Expert Home Price Forecasts for 2024 Revised Up!
Expert Home Price Forecasts for 2024 Revised Up Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they’re even more confident prices will rise, not fall. So, let’s see exactly how experts’ thinking has shifted – and what’s caused the change. 2024 Home Price Forecasts: Then and Now The chart below shows what seven expert organizations think will happen to home prices in 2024. It compares their first 2024 home price forecasts (made at the end of 2023) with their newest projections: The middle column shows that, at first, these experts thought home prices would only go up a little this year. But if you look at the column on the right, you'll see they've all updated their forecasts and now think prices will go up more than they originally thought. And some of the differences are major. There are two big factors keeping such strong upward pressure on home prices. The first is how few homes are for sale right now. According to Business Insider: “Low home inventory is a chronic problem in the US. This has generally kept home prices up . . .” A lack of housing inventory has been pushing prices up for a long time now – and that’s not expected to change dramatically this year. But what has changed a bit is mortgage rates. Late last year when most housing market experts were calling for home prices to rise only a little bit in 2024, mortgage rates were up and buyer demand was more moderate. Now that rates have come down from their peak last October, and with further declines expected over the course of the year, buyer demand has picked up. That increase in demand, along with an ongoing lack of inventory, is what’s caused the experts to feel the upward pressure on prices will be stronger than they expected a couple months ago. A Look Forward To Get Ahead of the Next Forecast Revisions Real estate experts regularly revise their home price forecasts as the housing market shifts. It’s a normal part of their job that ensures their projections are always up-to-date and factor in the latest changes in the housing market. That means they’ll continue to revise their projections as the housing market changes, just as they’ve always done. How those forecasts change next is anyone’s guess, but pay attention to mortgage rates. If they trend down as the year goes on, as they’re expected to do, that could lead to more buyer demand and even higher home price forecasts. Basically, it’s all about supply and demand. With supply still so limited, anything that causes demand to go up will likely cause prices to go up, too. Bottom Line At first, experts believed home prices would only go up a little this year. But now, they've changed their minds and forecast prices will grow even more than they originally thought. Let’s connect so you know what to expect with prices in our area.
Award Winning Schools
If you're considering a move to the Forest Heights neighborhood, you'll be delighted to know that one of its standout qualities is its exceptional school district. This school district takes pride in its dedication to providing top-tier education, making it an ideal place for families looking for a nurturing and intellectually stimulating environment. Below will introduce you to the remarkable schools in the area—Forest Park Elementary, West Sylvan Middle School, and Lincoln High School—and why they contribute to making this neighborhood an excellent choice for your new home. Forest Park Elementary: GreatSchools Rating: Forest Park Elementary consistently receives a remarkable 9 to 10 out of 10 rating on GreatSchools, signifying its reputation for excellence in education. This ensures that your child will have access to high-quality elementary education right in your neighborhood. Oregon Department of Education Awards: The school's accolades from the Oregon Department of Education, including the "Exceptional School" and "Distinguished Title I School" awards, demonstrate its commitment to providing a supportive and enriching educational environment. National Blue Ribbon School: Forest Park Elementary's recognition as a National Blue Ribbon School by the U.S. Department of Education reflects its outstanding dedication to academic achievement and student success. West Sylvan Middle School: GreatSchools Rating: West Sylvan Middle School maintains a consistently high GreatSchools rating, typically receiving 8 to 9 out of 10, emphasizing its commitment to nurturing the academic growth of its students. Oregon Association of Student Councils Awards: The school's focus on developing leadership and community involvement is evident through its multiple awards from the Oregon Association of Student Councils, ensuring your child's holistic development. Arts and Extracurricular Awards: West Sylvan Middle School's recognition for its exceptional arts programs and extracurricular activities underscores the opportunities available for students to explore their talents and interests. Lincoln High School: U.S. News & World Report Ranking: Lincoln High School consistently ranks among the top high schools in Oregon, according to U.S. News & World Report, ensuring that your teenager receives a strong academic foundation. Advanced Placement (AP) Recognition: The school's robust Advanced Placement program empowers students with college credits and readiness, preparing them for a successful future. Athletic Achievements: Lincoln High School's history of athletic excellence, with numerous state championships and athletic scholarships, highlights its commitment to producing well-rounded individuals.
Forest Heights Community & HOA
Located just outside bustling Portland, Oregon, the Forest Heights neighborhood seamlessly blends nature's beauty with a tight-knit community. Its lush forests, outstanding schools, and thriving HOA make it a coveted destination for those desiring a serene yet connected lifestyle. Discover the heart of this idyllic neighborhood, explore its vibrant community, and learn about its HOA in the details below. The Forest Heights Community Natural Beauty: One of the defining features of Forest Heights is its pristine natural surroundings. The neighborhood is bordered by the Forest Park, one of the largest urban forests in the United States, offering residents a playground of hiking trails, biking paths, and serene picnic spots. If you're a nature enthusiast, you'll find yourself at home in Forest Heights. Education: Families with children will appreciate Forest Heights' commitment to education. The neighborhood is served by some of the best schools in the region, including Forest Park Elementary, West Sylvan Middle School, and Lincoln High School, ensuring your children receive a top-notch education close to home. Amenities: Forest Heights boasts a range of amenities that cater to residents of all ages. The community has parks, playgrounds, a 7-mile private trail system, and sports courts for outdoor enthusiasts. For those who enjoy shopping and dining, the Forest Heights Village Center offers a variety of options. Sense of Community: One of the standout qualities of Forest Heights is its strong sense of community. Neighbors often come together for various events, including block parties, holiday celebrations, and fundraisers. Whether you're a newcomer or a long-time resident, you'll quickly find yourself part of a warm and welcoming community. Seasonal Celebrations: Forest Heights hosts a vibrant community where every season offers a reason to celebrate! The international festival transcends borders, showcasing diverse cultures and flavors. The Fourth of July extravaganza lights up the night with patriotic pride, fireworks, and family fun. In the spring, children eagerly anticipate the Easter egg hunt, while summer concerts under the stars serenade warm evenings. Bring furry friends for the adorable pet parades, and as autumn descends, Halloween celebrations are spooktacularly entertaining. Forest Heights fosters community spirit year-round with events that bring everyone together. always something exciting happening in the neighborhood. Keep an eye on the community bulletin boards or the HOA website for upcoming events. Forest Heights HOA The Forest Heights Homeowners' Association (HOA) plays a vital role in maintaining the beauty, harmony, and property values of the community. The HOA ensures that neighborhood standards are upheld through architectural review processes, landscaping guidelines, and community upkeep. Useful Links: Forest Heights HOA Website: Here, you can find essential information about the HOA, including bylaws, covenants, and contact details. Key HOA Responsibilities: Architectural Review: Before making any significant exterior changes to your property, it's essential to consult the HOA for approval to maintain the neighborhood's aesthetic integrity. Landscaping Guidelines: The HOA often provides guidelines for landscaping to ensure a consistent and beautiful environment throughout the neighborhood. Community Services: The HOA also manages community services like maintenance of common areas, roadways, and security to enhance residents' quality of life. As you can see Forest Heights is more than just a neighborhood; it's a community that thrives in harmony with nature. With its stunning natural surroundings, top-rated schools, and a vibrant HOA, it offers a well-rounded living experience for residents. Whether you're looking for outdoor adventures, top-notch education, or a welcoming community, Forest Heights has it all.
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