The days of calling your local Realtor or hiring an expensive appraiser just to find out what your home is worth are falling behind us. Appraisers and Real Estate Agents typically research the values of properties that are currently on the market and others that have sold in the past in order to come up with an appropriate value for your home. Then find the cost per square foot average in your area and increase your home’s value by that much. The method of using a comparable market analysis, as discussed above, has begun to see competition from several online technologies that are making it easier to determine an estimate for your house value.
If current trends continue, national values should finally beat pre-recession levels within the first few months of the year. Values of the capital’s high-end homes tumbled by 6.6 per cent in the year to April – the near fastest plunge since the financial crisis – showed research by Knight Frank.
Single-family home values continue to be higher in the vast majority of markets but the gap is narrowing in many, thanks to the faster appreciation rates of condos in recent years. Over the last 12 months, home values decreased 0.6 percent, and during the last five years, home values increased 40.9 percent.
What I mean is that they seem to generate the historical home values for the house, town & zip code using the algorithm de jour, which has the effect of changing the entire historical record from what Zillow actually claimed in the past. Market reports suggest a rise in prices of about 3% to 5% for 2017 – See Predictions for 2017 below.
Suburbs favoured by the some of the world’s richest people, such as Kensington and Chelsea have seen values tumble by more than 10 per cent from their post-recession peaks. The February Real Estate Market Reports show that national home values decreased 0.5% to $145,400 from January to February.