Where Are Home Prices Headed?

Everyone is curious about home appreciation! Buyers are worried that they may be priced out of the market or will have to settle for a smaller home, and sellers want to know how much equity they have gained or lost. The county property appraiser wants to know if he can raise taxes and even your lender wants to be sure their investment is secure.

So where are home prices headed today? Based on the article below, the most recent survey from Pulsenomics says prices are projected to rise. While most will consider this great news as this shows increasing confidence in economic stability for the nation as a whole and should help to increase overall economic growth for the country, it could indicate that it is time to take action for others.

Who should take action now? Homebuyers are the obvious answer, but what about Sellers? If you are a seller who has been waiting for the market to improve, now may be a perfect time to sell. If you currently own and have been thinking of selling then most likely you are either moving up to larger home or downsizing to a smaller home.

If you are thinking of moving up, then an increase in home values will not only affect you regarding price on the sale of your current home, but on the purchase price of your new home. It is also important to look at the appreciation of both homes. If you currently own a $100,000 home and it appreciates 10% over the next few years you will have gained $10,000 in equity, but if you move up to a $200,000 home and it appreciates 10% over the next few years you will have gained $20,000 in equity. With prices going up, the sooner you move up, the sooner you can start gaining more equity!

If you are curious about your current homes value and/or are considering buying or selling, it would be my pleasure to assist you! Please call or email today for your free, no obligation consultation.