58% of Homeowners See a Drop in Home Values Coming

According to the recently released Modern Homebuyer Survey from ValueInsured, 58 percent of homeowners think there will be a “housing bubble and price correction” within the next 2 years.

After what transpired just ten years ago, we can understand the concern Americans have about the current increase in home prices. However, this market has very little in common with what happened last decade.

The two major causes of the housing crash were:

1. A vast oversupply of housing inventory caused by home builders building at a pace that far exceeded historical norms.
2. Lending standards that were so relaxed that unqualified buyers could easily obtain financing thus enabling them to purchase a home.

Today, housing inventory is at a 20-year low with new construction starts well below historic norms and financing a home is anything but simple in the current mortgage environment. The elements that precipitated the housing crash a decade ago do not exist in today’s real estate market.

The current increase in home prices is the result of a standard economic equation: when demand is high and supply is low, prices rise.

If you are one of the 58% of homeowners who are concerned about home values depreciating over the next two years and are hesitant to move up to the home of your dreams, take comfort in the latest Home Price Expectation Survey.

Once a quarter, a nationwide panel of over one hundred economists, real estate experts and investment & market strategists are surveyed and asked to project home values over the next five years. The experts predicted that houses would continue to appreciate through the balance of this year and in 2018, 2019, 2020 and 2021. They do expect lower levels of appreciation during these years than we have experienced over the last five years but do not call for a decrease in values (depreciation) in any of the years mentioned.

Bottom Line

If you currently own a home and are thinking of moving-up to the home your family dreams about, don’t let the fear of another housing bubble get in the way as this housing market in no way resembles the market of a decade ago.

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8655 W Alvarado Road Phoenix, AZ 85037

$460,000

4 Beds

2 Baths

1,819 SqFt

Status Active

MLS # 6651919

Property Type Single Family Residence

Price Type --

Beautiful Home in a great neighborhood with private pool for the hot summer! Featuring 4 bedrooms, 2 bathrooms, living room, family room, open floor plan with vaulted ceiling, tile and wood floors, 3 car garage, cover patio, ramada, kitchen with island, new paint, close to schools, park , shopping and 101 & I-10 Freeways.

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22348 N Braden Road Maricopa, AZ 85138

$460,000

5 Beds

3 Baths

2,912 SqFt

Status Active

MLS # 6654144

Property Type Single Family Residence

Price Type --

This remarkable home is situated in the renowned golf community of Rancho El Dorado, offering a high-end resort ambiance with scenic walking paths, serene lakes, and a variety of dining options and nearby shopping. Located in the ever-growing areaof Maricopa, this Adorable 5 Bed/3 full Bath home is move in ready! Open floor concept, with spacious backyard, landscaped with beautiful green grass, perfect for entertaining! Upstairs features a loft with built in desks and entertainment area. Located near shopping and amenities.

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5209 N 24th Street Phoenix, AZ 85016

$460,000

2 Beds

2 Baths

1,192 SqFt

Status Active

MLS # 6658777

Property Type Apartment

Price Type --

Don't miss this charming 2 bed/2 bath tucked away in the serene little community of Cloisters in the heart of Biltmore! Light and bright this property features an open floor plan with lots of windows, laminate flooring and fresh paint throughout. You will also find all new cabinetry, quartz countertops, tile backsplash, stainless steel appliances, and upgraded fixtures and lighting throughout. The well maintained community is beautifully landscaped and offers amenities such as tennis courts, fitness center, and two pools, spa, tea room, and walking path. And all of this within a short walk to tons of shopping and great places to eat!

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21233 N 30th Avenue Phoenix, AZ 85027

$460,000

3 Beds

2 Baths

1,750 SqFt

Status Active

MLS # 6659219

Property Type Single Family Residence

Price Type --

Beautiful north Phoenix home in a great location! Luxury vinyl plank flooring and new interior paint provide a bright, neutral landscape for you to personalize. An Arizona room makes a perfect sitting area with it's own mini split, office or gym space. Backyard with grass, patio and paved sitting area. White cabinets in the kitchen and new fixtures have modernized this great home. No neighbors behind, backs to grass field. Additionally, the inclusion of solar panels- OWNED, new Ecobbe thermostat and a Tesla charger highlights the home's commitment to sustainability and modern technology, offering both energy efficiency and convenience for electric vehicle owners. Overall, this property presents an appealing combination of comfort, style, and practicality.

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