The Wall Street Journal had a headline that did its job and grabbed my attention this morning: ( The Year Everyone Was Wrong (Again) About Home Prices. This statement makes everything I have ever written in a blog is all of a sudden being challenged. Accepting the challenge I read on…

Predictions are vague estimations of what people who study a specific area think may happen. Looking back retro-actively at the predictions made is sometimes an event of true comedy. For several years now experts who have studied trends, analyzed data, and put their own intuition into predictions have said the housing market will reach its bottom. Instead, what has happened is a great recovery in 2012 and rising, record breaking numbers to kick of 2013. After their predictions being so wrong for 2012, what are these same experts saying about 2013?

Home prices are estimated to rise this year with the median forecast of a 3% gain. Joel Naroff, president of Naroff Economic Advisors, is so optimistic to say that he predicts a 7.2% gain and that prices could rise 39% above the current market value by 2017.

What do all these predictions mean to people who are looking to buy/sell. The reality is that although I will always encourage clients to read the news and stay up-to-date on the national economy, real estate is a hyper-local venture. Talk to a Realtor and see what the stats are in your area and get a feel for the reality behind the predictions.