Property Values Stuck?
I got into a conversation today about property values. The person I was talking to believes we are at the top right now and values will not continue to increase. She didn’t think they would crash but that we are topped out.
I politely disagreed and explained how appreciation is continuing and while it’s at a lower rate, house prices are still going up. To prove a point about appreciation and how it has been over the last 20 years or so, check out this chart
The gray lines are actual median Sale Price and the blue bars are what home prices would be for a Normal Historic Appreciation. If we believe in the data, home prices have recovered from the crash and we are currently on track with our past experience.
I won’t dig in deeper right now but I can see we are in a pretty good market. some are predicting a recession but that doesn’t mean a ‘crash’ and homes are likely to appreciate at a rate of about 3+% over the next few years.
I’m putting this on here so you can see some of the information and use it to talk to your clients. I get a lot this data from Keeping Current Matters and recommend it to you as well. They curate a lot of data and put it in a digestible format for us to use. Check it out.