My New Theory On: Predicting Boston Condo/Housing Prices
Have you ever noticed that all these Boston housing economist are more than 70% wrong on their real estate housing predictions? I have. So I came up with my own housing prediction theory, on what’s going to happen with our local Boston condo market in the next few years. It’s a very simple theory, no mathematical formula, no graphs or charts. Just one simple search….by using Google.
if mortgage rates decline faster than predicted, home prices could remain mostly flat through the end of 2024.
But lets see what the professionals have to say
If you’re planning to buy a Boston condo for sale, one thing to consider is what experts project home prices will do in the future and how that might affect your investment. While you may have seen negative news over the past year about home prices, they’re doing far better than expected and are rising across the country. And data shows, experts forecast home prices will keep appreciating.
Experts Project Ongoing Appreciation
Pulsenomics polled over 100 economists, investment strategists, and housing market analysts in the latest quarterly Home Price Expectation Survey (HPES). The results show what the panelists project will happen with home prices over the next five years. Here are those expert forecasts saying home prices will go up every year through 2027 (see graph below):If you’re someone who was worried home prices would fall because of stories you’ve read online, here’s the big takeaway. Even though home prices vary by local market, experts project prices will continue to rise across the country for years to come. And these numbers indicate the return to more normal home price appreciation.
And while the projected increase in 2024 isn’t as large as 2023, it’s important to recognize home price appreciation is cumulative. In other words, if these experts are correct, after your home’s value rises by 3.32% this year, it’ll appreciate by another 2.17% next year. This is a good example of why owning a home is a choice that wins big over time.
What Does This Mean for You as a Boston condo buyer?
Once you buy a home, price appreciation raises your home’s value, and that grows your household wealth. To see how a typical home’s value could change in the next few years using the expert projections from the HPES, check out the graph below:In this example, let’s say you bought a $400,000 home at the beginning of this year. If you factor in the forecast from the HPES, you could potentially accumulate more than $71,000 in household wealth over the next five years.
So, if you’re thinking about whether buying a home is a good choice, remember how it can be a powerful way to grow your wealth in the long run.
Boston Condos for Sale and the Bottom Line
According to the experts, home prices are expected to grow over the next five years at a more normal pace. If you’re ready to become a homeowner, know that buying today can set you up for long-term success as home values (and your own net worth) grow. Let’s connect to start the home buying process today.
Updated: Boston condos for sale 2023
So if you were to Google Boston Real Estate 2011, the first result would be:
I also think that 2011 will also be a year of reconciliation.
I believe that instead of continuing to wait for an economic and real estate recovery, many Americans that have been hanging on will give up waiting and reconcile their own situations. Lots of people that had high expectations will “get real” in 2011. Some will finally sell their homes for less than expected, give them back to the banks or declare bankruptcy. Therefore, I will call 2011 “the year of confusion and reconciliation”.
If you were to Google Boston Real Estate predictions 2012, the first result would be:
Boston, MARank: 45
Home price forecast: -6.8%
If you were to Google…
Boston real estate predictions for 2013, the first result would be:
According to the projections Stan Humphries, chief economist at Zillow gave to Inman News this week, we may not see a recovery in residential real estate until 2013. That is a 7 year dip from the highs in 2006 my friends.
Hmm… I don’t think I like my new Boston real estate Google theory prediction formula anymore.
File Under: Attention Boston real estate sellers, Google Boston real estate prices for 2025… it starts to improve.
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