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As the graph to the right shows, this survey predicts the annual percentage rate of home appreciation to grow by a more normal level by 2015. We can gauge what this means to us by looking at the market before, during, and after the “Housing Bubble Years”.
During the “Bubble Years” of 2000 to 2007, homes appreciated at an annual rate of 10.4 percent. This was an anomaly and had to be corrected, which has happened as home prices fell by almost 6 percent over the last six years. In the “Pre-Bubble Years” of 1987 to 1999, annual average appreciation of homes was 3.6 percent. Now starting with 2012 through 2015, we are looking forward to a 3.43 percent annual appreciation rate. This is approaching a more normal growth rate and one that can be sustained into the future.
But can we rely on this statistical information? The Home Price Expectation Survey is a survey of over a hundred leading analysts in the housing market. These experts consist of representatives from the National Association of Realtors, academics from Harvard, Yale, etc. and CEOs of some of the major banks and investment institutions around the country. The Home Price Expectation Survey compiles all of this information and combines it into a single statistical percentage projection for each of the next four years. This means that the experts in the country are saying "things are getting better in the housing market, and the correction is over.”
Since we have it on good authority that we can look forward to a more normal growth in the housing market, now is the perfect time to make an investment in Key West! Check us out whether you’re a tourist, looking to move permanently to the Keys, or just someone who likes the beauty of nature. The great variety of amenities in the homes in our area is yet one more reason why you would want to live in beautiful Key West. If you’re interested in real estate in this attractive area, contact me, Jimmy Lane, at Key West Real Estate: 305-766-0585.