Weekly Newsletter Weichert, Realtors - Sierra Pacific Group
 
Dec. 14, 2023
Welcome to another exciting edition of the Weichert Weekly Newsletter. This week, we bring you a brief update on the Elk Grove market, highlighting key trends and opportunities. Get into the festive spirit with our guide to view Christmas Lights in 2023. Don't miss our 'Deal of the Week' for a special opportunity in Elk Grove. Plus, we offer insights into home prices over the next 5 years, helping you make informed decisions in your home-buying journey.
Experts Project Home Prices Will Rise over the Next 5 Years
Even with so much data showing home prices are actually rising in most of the country, there are still a lot of people who worry there will be another price crash in the immediate future. In fact, a recent survey from Fannie Mae shows that 23% of consumers think prices will fall over the next 12 months. That’s nearly one in four people who are dealing with that fear – maybe you’re one of them. To help ease that concern, here’s what the experts say will happen with home prices not just next year, but over the next five years.
Experts Project Ongoing Appreciation
While seeing a small handful of expert opinions may not be enough to change your mind, hopefully, a larger group of experts will reassure you. Here’s that larger group.
The Home Price Expectation Survey (HPES) from Pulsenomics is a great resource to show what experts forecast for home prices over a five-year period. It includes projections from over 100 economists, investment strategists, and housing market analysts. And the results from the latest quarterly release show home prices are expected to go up every year through 2027 (see graph below):
And while the projected increase in 2024 isn’t as large as 2023, remember 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 should go up by another 2.17% next year.
If you’re worried home prices are going to fall, here’s the big takeaway. Even though prices vary by local area, experts project they’ll continue to rise across the country for years to come at a pace that’s more normal for the market.
What Does This Mean for You?
If you’re not convinced yet, maybe these numbers will get your attention. They show how a typical home’s value could change over 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.
Bottom Line
If you’re someone who’s worried home prices are going to fall, rest assured a lot of experts say it’s just the opposite – nationally, home prices will continue to climb not just next year, but for years to come. If you have any questions or concerns about what’s next for home prices in your local area, connect with me today.
 
Christmas Lights 2023
Want to look at Christmas Lights in the Greater Sacramento area, but don't know where to start? We got you covered! Check out this list and make a route! Its officially the Holiday Season
 
Market Update Elk Grove
In Elk Grove's real estate market, we're seeing a dynamic scenario. With 127 active single-family home listings and a lower than usual inventory, demand is high. This is evident from the 68 pending and 65 recent closings, with homes spending an average of 40 days on the market. This market condition presents unique opportunities for both buyers and sellers. Reach out to me today if you have any questions or want an update for another area.
*Only Reported on Single Family Homes
 
 
 
Find Your Home's Hidden Value
The common question, "What's my home worth?" often conceals the real curiosity: "How much equity do I have?" That's why I'm excited to introduce our service, the Professional Equity Assessment Report (PEAR). I understand you might just want a quick online estimate. No worries! You can also check out our Home Value Tool online.
Weichert, Realtors® - Sierra Pacific Group is committed to helping people at every turn. Whether they're customers, searching for a home, or professionals, looking for a place to expand their real estate career, we are proud of our tradition of supporting others as they realize their dreams.
At Weichert, Realtors® - Sierra Pacific Group, our commitment to our agents is to inspire, challenge and support the as they strive for their personal best.
If you are just getting started or are a season pro, we are confident that we have the tools and resources you need to grow your dreams!
We would love to visit with you about the unlimited potential and possibilities TODAY!
Join our friendly community and embark on an exciting real estate journey by subscribing to our YouTube channel today! But that's not all! Stay connected with us by following our Facebook and Instagram pages, where you'll find even more engaging content, behind-the-scenes glimpses, and community updates. Don't miss out on the fun, friendship, and valuable insights.
 
That's all for this edition of the Weichert Weekly Newsletter! If you're in the market for a new home or just curious about the current real estate market, please don't hesitate to reach out to me. I'd be more than happy to assist in any way I can.
Scott Kirk is the Broker/Owner of Weichert Realtors – Sierra Pacific Group (SPG), a family-owned, full-service brokerage based in Folsom. A REALTOR® licensed since 2010, he has closed more t....
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