Home buyers earned their experience badges in 2021, scrambling for properties, battling with bidding wars, while watching prices shoot up across the country.
Chasing your American dreams require strategy and stamina, but what can you expect the market to be like in the remaining months of 2022?
“Competition in the 2022 housing market will continue to feel like preparing for an Olympic sport,” says Christian Ross, real estate managing broker for Engel & Volkers Atlanta.
Home Price Appreciation, An Educated Guess
Each quarter, Pulsenomics surveys a national panel of over 100 economists, real estate experts, and investment and market strategists to compile projections for the future of home price appreciation. The Home Price Expectation Survey has their latest release forecasting that home prices will continue appreciating over the next five years.
This graph shows the rate of appreciation can moderate over the next few years as the market shifts from its unsustainable pace. After this year, there are projections showing home price appreciation will continue, but at levels that are more typical for the market.
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR)
“People should not anticipate another double-digit price appreciation. Those days are over. . . . We may return to more normal price appreciation of 4%, 5% a year.”
These appreciation projections may be peace of mind that investing in homeownership is worthwhile because you’re buying an asset that’s projected to grow in value in the years ahead. Just remember that all kinds of projections are out there, meaning you must research and pair-up with your real estate professional who you know knows their markets.
What Might This Mean for You?
Let us sum this up. What impacts your net worth? Here is how a typical home could grow in value over the next few years using price appreciation projections from the Pulsenomics survey mentioned above:
Assuming typical pace of appreciation, you may earn significant equity gains as your home gains value.
Look at Yourself
You know you. Your strengths, where you must improve, and with proper planning, Buying Your New Home when you are ready can present long-term success because your asset’s value can grow with the ongoing home price appreciation as well as your personal net worth. It is always the right time to discuss your homebuying power.
Stay Tuned for More Homebuying and Homeselling with Tim from Newington Connecticut
Steve Schappert The Connecticut Real Estate Broker
Call and Text Steve Schappert 203-994-3950
Email Broker@CTREB.com
Truth
You are a concerned homebuyer or homeseller and you need to know what is happening in your housing market, so you can make the most informed decisions possible.