Many parts of the U.S. are seeing some stabilization or even price increases to their home values. Some people will even be surprised by home much their values may have increased. According to NAR, the median list price for a home nationally is around $189,000, which is an increase of 5.6% over 2011. Another good sign to the supply side is that inventories are at record lows, and national inventory is down over 20% over previous years. The improvements in the median home prices is very subjective to local markets and conditions.
In Phoenix, where record numbers of homes were lost to foreclosure over the last several years, there has been a rise in the median value to $179,000, a jump of over 20%. On top of that, the inventory of homes for sale is down over 45%. Chicago saw its median price decline by 9%, while the area inventory declined by 10% from the previous year. The bottom line is that the new real estate is about hyper-local markets, and each homeowner or home seller should check out their local market to see what the neighborhood trend is doing.
The best 3 web sites for checking your estimated home values are:
- Zillow.com – check a Zestimate to get a current estimate on what your home is worth. Information specific to your home can be updated on the site too.
- Trulia.com – Trulia has some excellent analysis tool including charts, graphs and heat analysis charts that will show where the sales are occurring in your area. It also has some excellent tools for identifying pricing trends.
- Realtor.com – Realtor.com is the largest real estate web site with listings from over 900 local MLS systems. There is a lot of other helpful articles on everything from refinancing tips to gardening.
There are plenty of sources to get estimates on what a home might be worth, but some are better than others. The three web site discussed in our post are generally accepted as the most useful and accurate sites for estimating home values. The internet may provide some good tools for the informed home buyer or seller, but the best place to get an accurate estimate of your home’s value is speaking with a neighborhood realtor or real estate agent,