Lately there have been numerous reports about the housing market’s recovery. This housing market recovery has caused a lot of worry among those who own homes over whether or not to sell their homes now or to wait. The housing market is showing signs of life so many are asking themselves and their realtors whether now is the right time to sell because home prices are about to go up.
There seems to be no consensus on home prices quite yet. Experts from all over disagree on just how much home prices will increase. For example, the National Association of Real Estate Editors held a conference in Denver at the end of last month. During that conference, Lawrence Yun, chief economist of the National Association of Realtors had this to say about home prices:
“This time next year, there could be a 10% price appreciation. I would not be surprised to see that.” During that same week, a housing report by Morgan Stanley stated that they believed housing prices were headed for a drop of 5-10% over the next 18 months.
So, which direction are home prices headed? No one seems to have the exact answer but if you examine a survery done by Home Expectation Survey, you might get a bit of perspective. This survey asked a panel of over 100 economists, investment strategists and housing market experts to give their opinion on the future of home prices in the US over the next 5 years, the consensus was that by the end of next year, home prices would only rise about 0.9%.
Only you can know if its the right time to sell your home or not. If it makes sense for you to delay your move for another 18 months in order to get 1% more in your asking price then you should sell. If not, you can wait it out. Only time will tell.