Since the housing market is improving, will my home value finally start to increase?


Since the housing market is improving, will my home value finally start to increase?
By Scott Rogers • May 21, 2013
As stated yesterday, even though sales are up, prices are not yet increasing. So what can we expect of home prices over the next five years? I believe we will start to see an increase in prices this year (perhaps 1%) and then we may see a more ambitious (2% - 3%) increase for the next few years after that. Bear in mind that depending on the timeframe you examine (see the bottom of this post) the median home value increases around 5% per year. The matrix above shows that a $250K home would (potentially) increase to a value of $289K over the next five years if we see an average of 3% appreciation per year over the next five years. Click here to download the table above as an Excel file to plug in your own variables. National median home values increased 5.94% per year between 1960 and 2000. National median home values increased 6.72% per year between 1970 and 2000. National median home values increased 4.76% per year between 1980 and 2000. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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