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Experts Predict Where US Home Prices Are Headed

by Home Action News

Experts Predict Where US Home Prices Are Headed

 

Home prices have risen in most U.S. markets this year, with most states reaching price levels not seen since the real estate boom year of 2006. How long will they continue to rise? Check out these predictions from four top housing economists:

National Association of Realtors Chief Economist Lawrence Yun

"We are in a multiyear housing recovery. For the next five years, we think four of those next five years will be an improving year in terms of home sales given the size of the pent-up demand, provided mortgage rates rise in a modest way."

NAR’s price prediction: Home prices will rise 5 to 6 percent in 2014 and 4 and 5 percent in 2015.

CoreLogic CEO Anand Nallathambi


"Most states are reaching price levels not seen since the boom year of 2006. Our data indicates that this trend will continue, with more states hitting new all-time peaks this year and into 2015 as the recovery continues."

CoreLogic’s price prediction: Prices will rise by 5.7 percent from July 2014 to July 2015.

 

Fannie Mae Chief Economist Doug Duncan

"On the demand side, there appears to be a conservatism among consumers and their willingness to take on big-ticket purchases, such as homes. We currently estimate that 2014 will finish lower in total sales figures than 2013 – and that 2015, while stronger than 2013 and 2014, will not be the breakout year some are expecting."

Fannie Mae’s price prediction: Prices will rise 5.6 percent in 2014 and 4.3 percent in 2015.

 

Freddie Mac Chief Economist Frank Nothaft

"House price growth was very strong in 2013 but we don’t expect a repeat performance. Instead, we see housing prices moderate over the next couple of years before settling into its long-run average of about a 1 percent real house price growth per quarter."

Freddie Mac’s price prediction: Prices will rise 5.0 percent in 2014 and 4 percent in 2015.

Wondering what your home is worth in today's market? Contact me and we can discuss it.


4 Equity-Boosting, Money-Saving Fall Home Projects

by Frank Taglienti

4 Equity-Boosting, Money-Saving Fall Home Projects

 

1. Update your kitchen island or bar lighting.

The right lighting can open up your kitchen space or create a more intimate setting for gatherings and special events. One way to enhance the space around the breakfast bar or even put a spotlight on the kitchen island is with canopy lights.

Canopy fixtures cover a wider space with multiple bulbs and you can choose from a variety of different styles, including a Rustic Barn ChandelierGlass Pendant Shades, or even a $17,735 bejeweled Swarovski Crystalline Icicles Pendant Chandelier that spreads all the way across the bar.


2. Replace or repaint your front door.

Exterior door replacement had the highest return on value of any project in Remodeling Magazine’s Cost vs. Value report. The average cost for a steel front door is $1,162 and it returned $1,122, or 96.6 percent of its cost.

If your front door is in good shape, freshen it up with a new color. Get inspired with this DIY Network slide show featuring 28 inviting colors to paint a front door.

 

3. Seal the air ducts and holes in your home’s exterior.

As much as 20 to 30 percent of the air moving through your HVAC’s duct system leaks out through poorly sealed ducts and holes. Lower your utility bill by sealing the ducts in your attic, crawlspace, unfinished basement and garage. Use aluminum foil tape not duct tape (which won’t last). Seal the ducts at the vents, too, so as much air as possible makes it into the rooms of your home.

Next, head outside with a can of spray foam expanding sealant and seal any holes you can find. Only fill the gaps one-third full as the foam triples in size.

 

4. Replace your garage door.

If you have a front-facing garage, its door is a dominant visual feature of your home. Upgrading it generates an 84 percent return on cost. Looking for something distinctive?

C.H.I. Overhead Doors’ stamped carriage house line adds a warm wood tone that brings character to any home style.

 

 

Like these projects but don’t want to do them yourself? Contact me and I’ll put you in touch with a qualified home improvement contractor who can install beautiful light fixtures or an updated garage door. There are also local, home energy efficiency companies who can seal your ducts and exterior home air leaks.

Front door image: Therma-Tru Corp.
Garage door image: C.H.I. Overhead Doors


 

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Photo of Frank Taglienti Real Estate
Frank Taglienti
Berkshire Hathaway PenFed REALTORS®
565 Benfield Road, Suite 100
Severna Park MD 21146
410-440-0824