Where Do the Experts Think Home Values are Going?

Where Do the Experts Think Home Values are Going?

Did you know June was National Homeownership Month? And while it may be a little bit in the rearview mirror, we think every month is a good time to think about selling a home or buying a new one.

And the market seems to agree! Housing markets are bouncing back, and home values are going up across the country. Just how much? Per the Federal Housing Agency’s Quarterly Home Price Index, year-over-year prices have increased by 4.67% in our “East North Central” region, and by 3.4% in Illinois, more specifically.

For more, check out this great map from Keeping Current Matters:

This means that Illinois is in line with national trends, as predicted by Pulsenomics’ “Home Price Expectation Survey.” With data drawn from a nationwide panel of more than one hundred economists, real estate experts and investment/market strategists, the “HPE Survey” creates a guideline to predict where home prices may be headed in the next five years.

The results of the latest survey suggest that experts believed home values would appreciate by 4% over the course of 2016; looking ahead, these experts anticipate an average annual appreciation of 3.2% over the next 5 years. You can look at a breakdown of year-by-year predictions in the graph below:

Projected Mean Percentage Appreciation

What do all of these statistics mean for you? If you’re considering buying, now may be the right time to start making your move, before prices (and interest rates) go up even more. On the other hand, if you’re in the market to sell – and you’re not under a particular time strain – it may not benefit you to wait. The rate of price growth is slowing, so if you're planning on upgrading (buying a higher priced home than you're selling) or down-grading and investing your proceeds in a vehicle that returns more than 3% annually, you would be well served to sell now and invest or upgrade on the short term. 

Curious about any of the other ins and outs of the Chicagoland real estate market? Let Real Group be your guide! Whether you’re looking to buy, sell, or just learn a bit more about property here in Chicago, our dedicated team has the experience and know-how to help you every step of the way. Drop us a line today to get started!

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