Today, many of my Knoxville real estate conversations center on housing prices and where they may be headed. That is why I like the Home Price Expectation Survey.
Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.
The results of their latest survey:
Home values will appreciate by 4.5% over the course of 2016, 3.6% in 2017 and about 3.2% in the next two years, and finally 2.9% in 2020 (as shown below). That means the average annual appreciation will be 3.5% over the next 5 years.
The prediction for cumulative appreciation increased slightly from 24.7% to 26.3% by 2020. The experts making up the most bearish quartile of the survey are still projecting a cumulative appreciation of 11.1%.
Bottom Line
Individual opinions make headlines. I believe the survey is a fairer depiction of future values. If you are interested in a quick estimate of what your home is worth right now CLICK HERE. For a pinpoint value or to talk about getting your home sold, contact me, Troy Stavros with Gables & Gates, REALTORS at 865-777-9191. I look forward to hearing from you!