The standard answer has been: Of course single-family homes appreciate faster. While there’s insurance coverage specifically for sinkhole damage in case your property is hit by one, they still hurt property values. Agents and Appraisers have access to the Multiple Listing Service, known as the MLS, which is a database of all the properties in a given area that have been listed for sale,” are in process of being sold (pending,) or have already sold.
But hold on. New research conducted for this column by Trulia, the online realty marketing and information company, suggests that these old assumptions could be giving way to changing market trends. In the cases were the Assessor’s Values were low, say 22-26%, Zillow’s values were low, and vise versa.
Americans’ optimism about home values continues to recover from where it was after the housing bust and recession. Zillow also shows you the way prices are trending, either up or down, in a particular area. With U.S. home values showing consistent increases over the past five years after several years of decline, Americans expect local home prices to continue to rise.
We selected the best and worst performing ZIP codes in each metro area and discovered that, in almost every case, the listing prices in the strongest performing areas had weathered the year much better than those in the weakest performing ZIP codes. In 2016, some of the largest increases in home values occurred in the Western U.S.
Shopping links are provided by eBay Commerce Network and Amazon, which makes it easy to find the right product from a variety of online retailers. The more attributes we know about homes in an area (including yours), the better the Zestimate. The authors recommend that homes that went solar through solar leases or PPA programs should be an area of future research; the current study examines only homes with owner-owned systems.