Unless you’ve been living in a cave somewhere, you’ve probably heard many gloomy predictions about the state of realty and home values in the past year or so. According to the media and industry experts, the housing bubble is bursting, home value prices are dropping and the real estate market in general sucks. When a home seller sits down to interview an agent on many occasions a homeowner will already have visited Zillow and taken a look at their Zestimate of value” for their home. This market value is actually the price that is paid by one party to another for the exchange of a property, while both parties are acting with knowledge, prudence and without external pressures and coercion.
All-cash real estate buyers (our kind of people!) are becoming more common. As if imitating a cinema production featuring two lovers involuntarily forced apart, the years of 2007 and 2008 set the scene for housing prices and rents to once again be reunited.
Home values rose 1.25% nationally in June, with a 5.35% year-over-year increase, according to the Quicken Loans HVI. While hate is a strong word this is how many real estate agents feel about Zillow. If you’re going to buy a home in this expensive market, you absolutely must find out how much house you can really afford.
By the summer of that year, Riverside County’s median house price jumped $25,000. Economists, however, do not believe the re-acceleration in home prices reported by the NAR is a true picture of home values. On the western border of Illinois, in Quincey, the median home value is low at $110,730, but the average amount of time a home stays on the market is over 150 days.
High demand and limited supply of homes are putting upward pressure on home prices, leading many real estate experts to urge prospective buyers to get into the market now, before rising prices and interest rates make homes too expensive to afford. Our home prices are calculated using a proprietary algorithm that takes recent comparable sales, neighborhood data, and specific property information into account when creating a broad property value estimate.