Home prices to double by 2015
Looking ahead long-term, home buyers and sellers will see a sudden upswing in home prices by year 2015, it was predicted by Dennis Torres, director of real estate operations for Pepperdine University's School of Business and Management. In fact, the housing cycle will return to a robust market by that time, and the strong possibility of rampant inflation will increase the price of homes, Torres said. In 2015, homes will be worth twice what they are today, and by 2018 a home will be worth three times as much as today, he projects.
Torres suggests that now is a strategic time to buy a home. He predicts that durable goods, real estate, cars, machinery and other essentials will increase in value considerably more than the cost of living over the next several years, while salaries will fail to rise. That will make it incredibly difficult for a person to buy a home in 2015, he said. His educated rationale should certainly be considered seriously by prospective home buyers. And coupled with today's lower prices and record low mortgage interest rates, it's a very good reason to take action now.