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Archive for March 2017
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Predicting Home Values Based On Purchase Date
By Scott Rogers  •  March 1, 2017     
Predicting Home Values

The chart above is calculated based on comparing the 2016 median sales price to the median sales price in each of the prior 15 years.

Several key points to take away from this chart....
  • For many, many home owners, this chart may have very little pertinence to the value of your home.  These calculations are based on median sales prices, and your home (and/or neighborhood) may have performed VERY differently during any of these time periods.
      
  • If you bought your house between 2006 and 2010, while your home might be worth less now (especially if it is a townhouse), you have (hopefully) paid down your mortgage to the point that you could likely still sell without bringing money to closing.
     
  • If you bought in 2006 or prior, or in 2011 or after, you should (almost certainly) do just fine if you are selling today.
But again, the most important point is that while this might provide a general guide to what has happened with home values over the last decade (+), every home and neighborhood is unique.  Let's chat about your specific house if you want to know what it is worth in today's market.
 
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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 28, 2024 (unless otherwise noted).

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