Home Price Appreciation. It really does vary by location.
Home Price Trends Vary
When you start to consider selling your home, one of the first things that is on your mind is "How much is my home worth?" and that is really a direct way of getting at "How much am I going to net from the sale of my home?" or "How much has my home appreciated.
If the last time you sold a home, you lived in a place like Florida or California, which have really volatile markets compared to other states, you could be expecting a chart like this one (courtesy of Gregg Camp, a REALTOR in Santa Cruz). On that chart you can see huge gains (and losses). A similar chart in the midwest might look very flat with smaller gains and very small losses by comparison.
So how does the chart look for Northern Virginia? To be honest, I do not typically post those kind of charts for a reason. Lumping all condos and all home prices together takes out too many factors and may well be misleading.
While it is true that over the past few years we have experienced strong appreciation, that growth has slowed somewhat going into 2018 (prices are still going up but not at the same rate).
Other factors that affect home prices are in play as well. Neighborhood competition, new home developments in the area, the condition of your home compared to others, local jobs economic changes (even small ones that do not ripple across the whole area), and school system changes can all introduce change into the appreciation rate of your home.
The BEST way to find out what your home is worth is for me to run an analysis SPECIFICALLY on your home vs current market competitors and provide you with that information. This is a service I provide for FREE to anyone in Northern Virgina. Give me a call today and let's discuss the value of your home!
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