Although generally speaking I am hesitant to apply Case Shiller analytics to our local markets with a broad brush, I do think that the graph below illustrates a very interesting picture of home prices. Bear in mind that these are major market highlights (and so are heavily influenced by extreme markets such as DC, Las Vegas, Miami, etc.), but the pattern is worth a discussion. Their forecast is home price appreciation hovering slightly above average (at 5%) throughout next year (2014), with the exception of the final quarter of this year, which is predicted to be a boom. That, undoubtedly, is the result of urgency created by a combination of low inventory and rising interest rates.
What was especially interesting to me in this particular forecast is the steady drop in appreciation after the end of 2014, from 6% to 3 or 4%…something, if true, that should be considered carefully by sellers who are fence-sitting until pre-boom prices rebound. Food for thought!
One thing is fairly consistent in most crystal balls: the real estate market will be strong for at least the next 18 months. How do you plan to capitalize on that?!
If you’re a seller who has been wondering if it might finally be time to sell, email us at concierge@lizmoore.com, or click below, and we can prepare a complimentary analysis of market value for you – you just may be pleasantly surprised.
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