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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16005 N 32nd Street Phoenix, AZ 85032

$17,000

1 Bed

1 Bath

800 SqFt

Status Active

MLS # 6635032

Property Type Manufactured Home

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Seller Financing Available! This one bedroom, one bath is located within the 55+ age restricted community of Paradise Valley Ranch. Freshly painted, this home features central AC and heat, gas cooking and all appliances including W/D. It features two extended covered carports offering privacy and shade. Located at Paradise Valley Ranch 55+ Community operated by Treehouse Communities. Community amenities include, pool, spa, fitness, recreation center, outdoor dining and laundry. The lots are spacious and private.

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425 E Mckellips Road Mesa, AZ 85203

$17,000

2 Beds

1 Bath

720 SqFt

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MLS # 6658266

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Welcome to a life of comfort and serenity in this charming 2-bedroom, 1-bath mobile home nestled within the heart of the La Casita Community in Mesa! This inviting mobile home is perfect for both practicality and relaxation. Boasting two cozy bedrooms and a well-appointed bathroom, it provides just the right amount of space for a comfortable and manageable lifestyle!

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9421 E Apache Trail Mesa, AZ 85207

$15,000

1 Bed

1 Bath

672 SqFt

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MLS # 6662675

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Economical 1bed/1bath home located is 55+ Desert Valley Oasis. Spacious Living Room with Eat In Kitchen Counter space. Spacious Kitchen with plenty of cabinet space for dining. Gas Stove and Oven. Appliances Included. Many Updates Including NEW AC and ROOF 2020, New Flooring 2021, New Awning 2023. Large FENCED lot. Storage Shed includes Washer & Dryer. Easy Commute To Shopping, Entertainment, and Freeways. Seller Is Motivated!

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425 E Mckellips Road Mesa, AZ 85203

$15,000

2 Beds

1 Bath

784 SqFt

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MLS # 6668136

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Charming mobile home in an adult community. Well cared for and maintained home. Newer plumbing, metal roof with coating with lots of life left. Nice big deck with a car port and a storage shed out back. FENCED in back yard great for pets~!

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