At the beginning of this year many newspapers and other non-expert outlets were forecasting that home prices would fall. Instead, as predicted by many who work in real estate daily, home prices are doing far better than expected and are rising across the country.
What did the newspapers miss?
Home prices are based simply on supply and demand. In the Washington, DC area, jobs are plentiful, so people want to live here. With inventory running at historical lows, and housing demand up from buyers, the future outlook on prices is positive. Real estate experts forecast home prices will keep appreciating. Pulsenomics polled over 100 economists, investment strategists, and housing market analysts in the latest quarterly Home Price Expectation Survey. These experts say home prices will go up every year through 2027. While the increases are not as high as the last 4 years, the cumulative effect of a return to normal home price appreciation will still be substantial for homeowners. Buying today can set up a new homeowner for long-term success as home values (and your own net worth) grow.