Where will home values be in 2016?
Inman News recently polled over 100 economists to try to answer this question. After five less than stellar years on the Real Estate market, the newly predicted numbers are staggering; down-right exciting actually!
The 100+ Economists surveyed expect home prices “will rise 2.3 percent in 2012 from fourth-quarter 2011, and see further cumulative rises of 4.7 percent in 2013, 8 percent in 2014, 11.4 percent in 2015, and 15.2 percent in 2016.” (Inman News, Sept 20, 2012).
What does that mean for us? So looking forward to 2013-2016, this is what we could expect if the North Fork Real Estate market appreciates as these economist anticipate the industry, on a National level, will appreciate.
It’s important to note that real estate is local and as we were not hit with the extreme loss in value that other areas in the country have experienced (ie. Florida, California, Nevada)…. we can only hope to see if these economists are proven right. It could mean families can move out of what was originally a starter home, or homeowners that are underwater no longer will be and in some cases homeowners can look at re-financing. Let’s keep our fingers crossed!
*In order to do the calculations, we used Suffolk Research’s 2nd Qtr data for 2012 as our baseline Median Value for Southold Township which was $440,000.