Home Buying in Memphis>Question Details

dmd2054, Home Buyer in Memphis, TN

What are the predictions for the housing market in next two years? Do you think the property values will still be very low?

Asked by dmd2054, Memphis, TN Tue Oct 30, 2012

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Steve Freeman CMB’s answer
Published 11/5/2012
Home-prices measure rises most in 6 years

A measure of U.S. home prices jumped 5 percent in September compared with a year ago, the largest year-over-year increase since July 2006. The gain reported by CoreLogic offered more evidence of a sustainable housing recovery.

The real estate data provider also said Tuesday that prices declined 0.3 percent in September from August, the first drop after six straight increases. The monthly figures are not seasonally adjusted. CoreLogic says the monthly decline reflects the end of the summer homebuying season and not a softening in the housing recovery.

Steady price increases should give the housing market more momentum when home sales pick up in the spring. Rising prices encourage more homeowners to sell their homes and entice would-be buyers to purchase homes before prices rise further.

Americans are setting up house at the fastest rate in more than six years, an indication that recession anxiety, which prompted adult children to move in with their parents and single people to postpone marriage, is starting to ease.

The nation added 1.15 million households in the 12 months that ended in September, according to the most recent Census Bureau data. That is a significant rise from the past four years when an average of 650,000 households were formed annually
0 votes Thank Flag Link Wed Nov 7, 2012
Dmd2054,

Nothing agin them, but most of the folks here make money SELLING real estate. IMHO, you should find a less biased source of opinions. RE agents are good to work with WHEN you decide to buy. Nobody knows the local market like a good agent.

Actually, even unbiased predictions of what prices, RE or whatever, will do in the future ain't worth much. How many predicted the RE crash in 2007?

:sprint:
0 votes Thank Flag Link Thu Mar 28, 2013
If your asking about the Memphis Market then yes. Certain sub markets in Memphis will appreciate slightly, others might even drop further.

Every Market area is different so don't think what is happening in one part of the Country is representative of what is happening in another part of the Country. The same is true for each city or county. In Memphis (Shelby County) right now there are certain areas that have appreciated slightly in since the previous year, but there are areas that have still dropped.
0 votes Thank Flag Link Thu Feb 21, 2013
In my opinion, two years from now property values in most areas will be higher than they are today.
0 votes Thank Flag Link Sun Dec 2, 2012
The housing market should have a full turn around within 2yrs.
0 votes Thank Flag Link Tue Oct 30, 2012
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