Experts Project Home Prices Will Rise over the Next 5 Years
Even with so much data showing home prices are actually rising in most of the country, there are still a lot of people who worry there will be another price crash in the immediate future. In fact, a recent survey from Fannie Mae shows that 23% of consumers think prices will fall over the next 12 months. That’s nearly one in four people who are dealing with that fear – maybe you’re one of them.
Experts Project Ongoing Appreciation
While seeing a small handful of expert opinions may not be enough to change your mind, hopefully, a larger group of experts will reassure you. Here’s that larger group.
The Home Price Expectation Survey (HPES) from Pulsenomics is a great resource to show what experts forecast for home prices over a five-year period. It includes projections from over 100 economists, investment strategists, and housing market analysts. And the results from the latest quarterly release show home prices are expected to go up every year through 2027 (see graph below):
And while the projected increase in 2024 isn’t as large as 2023, remember home price appreciation is cumulative. In other words, if these experts are correct after your home’s value rises by 3.32% this year, it should go up by another 2.17% next year.
If you’re worried home prices are going to fall, here’s the big takeaway. Even though prices vary by local area, experts project they’ll continue to rise across the country for years to come at a pace that’s more normal for the market.
What Does This Mean for You?
If you’re not convinced yet, maybe these numbers will get your attention. They show how a typical home’s value could change over the next few years using the expert projections from the HPES. Check out the graph below:
In this example, let’s say you bought a $400,000 home at the beginning of this year. If you factor in the forecast from the HPES, you could potentially accumulate more than $71,000 in household wealth over the next five years.
In the ever-evolving landscape of real estate, understanding the market trends is key to making informed decisions about your home. As you contemplate the trajectory of home prices, consider the insights of experts who predict a sustained upward climb in the coming years. To navigate this dynamic environment seamlessly, partnering with a local real estate expert is paramount.
Mountain Rose Realty, led by the experienced and dedicated Anne-Britt Ostlund, is your trusted ally in deciphering the Telluride real estate market. With a finger on the pulse of local trends, Anne-Britt and her team are well-equipped to guide you through the nuances of buying or selling property in Telluride, Colorado.
Whether you are interested in Telluride homes for sale or exploring the diverse real estate options in Telluride, CO, having a knowledgeable advocate like Anne-Britt Ostlund by your side ensures that your concerns are addressed and your goals are met. The right real estate partner can help you navigate the complexities of the market, allowing you to make decisions with confidence.
If you have any questions or concerns about the future of home prices in your local area, don't hesitate to reach out to Anne-Britt Ostlund and the Mountain Rose Realty team. By connecting with a trusted local real estate agent, you'll gain valuable insights into what lies ahead, empowering you to make well-informed decisions for your real estate journey.
Your dream home awaits, and with the guidance of Mountain Rose Realty, you can embark on your next chapter in the Telluride real estate market with confidence and peace of mind. Take the proactive step today to secure your future in the home that's just right for you.