See market trends in your area, including average sale prices and time on market. While this national average continues to show lower values than homeowner estimates, there are still metro areas showing appraiser opinions that are higher than what homeowners expected. Along comes a Realtor who presents their comparative market analysis of all the homes in the area that have recently sold, gone under contract and are currently for sale.
In the first month of 2017 in Washington, we encountered two large economic benchmarks in the economy — record-setting stock levels and a local housing market that produced median home prices that reached record levels set in 2007 during the boom prior to the Great Recession.
Sigh… A low inventory of homes for sale should maintain an upward pressure on home prices through 2017. Sellers should be careful and not leave money on the table due to their lack of TODAY’S local market property values. Redfin is predicting median home sale prices to increase nationally 5.3% year over year and the volume of homes sold up just 2.8% in 2017.
With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. Since homes in the area are not homogeneous, the appreciation is all due to location and the value of land.
I don’t know how Zillow get’s away with publishing home values in the first place. RealCentralVA has graphs that show sales declines are much steeper in this area. Please enter your email below below, and we’ll send you a new code to reset your password. We use MLS data on recently sold homes in your area to calculate your property’s current market value.