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- Aja’s passion for personal finance comes from her desire to break down financial topics in plain, easy-to-understand language for the masses.
- “he improvement will be unevenly distributed for buyers of different income levels and in different markets,” said Danielle Hale, chief economist at Realtor.com, in an emailed statement.
- Automated home value estimators tools can more accurately take into account the exact features and the up-to-date market conditions in a more complete way than a human could.
- She was previously at Dow Jones MarketWatch, on the housing market and financial markets beats.
- It’s very difficult to get financing for mobile homes that don’t comply with the HUD code.
Real estate agents can look at comps — or similar homes nearby that have recently sold — to assess what your home is worth based on what other, similar homes in the area have sold for. Most agents will compile a thorough comparative market analysis, or CMA, for their clients that details comparable sales to make a data-based, educated guess about a home’s value. The CMA will take into account factors like the number of bedrooms and bathrooms, square footage, lot size, condition, age and special amenities, such as a swimming pool or tennis court. Your home is probably your single biggest financial asset, and knowing what it’s worth can help you make all sorts of important decisions. If you’re thinking of selling your house, knowing its value is crucial to set an appropriate asking price — and to help you know how much you’ll have to work with when buying your next home.
Key Market Stats for the Pennsylvania Housing Market:
The appraised value may or may not align with the market value, depending on the state of the market at the time of listing. Home value estimators are online tools that help you find out how much your house is worth. They use data like recent home sales, market trends, and your home’s details to give you an estimate of its value. These tools are handy if you’re thinking about buying or selling a house, refinancing, or just curious about your home’s worth. We use real-time data from local county records where all home sales are recorded. We also use data feeds from the local real estate associations where all homes for sale are listed.
- We use several data sources including tax assessments, listing history, building permits, and zoning regulations.
- If you do follow your values, there is a snowball effect that leads to better choices and prolonged stress-free existence.
- Also, if you live in an area where good schools, stores, and recreation areas aren’t easily accessible, this will bring down your home’s value.
- Instead, you will see various details about your home and surrounding properties, but you will have to submit an inquiry to the company to get the estimate itself.
- An inaccurate appraisal could mean making important financial decisions concerning your home’s future using bad information.
The Fed’s aggressive monetary policies to curve inflation have directly impacted the Pennsylvania housing market as we see the decrease in month-over-month home prices and sales volume. In a balanced market—one in which you won’t have to battle over every listing—there’s usually about a six-month housing supply. When you find a real estate agent, they can help you find the number of active and pending listings for an area. We’ll walk you through a few top ways to help boost your home’s value. But keep in mind, options should be filtered through the lens of your budget, current market trends and your local housing market. In hot housing markets, many homeowners enjoy significant jumps in the value of their property.