A home’s Zillow listing is often the first impression for prospective buyers, and accurate information helps attract interest. This, ultimately, is the amount a buyer would be willing to pay for the home. Fair market value is heavily dependent on the state of your local housing market, in addition to the factors listed above. As home values decline, prices will likely follow, since people prefer to pay at or below what a house is worth. The median sales price for homes nationwide peaked at $234,080 in June 2006 before plummeting 33% to a low of $156,000 by February 2012, according to data from Realtor.com. Timing the market for house prices to drop and buy at that time may pay off; however, If you do buy now, you can at least cap your monthly housing expenses, which you can’t do with rent.
You may be contacted directly by one of our RealAdvisor Pro partner agents, or you can reach out to one of them on your own. Lastly, you may need to contest your local tax assessor’s value estimate. There have been many instances in which the assessor has overvalued property and charged homeowners excessive taxes. Rachel Witkowski is an award-winning journalist whose 20-year career spans a wide range of topics in finance, government regulation and congressional reporting.
Zestimate Accuracy
While there are free and low-cost marketing resources, you should factor marketing in as a cost. The primary benefit of using the retail market is that you can potentially earn more money by getting the full retail price. However, it is not guaranteed, and you have to consider the factors that affect the pricing to see your actual profits. The appearance of your home’s exterior includes how well it’s maintained. Another reason why maintenance is important is that it can determine how long the home will last and whether prospective buyers will need to work on the home themselves. No matter the actual age of your mobile home, if it looks outdated or has outdated features it will probably be valued less.
For instance, when interest rates are very low, many people are motivated to buy a home because the cost of borrowing a home is lower. Older homes with obsolete features may take hits on value simply because a buyer will consider the cost of updating and repairing them. However, older, updated homes can still do well on the market, provided they meet the needs of prospective buyers. Of course, the size of a home is always a factor in value, as the formula for pricing a home for sale largely depends on its total area . Often, you’ll see a home’s price broken down per square foot or square meter to help you compare the price per unit to nearby homes.
Pennsylvania Housing Market 2023 Report
Divide that number by seven and you get an average price of $415,142. It’s also not a popular tourist destination—with the exception of New Orleans, where the impact of short-term vacation rentals on local communities has been a major point of contention. Like Iowa, Arkansas is a largely rural state, with a population density of just 58 people per square mile in 2021. One proposal that might help the affordability crisis is social housing. Areas that saw the slowest rates of growth were Denver and Portland, at 2.1 percent and 2.2 percent, respectively.
- We aim to make buying and selling property as easy as it is with the help of developers and professional agents.
- Whether you’re looking to sell, buy, or rent, they also offer additional resources and information if you want to take the next step after getting your Zestimate.
- There have been many instances in which the assessor has overvalued property and charged homeowners excessive taxes.
- The Gold Rush and Spanish Colonial style have also left equally distinctive impressions on the state’s structures.
Research indicates that homes with high energy efficiency can command higher prices, potentially increasing their market value by 5-10% on average. Unique, modern designs often command higher prices due to their appeal. Additionally, functional layouts that maximize space utilization can also increase a property’s worth.