CoreLogic’s Home Price Index showed that home prices in the U.S. rose 4.2% in the 12 months to November, which indicates that this year may be a seller’s market.
The company based its forecast on its Market Condition Indicators data that analyzed property values in the top 100 biggest urban areas nationwide. As of November 2017, 37% of these cities’ housing supplies are overvalued.
If you plan to buy a house in Las Vegas, the chances of finding overvalued homes are more likely than any other city. CoreLogic ranked the Nevada city as the top overvalued market in the U.S., as homes rose 11.1% in November 2017 year over year.
Frank Nothaft, chief economist for CoreLogic, said that the rising home prices would make it harder for buyers, but sellers face a favorable time ahead. Those who plan to unlock the value of their investments should consider home improvements to increase the value of their houses further. These upgrades may include adding modern Italian furniture from manufacturers like authenticprovence.com, or even just a simple coat of paint on the walls.
CoreLogic’s price forecast aligned with Zillow’s predictions in some of the hottest U.S markets. San Jose in California ranked as the hottest real estate market for 2018. Home prices in the city will increase 8.9% this year. Buyers will need a median household income of more than $110,000 to afford the median home value worth over $1.12 million.
On the contrary, buyers in Charlotte, N.C., only need a median income of almost $60,000 to afford the median home value worth $181,600. Zillow expects prices in the city to rise 4% in 2018.
The market forecast for this year should only serve as a guide. You need to consult with property agents to find out if listing your home on the market will be a profitable venture.