Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey.
Each 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:
Home values will appreciate by 3.9% by the end of 2015, 3.4% in 2016 and 3.1% in each of the following four years (as shown below). That means the average annual appreciation will be 3.2% over the next 5 years.
The prediction for cumulative appreciation rose from 18.1% to 21.6% by 2020. Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of 13.8%.
Bottom Line For Central Ohio Real Estate
Individual opinions make headlines. We believe the survey is a fairer depiction of future values. Like nationwide home prices, the Columbus Metro home prices are expected to rise as well. With mortgage rates still low (but expected to rise in 2016 or 2017), now may be the ideal time for you to buy a home in Central Ohio. Start by determining how much you can afford and searching homes for sale to see what’s available in your price range. Contact me, REALTOR® Rita Boswell at 614-547-3229 to get started.