Your Northern VA Home Value

Sometimes knowing your Northern Va home value can be a bit more challenging then some would think. As homes sell in any neighborhood values are ever changing which requires expert advice to pinpoint a precise value at any given time. Most can not rely on automated valuation tools offered by websites like Zillow or Trulia, particularly single family homes. These estimates can wrong by as much as 40-50%. Even the CEO of Zillow’s home was wrong by over 40%

Northern Va Home Values

If you are a homeowner you will be happy to know that your Northern VA home value has likely increased on average of 4.2% in 2017. As I have written about recently, low inventory in starter homes and trade up homes, prices shold continue to increase the remainder of 2017 into 2018. I always try to remind people, real estate in Northern VA is local, meaning prices and market trends can very neighborhood to neighborhood and by price range. Case in point, current trends in the Northern VA luxury home market is seeing some downward price pressure as mention in, Buyers Market Make Luxury Home Sales Soar.

National Home Prices Now 50% Above March 2011 Bottom

The real estate market has come a long way since 2011, which is great news for homeowners! The latest edition of CoreLogic’s Home Price Index shows that nationally, home prices have appreciated 6.7% over the last year and 0.9% month-over-month.

Nearly 79% of homeowners with a mortgage in the US now have significant equity in their homes (defined as over 20%), according to the latest Equity Report. The challenge is that not every homeowner knows how much their home’s value has appreciated.

Homeowners in Denver, CO lead the way with 8.7% appreciation over the last year, while owners in Washington and Utah have experienced a 3% increase in values since the start of this year!

Nationally, CoreLogic forecasts that home values will increase another 5.0% by this time next year.

Bill Banfield, VP of Capital Markets at Quicken Loans, recently explained the importance of knowing the conditions in your area,

“With home values constantly changing, and the rates of change varying across the country, this is one more way to show how important it is for homeowners to stay aware of their local housing market.”

Bottom Line

Do you know what your Northern VA home is worth? Have you stayed put because you are nervous you won’t have enough equity to buy your dream home? Let’s get together to perform an equity analysis and give you the freedom to achieve your dreams.