The latest Home Price Expectation Survey shows that most experts believe that home prices will rise 4.3% in 2014 and continue to make steady move upwards through 2018.
The Zillow Home Price Expectation Survey is done quarterly and is a nationwide panel of over one hundred economists, real estate experts and investment & market strategists.
The latest report for the fourth quarter of 2013 shows an expectation of a 4.3% appreciation in home values in 2014, followed by 3.6% appreciation in 2015, 3.5% appreciation in 2016 and 3.4% appreciation each in 2017 and 2018.
These numbers would be a decline from the current rate of home appreciation that we have experienced, with most markets seeing double digit appreciation in 2012 and an expectation of a nationwide appreciation of 6.7% in 2013, by year end. However, most experts agree that slow and steady increases going forward are very positive for the real estate marketplace.
As we are still recovering from one of the worse housing downturns in recent history, it was expected that eventually housing prices would rebound. Specifically here in Arizona, where home prices dipped more than other parts of the country, they also appreciated more than other parts of the country.
However, if the experts are correct and these appreciations are what we have in store for the housing market going forward, that should lead to a healthy housing market over the next few years, with appreciation near where it should be historically.
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