How much is your home really worth?
Posted by Annalisa Burgos | May 26, 2010
Looks like April’s mad rush to take advantage of the expiring homebuyer tax credit is showing results in a slew of economic reports.
Among the latest mixed bag of housing data:
- Commerce Department: New home sales rose 14.8% from March and are up 47.8% compared with a year ago. Median sales prices are down 9.5% in the past year to $198,400. Housing starts rose 5.8% from March, but building permits fell 11.5%.
- Standard & Poor’s/Case-Shiller: Home prices fell 3.2% in the first quarter of 2010 from the previous quarter, but rose 2.3% from last year.
- National Association of Realtors: Existing home sales rose 7.6% from March and are up 22.8% from 2009.
- Federal Housing Finance Agency: House prices fell 1.9% in the first quarter of 2010 from the prior quarter, and are down 3.1% for the year.
Whatever you make of all this housing data, one thing is clear.
How much your home is worth is not based on what economists say or how much you put into it; it’s purely based on what someone else is willing to pay for it.
The best way to calculate your home’s market value is to compare it to similar homes in your neighborhood that are sold now. With time, value changes, so your market value may vary at any given time.
If you’re selling your home, learn how to calculate your market value and set a reasonable price for your market with FrontDoor’s Pricing Guide:
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Brian Porter
August 23rd, 2010 at 3:08 pm
Yes it is definitely a mixed bag out there. In Portland Oregon, we are seeing signs of life, but there are causes for concern too.