Where will home prices be a year from now?
Many homeowners are wondering if their home values will sustain in this market. Here is what I know...
There are three major housing industry entities that help project the housing market.
Freddie Mac and
Mortgage Bankers Association
Below is their home appreciation forecast for 2022 as per Keepingcurrentmatters.com
Fannie Mae: 7.4%
Freddie Mac: 7%
Mortgage Bankers Association: 5.1%
The national median home price this month is approximately $353,900 (according to the National Association of Realtors). If we take the above increases and average them out, the average increase would be 6.5%.
So with that said next year the same home would cost $376,904. That is an increase in equity of $23,004. Would you rather wait or purchase a new home and create some new equity with in your investment? Plus let's not forget to mention all of the tax benefits available with home ownerships too...always review these tax benefits with your trusted tax advisor to ensure you are getting the most out of your investment.
Are you looking for a new home, to upgrade your current home or to relocate? I am here to help you with all of your real estate needs. Schedule an appointment with me today here.