Home Price Expectations Survey

In March 2011 a group of 111 of the top economists in the country were surveyed by MacroMarkets, a financial technology company founded by Robert Shiller, regarding their expectations for home prices in the next 5 years based upon the projected path of the S&P/Case-Shiller U.S. National Home Price Index.  Based on the average responses of the economists, homes across the nation are expected to begin building equity again starting sometime in 2012, with a home purchased today expecting to appreciate almost 10% in the next 5 years. Shiller noted that "there continues to be significant dispersion among the panelists regarding their individual home price forecasts and added, “A few respondents do see a real recovery, predicting prices up 20% or so by 2015."

As per an article I referenced yesterday from the Arizona Republic, Metro Phoenix Housing Market Showing Signs of Upswing, indications are that the greater metro Phoenix housing market is starting to turn around, with some Buyers finding themselves facing competition as properties receive multiple offers.

While we all still fear the unknown during these crazy economic times, the significance of the projections for the next five years cannot be ignored. If you don't buy now, will you regret your decision 5 years from now?