Is not covered by By selecting continue, your previous locations will be removed. 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.
In a recent study of industry experts, rising mortgage interest rates, and their impact on mortgage affordability” was named by 56% as the force they think will have the most significant impact on U.S. housing in 2017. Median condo market values rose by 38.4 percent over the five-year period, while median single-family detached homes appreciated by 27.9 percent.
Nationally, the Zestimate has a median error rate of 5.6%, which means half of the Zestimates in an area are closer than the error percentage and half are farther off. This short-term rate increase shouldn’t have much of an impact on 30-year fixed mortgages predicted to remain around 4.5% in 2017.
The biggest increases in median home values last year were in smaller regions, and three of the five top gains were in Florida. When researchers looked at five municipal landfills near residential property in Cleveland, Ohio, they found the stench was enough to drag down property values by 5.5% to 7.3% Landfills are most hurtful in populated, expensive, residential areas.
This really shows up when they display their graphs of their historical home values for the house, town & zip code. Search on a city or address and you will see the 30 most recent sales comparables in that area. Availability of affordable homes for sale has declined over the past 4 years and won’t likely be much different for 2017.