Home Price Predictions Next 5 Years

Full Video Transcript Below

[00:00:00] Well, good afternoon, everybody. Alice Lema here, broker John L. Scott and beautiful Southern Oregon with another edition of the weekly podcast. Today, we're going to be talking about a question that's on everybody's mind is what's going to happen with housing prices in the future. There's so much going on in the world.

[00:00:15] Everybody's kind of wondering are they going up, down, what's going to happen. So we're going to talk about that. Before we get to that, want to give you a chance to subscribe to the channel and thank you to all those who've done that really helps it to like give us a thumbs up and a, yes. Send me some comments, some questions.

[00:00:29] If you need to talk privately, then you can text or call. 541-301-7980. Okay. So on to the podcast, what's going to happen in the future with housing prices. So as a lot of, you know, I'm a big fan of the website, KCM keeping current matters. They're very data-driven and they have a prediction chart regarding home prices in the next five years.

[00:00:54] And I hope you're sitting down if you're not sitting down, sit down because they're saying. Pretty healthy growth rate between now and 2027. So the next five years. So for example if you look at the chart, if you buy a house this year 2022 for $360,000, In five years, they're predicting it'd be worth $456,000.

[00:01:15] That's a gain of almost a hundred grand in five years. So a little counterintuitive, a lot of us were thinking the prices would adjust just because the buyers could not write offers. They could not afford to borrow money at these higher interest rates. And some of that is true. We do have some big adjustments happening in the listing world because sellers are bringing their prices down to try to meet where the buyer's ability to pay is now.

[00:01:46] But the buyers are also doing a really good job of absorbing a lot of this interest rate hike, trauma, and there are some that are out of the market for a little while. They have to regroup. They either have to get down to a different price point or they need a bigger down payment. They might need a partner.

[00:02:04] Yeah, it's just going to be one of those situations where everybody's going to have to absorb as much of the interest hike as possible, but it seems like that's happening. And if that's the case and we have this, this much growth looking us in the face for the next five years, then by all means we should all go out and buy everything we can that fits our business owner life. Of course you don't want to just buy stuff to buy, but buy what suits us and buy what makes our life better. But we should not be waiting or holding on because if this is anywhere near accurate, which we're assuming it is because they're experts, then we're looking at a really nice appreciation even in just two to three years.

[00:02:52] But that five-year is really the jaw dropper isn't it. So, yeah, so in the meantime let me know if you've got any questions, cause this might change your plans, change your strategy for buying and selling in the summer. So yeah, if you've got some stuff you want to talk about, give me a call, give me a text.

[00:03:08] My number is 541-301-7980 and let's talk about it and let's figure out what we're going to do to make your real estate life better. Okay. In the meantime, have a beautiful weekend. Talk to you later. Bye.