The media and industry experts can talk about the housing bubble and decreasing or increasing real estate markets across the nation all they want, but if you are looking to buy or sell a home, knowing the median home value across the nation is not going to help you much. I’ve found in reviewing my own property value on Zillow’s web site over the past few years it just depends what month it is as to what Zillow value on my home is. I find that a $150,000 difference higher and or lower is quite alarming on a 30 day revalue estimate.
Liz Lavette Shorb, an agent with Washington Fine Properties who specializes in luxury homes in the Washington area, says that so far in 2019, the numbers tell a different story: There has been an 18 percent increase in the number of sales in $1 million-plus homes year-over-year, and a 16 percent jump in $2 million-plus homes.
At Property Price Advice, we strive for accuracy and our valuations are calculated using a complex algorithm which takes into account local market conditions, recently sold prices in your area as well as averages for neighbouring properties that are similar to yours.
After World War II, the elasticity of house prices with respect to income growth was close to or even greater than 1. Finally, in the past two decades preceding the 2008 global financial crisis, real house price growth outpaced income growth by a substantial margin, as Figure 2 illustrates.
The new HOME homeownership value limits for existing HOME units is 95 percent of the median purchase price for the area based on Federal FHA single family mortgage program data for existing housing and other appropriate data that are available nationwide for sale of existing housing in standard condition.