Realtors are always asked: “how is the real estate market”? Of course the person is asking how the local real estate market is in Parkland, Weston, Coral Springs, Fort Lauderdale and Boca Raton.
It does not matter if you are a buyer or a seller or just renting it’s a part of the economy and good gauge as to how things are in general economically speaking.
Today, our local real estate market is steady, meaning, not appreciating and not depreciating. New sold comparable are coming in for the start of the year and are bit softer than expectations.
February National Housing Minute
If your plan for 2019 includes selling your home, you will want to pay attention to where experts believe home values are headed. According to the latest Home Price Index from CoreLogic, home prices increased by 4.7% over the course of 2018.
The map below shows the results of the latest index by state.
Real estate is hyper local. Each state appreciates at different levels. The majority of the country saw at least a 2.0% gain in home values, while some residents in North Dakota and Louisiana may have felt prices slow slightly and sometimes each city will appreciate at different paces.
This effect will be short lived. In the same report, CoreLogic forecasts that every state in the Union will experience at least 2.0% appreciation, with the majority of the country gaining at least 4.0%! The prediction for the country comes in at 4.6%. For a median-priced home, that translates to over $14,000 in additional equity next year! (The map below shows the forecast by state.)
So, how does this help you list your home for the best price?
Armed with the knowledge of how much experts believe your house will appreciate this year, you will be able to set an appropriate price for your listing from the start. If homes like yours are appreciating at 4.0%, you won’t want to list your home for more than that amount!
One of the biggest mistakes homeowners make is pricing their homes too high and reducing the price later when they do not get any offers. This can lead buyers to believe that there may be something wrong with the home, when in fact the price was just too high for the market.
Pricing your home right from the start is one of the most challenging parts of selling your home. Once you decide to list your house, Call Lea & Melissa, we can show you where prices are headed in your neighborhood.