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WASHINGTON, D.C. -- Sixty-one percent of U.S. adults predict housing prices in their local area will increase in the next 12 months, up from 55% a year ago and the highest Gallup has measured since 2005.
Americans' optimism about home values continues to recover from where it was after the housing bust and recession. Between 2008 and 2012, only as many as one-third of Americans, including a low of 22% in 2009, believed local housing prices would increase.
We can predict all we want , our predictions are generally wrong. I predicted my house we bought in 2007 in the poconos would be worth a whole lot more 10 years later.
Luckily we sold it in 2012 as it sold last january for 60k less
A single property is what they call a "small sample size." Meanwhile, population, employment, and income continue to rise. Home prices (as determined between a single willing buyer and a single willing seller) often reflect those sorts of increases.
I've worked in a real estate/rental/new construction office for 16 years now, and we actually saw the last bust coming and were mostly out of the new construction market just as the bottom fell out, so we rode it out very well. The day everything came crashing down, we only had 3 houses under construction (as opposed to having 10-15 under construction like we had most of the prior 2 years), so we just kept them and put renters in. So I'm well aware of how the market can change overnight.
Maybe in 5 years, you can all point at this post and laugh at what an idiot I am, but right now, I don't see a decline coming soon in my area. In the next 12 months, which is what that poll asked, I DO expect prices to continue to rise, although I predict a slow down in the increase as builders get back into the markets they left 10 years ago, and start adding to the inventory. My prediction is that prices will continue to increase (maybe not in some locations, but overall) for at least the next 2 years.
Now, if we end up in the middle of Nuclear War, all bets are off, and I withdraw any and all predictions I've ever made.
I've worked in a real estate/rental/new construction office for 16 years now, and we actually saw the last bust coming and were mostly out of the new construction market just as the bottom fell out...
The "last bust" originated in financial markets, not in housing markets. Housing and other markets were simply responding to developments higher up the food chain. It's possible that those conditions could be recreated in the near-term via hopelessly abysmal policy choices, but one would think it highly unlikely.
Not much to go on from the original post. No opinion offered other than a 'needs clue' statement in the subject which I am not sure how to take. Seems negative against an increase but who knows.
Yeah.. it matters because paying too much is about the only mistake a homeowner can make.
Too much relative to condition or too much relative to market.
Polling sheep does not logic make. Baaaaaaaaaqqaaah!
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