Whether you are selling a house or looking for your dream home, this news about home prices is bound to get your attention…
How is that for a headline to grab your attention? Whether you are selling a house or looking for your dream home, the recent news from CoreLogic is bound to get your attention.
CoreLogic said that US home prices in February 2013 had increased 10.2% year-over-year. This is the biggest year-over-year increase since 2006 and is the 12th month in a row that US home prices have risen.
And if you exclude distressed sales (foreclosures and short sales), then CoreLogic said that US home prices in February 2013 were 10.1% above the February 2012 level.
Dr. Mark Fleming, chief economist for CoreLogic said:
The rebound in prices is heavily driven by western states. Eight of the top ten highest appreciating large markets are in California, with Phoenix and Las Vegas rounding out the list.
Since this increase in prices is skewed by areas other than right here in Upstate South Carolina, I am going to suggest that you also look at the local market conditions. So let’s look at Upstate South Carolina home prices for February 2013:
Well that is NOT very pretty. But since this is the average and median home price for the entire WUAR MLS, it could be much different when you start looking at just one home. There is such a huge difference if you start looking at only a certain area/price range/type of home.
So while it is great news that US home prices have increased, the truth is that you must look locally. You need to consider:
- Similar homes that have sold in the past 90 days
- Similar homes that are for sale today
- Homes that are located close by (within 5 miles)
- Homes in the same school district
- Homes of a similar age/type/size
- Homes with similar lot size
- Homes with the same number of bedrooms/baths
- Much much more!
It takes experience to adjust for all of the different factors and get an accurate market value for a home. Making informed decisions takes more than just information. It also requires experience and the knowledge to use all the information correctly. When you are buying or selling a home is NOT the time to “wing it”.