price appreciation is cumulative. If the experts are accurate, your home’s value, having risen by 3.32% this year, should see an additional 2.17% increase next year.
What This Means for You
For a more tangible perspective, let’s dive into the numbers. The graph below illustrates how the value of a typical home could change over the next few years based on expert projections from the HPES.
Consider this scenario: You purchased a $400,000 home at the start of this year. Factoring in the HPES forecast, you could potentially accumulate over $71,000 in household wealth over the next five years.
In Conclusion
If the worry of falling home prices still lingers, take comfort in the consensus among experts. Nationally, they predict a continual climb in home prices not just in the coming year but for the foreseeable future. If you seek clarity or have questions about local price trends, connect with a real estate agent for personalized insights.
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Considering the current market scenario and expert forecasts, your home could be a powerful wealth-building asset. Angela Black is here to help you navigate the real estate landscape, providing insights and personalized guidance.
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