Housing Price Predictions
The ski areas are winding down for the season - the sun is shining and we are enjoying a lovely spring here in Summit County. The snow is still great, so I hope you get a chance to hit the slopes another time or two!
Interesting news: Predictions around the country for housing prices are looking up, up, up! What does this mean for Summit County, CO? Historically, our market tends to lag behind the national economy by about 12-18 months. We are starting to see our prices stabilize in many segments of our market and we are beginning to see multiple offer situations on the "cream puffs" * that come on the market.
* A cream puff is the property everyone is looking for- priced right and in super condition! They are not lasting in our market!
Consider the following from the Keeping Matters Current Crew:
Two Additional Experts Upgrade their Pricing Forecast
Last Monday, we reported that several analysts had upgraded their projections for home price appreciation in 2013. A few days later, the Wall Street Journal revealed that two additional analysts had also upgraded their forecasts.
Zelman & Associates
“Ivy Zelman, chief executive of research firm Zelman & Associates, said Wednesday she was now expecting prices to rise by 7% this year, up from earlier estimates of 6%, 5%, and 3%…She’s also calling for a 5% gain next year because she says the supply shortages and growing demand that fueled last year’s turnaround show no signs of easing.“
“The shortage of housing capacity continues to resonate. Just as deflation was a national headwind that stretched deeper into the economy than anyone would have imagined, we believe that appreciation can carry broad, positive implications for the consumer and economy beyond many expectations.”
John Burns Real Estate Consultants
“John Burns, who runs a real-estate consulting firm in Irvine, Calif., is calling for a 9% gain in home prices this year, up from a 5% forecast late last year.”
“Strong investor demand and low interest rates that have boosted the purchasing power of buyers.”
These two experts join a long list of housing analysts who have now called for a major rebound in housing prices in 2013.
Enjoy the spring!