If you haven’t been living under a rock for the past 12 months, you’ve probably heard all the doom and gloom predictions about the housing bubble bursting, home value averages slumping and the real estate market taking a big hit. As of May 2019, the U.S. median home price was $315,000. A good Realtor is seasoned in comparing drastically different homes in a single neighborhood to get an accurate price on a property. Zillow doesn’t know that the town data card is wrong and you really only have three bedrooms, not four.
But in most cases, home value means the amount for which a house would likely sell, otherwise known as the current market value. When you’re considering buying or selling a home, the national median home value isn’t going to do you much good (but if you’re curious, it’s at about $221,900).
Effectively listen to the professional, real estate agent, you hire, and begin, by offering it, at the most appropriate, listing price. Home buyers are well-researched too as they browse similar properties and compare house prices. The agent will visit your home to inspect the property and use their local market knowledge to provide you with an estimated value.
While the rest of the country experienced a booming real estate market over the past few years, Colorado’s was more modest then most. Prices often rise starting the spring as warmer weather brings out house-hunters. That means that sellers are beginning to lower their prices and it’s a great time to buy in Nevada.
On the flip side, according to American Community Survey, the state’s median household income actually dropped nearly $1000 to $42,139 in 2005 (when inflation is calculated). One thing appraisals and AVMs have in common is their reliance on the recent sale value of comparable properties, often called comps.â€Â Well over half (56%) of U.S. homeowners estimated their home’s value by looking at comparable properties.