If you’re still hearing real estate experts whining and moaning about the state of the market, the bursting of the bubble, or the plummeting of home value averages, just tune them out. This process includes a professional assessment of the property’s physical and functional characteristics, a detailed comparison of the home to recent comparable sales in nearby areas, and an assessment of current market conditions affecting the property.
Reuters investigated the mushrooming issue of split estates and the conflicts between mineral rights and property rights , finding numerous instances across the country of homebuilders and developers holding on to ownership of oil and gas deposits while selling off subdivision lots, while providing little to no information about the issue to buyers.
Although the national home value median for single family homes dropped 1.8% in the beginning of 2007 compared to the opening months of 2006, the median home value for Washington has increased about 7.4% since 2006 to about $300,800 according to the Washington Center for Real Estate Research at Washington State University.
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As with most parts of the country, home value prices were rising faster than household incomes, though according to many real estate agents in Nevada, that is beginning to balance somewhat as home value prices level out as a correction to the post-bubble era.