Margaret Szerlip, Newton, MA. Realtor, West Newton Hill, Realtor
House Prices: Experts Becoming More Optimistic
This is very good news for the housing market and confirms what we are seeing here in Newton, Brookline, Wellesley….I want to caution sellers that we are experiencing moderate uptick in prices. I have noticed that after Labor Day at least 25% of listings seem overpriced, and these houses are still sitting on the market unsold, while their competition priced correctly were sold within the week, some with multiple offers above asking. If you house is not getting any showings, or no second showings, your house is most likely overpriced in comparison to your competition. When a house is overpriced it is the best advertisement for other houses.
Each quarter, Pulsenomics surveys a
“distinguished panel of over 100 economists, investment strategists, and housing market analysts regarding their 4-year expectations for future home prices in the United States.”
Here are the latest survey results.
Price appreciation/depreciation expected over the next four years:
- 2012: 2.31%
- 2013: 2.44%
- 2014: 3.25%
- 2015: 3.43%
Fiserv also released a report projecting home prices to appreciate at an average of 3.7% annually over the next five years.
The average pre-bubble (1987-1999) annual appreciation was 3.6%