2023 housing market
In the ever-evolving world of real estate, staying informed about market trends and projections is crucial, especially if you're considering buying or selling a home. As the owner of Avant ONE Real Estate, I understand the significance of these insights and how they directly impact our clients in Southern California, particularly in the beautiful region of Ventura County and the Northwest portion of Los Angeles County.
In this article, we'll delve into the predictions and expectations of experts regarding home prices over the next five years. We'll explore how these projections relate to the unique micro real estate markets within our local area, including Westlake Village, Thousand Oaks, Agoura Hills, Calabasas, Oak Park, Newbury Park, North Ranch area, Lake Sherwood, and Westlake Island. These communities, with their distinct characteristics and charm, present exciting opportunities for both homeowners and investors.
At Avant ONE Real Estate, we take pride in doing real estate differently. Our commitment to putting clients first is unwavering, and it's reflected in every transaction we undertake. With a dedicated team of professionals, from marketing experts and photographers to technology specialists and legal advisors, we ensure that your real estate journey is smooth, stress-free, and successful.
If you're planning to buy a home, one thing to consider is what experts project home prices will do in the future and how that might affect your investment. While you may have seen negative news over the past year about home prices, they’re doing far better than expected and are rising across the country. And data shows, experts forecast home prices will keep appreciating.
Pulsenomics polled over 100 economists, investment strategists, and housing market analysts in the latest quarterly Home Price Expectation Survey (HPES). The results show what the panelists project will happen with home prices over the next five years. Here are those expert forecasts saying home prices will go up every year through 2027 (see graph below):If you’re someone who was worried home prices would fall because of stories you’ve read online, here's the big takeaway. Even though home prices vary by local market, experts project prices will continue to rise across the country for years to come. And these numbers indicate the return to more normal home price appreciation.
And while the projected increase in 2024 isn’t as large as 2023, it’s important to recognize home price appreciation is cumulative. In other words, if these experts are correct, after your home’s value rises by 3.32% this year, it’ll appreciate by another 2.17% next year. This is a good example of why owning a home is a choice that wins big over time.
Once you buy a home, price appreciation raises your home’s value, and that grows your household wealth. To see how a typical home's value could change in the next few years using the expert projections from the HPES, check out the graph below:In this example, let’s say you bought a $400,000 home at the beginning of this year. If you factor in the forecast from the HPES, you could potentially accumulate more than $71,000 in household wealth over the next five years.
So, if you're thinking about whether buying a home is a good choice, remember how it can be a powerful way to grow your wealth in the long run.
According to the experts, home prices are expected to grow over the next five years at a more normal pace. If you’re ready to become a homeowner, know that buying today can set you up for long-term success as home values (and your own net worth) grow.
So, stay tuned as we bring you the insights and expertise that will empower you to make informed decisions in the dynamic world of real estate. Our goal is to keep you well-informed and eager to reach out to us for all your real estate needs. After all, at Avant ONE, we live, work, and contribute to the markets we serve, always striving for excellence in professionalism and service. Your trust is our greatest asset, and we're here to exceed your expectations, whether you're buying, selling, investing, or seeking landlord representation.
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