Zillow’s economists have released their 2015 predictions for the nation’s real estate market. If correct, expect home value appreciation to cool off considerably — Zillow is predicting only a 2.5 percent increase in home values nationwide for 2015. Also, expect to see a lot more Millennials shopping for homes.
Zillow’s predictions for 2015:
- U.S. rents will outpace home values by the end of the year
- Builders will begin constructing more, less expensive homes
- Millennials will overtake Generation X as the largest group of homebuyers
- Homebuyers will have more negotiating power in 2015
According to the report, home value appreciation should drop from the ~6 percent now to around 2.5 percent by the end of 2015. These figures are for the country as a whole. If we apply a similar relative drop in home value appreciation to the Reno-Sparks market, then the price appreciation rate should drop from the ~13.4 percent now to ~7.8 percent by the end of 2015 for the area.
It’s a great time for buyers who have waited patiently for sale prices to come down in 2015.
Gee thanks for the heads up there Ranson. What would we do without your drivel