Buying in Southeast Michigan? Perform a full home search
Selling in Southeast Michigan? Get a free Home Price Evaluation
Today we’ll be talking about the Home Price Expectation Survey, which is a nationwide panel of economists, real estate experts, and investment strategists. It’s got a lot of interesting data and I wanted to share some of it with you today.
Our average annual appreciation since the market crash in 2007 has been a healthy 4% per year. This is a steady increase, and this report expects homes to appreciate by 3.9% this year. Looking into the future we’re going to see more steady appreciation rates around 3% per year.
Let’s look a little further into the future. What kind of appreciation can we expect by 2020? The bulls are predicting a 30% increase in values, while the bears are predicting a 13% overall increase in values. All projections combined are predicting a 20% increase in home value by 2020.
Prices are rising, so it’s a great time to be a homeowner. If you’re buying, then right now is a good time to ride out this wave of appreciation. Please don’t hesitate to contact me if you need help buying or selling in 2016!
