Bad Housing Predictions – April 12, 2024

Video Transcript

Whatever you think home prices will do between now and next year, you’re probably wrong. A year ago, in its monthly National Housing Survey, consumers surveyed by Fannie Mae said that home prices would drop about 2% this year. But that’s not what happened.

Not even close. Instead, values rose 6% and that is a big miss. But!

Consumers get it wrong every month. So in this month’s survey, consumers are predicting a 1.4% rise in home values for this year. And we can say with almost certainty that that prediction is wrong.

It’s too low. There’s too much demand for homes right now. There’s too little supply of homes today.

We have textbook conditions for rising prices. 1. 4 percent feels a lot small.

So if you’re holding out for better environment in which to buy a home, maybe don’t. Maybe the right time to buy a home is right now. Maybe this is the best the home prices will be.

A pre-approval will tell you exactly how much home you can afford to buy before prices go up again. Check our main channel for more mortgage news. I’m Dan with Homebuyer.com.

Happy homebuying.