Here are three predictions about the housing market, according to the Home Price Expectations Survey compiled by the research firm Pulsenomics.
· “Our most optimistic group of experts expects 31.2% cumulative home value appreciation through 2024, while our most pessimistic group expects a cumulative gain of just 7.8% over the same period,” reports Pulsenomics. The discrepancy among real estate experts is likely because this past decade has been unusual and therefore not a good predictor of what the future may hold. Is this lengthy seller’s market the new normal, or will the housing market eventually return to its historic patterns?
· Members of Generation Z (today’s young adults under the age of 24) are expected to exceed the homeownership rate of millennials when they reach ages 35 to 44.
· A significant number of those polled in the survey say younger millennials along with the Gen Z demographic may have an easier time qualifying for their first home purchase because housing values are predicted to even out, causing the required income-to-mortgage ratio to decline.
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