While the floor of real estate prices appears to have materialized, experts predict that home prices are likely to recover about 3-4 percent annually in the coming years.
In Park City, our median price is down about 38% from the peak and equal to pricing in January, 2006. Note that we did not hit our median price peak until almost 2 years after the national peak.
In an article for CNNMoney, the analytics firm Fiserv projected that 2006 prices would not return until 2023:
“Fiserv forecasts prices will bounce back an average of 3.7% a year for the next five years — a rate that would still leave prices 20% below the peak. At that forecasted growth rate, the national average high of $238,000 would not be hit again until 2023.”
If you are waiting for 2006 values to return before selling your house, realize it will take years and, unfortunately, there is a possibility you will never get your money back.