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Wednesday, 6 August 2014

USA 2018 home values set to moderate until new expert survey

USA 2018 home values set to moderate until new expert survey the pace of residential home price growth in the US is set to slow this (2014) year and continue doing so into 2018, according to Jeff Adams real estate experts. 

The result of the newest periodical Zillow Home Price Expectations Survey, which takes into account the views of more than 100 specialist panelists, suggest that home values will end 2014 up an normal of 4.7% from 2013, to a median value of $177,890.

They also new expect values to exceed their 2007 peak levels by the end of 2017; about a decade after the housing bust and ensuing recession began. The survey also reveals that 84% of the experts expect the median age of first time home buyers to rise to 32 in next 10 years.

On average, the panelists expect interest rates on a 32 year, fixed rate mortgage to reach approximately 5.4% by the middle of 2016 and this could slow down the market as first time buyers put off making a purchase.

Indeed, the report says that overall the national home ownership rate fell in the second quarter, and a majority of experts said they expect it to fall further in coming years as the Millennial generation delays home purchases and the age of typical first time buyers continues to rise.

In 2013, the typical first buyer was 30 years old, according to the National Association of Realtors and the survey asked panelists for their expectations regarding the median first time buyer age over the next decade.