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Where are Home Values Headed over the Next Few Years? There are many questions about where home prices will be next year as well as where they may be headed over the next several years to come. We have gathered the most reliable sources to help answer these questions:
The Home Price Expectation Survey – A survey of over 100 market analysts, real estate experts, and economists conducted by Pulsenomics each quarter.
Zelman & Associates – The firm leverages unparalleled housing market expertise, extensive surveys of industry executives, and rigorous financial analysis to deliver proprietary research and advice to leading global institutional investors and senior-level company executives.
Mortgage Bankers Association (MBA) – As the leading advocate for the real estate finance industry, the MBA enables members to successfully deliver fair, sustainable, and responsible real estate financing within ever-changing business environments.
Freddie Mac – An organization whose mission is to provide liquidity, stability, and affordability to the U.S. housing market in all economic conditions extending to all communities from coast to coast.
The National Association of Realtors (NAR) – The largest association of real estate professionals in the world.
Fannie Mae – A leading source of financing for mortgage lenders, providing access to affordable mortgage financing in all markets always.
Here are their projections of prices going forward:
Every source sees home prices continuing to appreciate – just at lower percentages as we move through the next several years.
There are many unsubstantiated theories about what is happening with home prices. From those who are worried that prices are falling (data shows this is untrue), to those who are concerned that prices are again approaching boom peaks because of “irrational exuberance” (this is also untrue as prices are not at peak levels when they are adjusted for inflation), there seems to be no shortage of opinion.
However, the increase in prices is easily explained by the theory of supply & demand. Whenever there is a limited supply of an item that is in high demand, prices increase. It is that simple. In real estate, it takes a six-month supply of existing salable inventory to maintain pricing stability. In most housing markets, anything less than six months will cause home values to appreciate and anything greater than seven months will cause prices to depreciate (see chart below).
According to the Existing Home Sales Report from the National Association of Realtors (NAR), the monthly inventory of homes for sale has been below six months for the last five years (see chart below).
if buyer demand continues to outpace the current supply of existing homes for sale, prices will continue to appreciate. Nothing nefarious is taking place. It is simply the theory of supply & demand working as it should.
WHAT IS A SECURITY DEPOSIT?
A security deposit is money held by a property owner/manager for the duration of a rental agreement as security for loss or damages. It can be refundable or non-refundable, but its refundability must be disclosed in the lease agreement. At the termination of a lease, a refundable security deposit will be returned to the tenant if the tenant has upheld his end of the contract, given appropriate notice, and left the property in rentable condition. A security deposit may be partially refunded if any work has to be done to bring the property back pre-contract condition.
WHEN WILL YOU GET IT BACK?
Legally, landlords/property managers have 30 days to refund deposits after the termination of a lease, but that time increases if there are tenant-caused issues with the property WYO STAT. 1-21-1208
Thermopolis is lovely in October. It often takes longer for the leaves to fall here, which makes for some stunning colors.
You can always stop by the office at 508 Arapahoe and pick up a guide for buyers or sellers. We print them out so you can take them home and self-educate. You can also just pick Mark's brain if you have questions about the housing market.
Tenemos una guía en español también
Originally posted on Facebook by Dwain Romsa for "Wyoming- Early History of the Cowboy State" https://www.facebook.com/groups/1553580641559201/?tn-str=*F
This is a blog run by RoundTop Real Estate, LLC in Thermopolis, WY. We have plans to update our readers on the current market, tips and tricks for home buyers and sellers, and this will also be a place for us to post our favorite things about Thermopolis and the surrounding area.
Please see all the current listings by clicking HERE
You can also contact us at any time by calling 307-864-2252. We are also on facebook
Kerri and Mark Manig, Broker
508 Arapahoe ST
Thermopolis, WY 82443