Table of Content
The median price of local condos and townhomes sold in September was $270,000. That's up 1.9% from the previous month, but down from the all-time record price of $285,000 in May. Condo and townhome prices are up 17.4% from $230,000 in September 2021.
Over the last year alone, the median home value in the United States increased 16.5%; that's in addition to the decade of increases that preceded the previous 12 months. Simply put, the pandemic created an environment that favored sellers and sent home prices on an upward trajectory that has yet to ease. Westchester County, just to the north of Manhattan, noticed a significant increase in median home prices over the past year.
Get Our Weekly Newsletter
In an attempt to reign in the highest inflation rate the US housing market has seen in about four decades, the Federal reserve has increased interest rates at an alarming rate. More than doubling over the course of 2022, higher mortgage rates are slowing the housing sector. That said, sellers are finally losing the stranglehold they have had over the US real estate market for a decade. While price increases are expected to continue, the rate in which homes increase in value is expected to slow. As the Fed clamps down on inflation, opportunistic buyers who have been patiently waiting to buy may finally have an opportunity. The first domino fell when the Fed decided to combat the fear and uncertainty onset by the pandemic with lower interest rates.
At UpNest, we pair home sellers with Realtors who know how to set competitive home prices. Plus, you can find someone with reduced commission fees to save even more. With over 1 million+ homes for sale available on the website, Trulia can match you with a house you will want to call home. Zillow's metrics aim to inform and support the decision-making process with relevant market data by measuring monthly market changes across various geographies and housing types. Find AgentsIf you don't love your Clever partner agent, you can request to meet with another, or shake hands and go a different direction.
Check Out Your Free Property Report For Local Insights
But if the property is in a non-disclosure state you may be completely out of luck. In many non-disclosure states, even local tax and appraisals officials, and popular realtor sites like Zillow, have to get their information from local realtors. Clever’s Concierge Team can help you compare local agents and negotiate better rates. Find out how many homes are for sale, check out asking prices, and see how similar homes compare to yours. With up-to-date information about homes in your neighborhood, you can make informed decisions when it’s time to sell.
Find a lender who can offer competitive mortgage rates and help you with pre-approval. During September, LVR found that 25.8% of all local property sales were purchased with cash. That's down from 29.1% one year ago and is well below the March 2013 cash buyer peak of 59.5%. This deeper-dive assessment accounts for your home’s specifics (condition, renovations, etc.), as well as current demand in your area — and how much other similar homes in your area are selling for. Home value, or current market value, is the amount of money your house would likely sell for if it went on the market today.
Get the latest real estate news and tips with our free weekly newsletter.
In fact, the cost of living in Charlotte is about 5.0% less than the national average, which is one of the primary reasons many people chose to relocate there recently. The following provides an in-depth look at the current state of the U.S. real estate market and sheds some light on how investors may approach the rest of 2022 and beyond. The New York State Department of Taxation and Finance has a list of counties and the median sale price for the past three years. You can also see the number of sales in that county to get an idea of how populated the area is. For the most accurate estimate, contact us to request a Comparable Market Analysis . This report is personally prepared to give you a clear understanding of competing properties, market trends, and recent sales in your area.
For example, find homes that have similar square footage and number/type of rooms. Homes near freeways or busy industrial areas are going to be valued less while homes on a corner lot will probably be valued more. Remember that estimates and historical data on free real estate sites are often incorrect or dated so the values you come up with may be off. If you’re researching house prices, you have several options depending on what kind of information you need. Real estate websites can give you a general idea about house prices, but they can’t be counted on for accuracy.
She recently completed the home buying experience for herself earlier this year and lives in St. Petersburg, Florida. To get an idea of how widely median home prices varied in the area, the median property in Midtown sold for $1,695,000 in 2021. While looking at the real estate values on a county level can be useful, the different neighborhoods of New York City have widely varying real estate costs. Sellers are better off looking at neighborhood-level trends and also macro trends nationally to see whether the market is trending up or down. Typically, national AVMs are not a good representation of a home's actual value and have a large margin of error. With more homes available and fewer selling, the sales pace in September equates to nearly a four-month supply of properties available for sale - more than tripling the supply from one year ago.
As a seller, there is some value in getting an appraisal because it can give you a firm idea of what your house is worth and provide assurance to a prospective buyer. However, since appraisals typically cost a few hundred dollars, most homeowners only pay for a professional appraisal if it is required for a refinance. A Verified Partner Agent from Rocket Homes℠ can provide you with a comparative market analysis . A CMA consolidates all the data from available comparables and gives you an estimate of what your home value should be. Our Verified Partner Agents are local experts who earn an average of 4.8/5 stars from buyers and sellers just like you. The latest real estate investing content delivered straight to your inbox.
Home prices determine the types of buyers who are interested in properties and the number of buyers who think the listings are fair. If you price your house too far above the fair market value, you may find that buyers avoid the property or decide against submitting bids. If you want to find out how much a house sold for in person, go to your County Recorder’s Office. A County Recorder’s Office maintains all the records for real estate sales in the area that it serves.
Keep in mind that some states have non-disclosure laws that prohibit government offices from sharing real estate information with the public. If the information on Zillow is correct and updated, you may get a valid sale price. If you visit the County Recorder’s website, you may be asked for the zip code first.
Likewise, the 1,849 condos and townhomes listed without offers in September represent a 194.4% jump from one year earlier. Partner Agents have years of experience in their local markets and access to any information you need on local properties. Find a top local agent in your neighborhood today for more information. Most real estate websites have either an address lookup tool or a map that allows you to zoom into neighborhoods.
No comments:
Post a Comment