So many posts and blogs about this!!! Home values are up! It has been over three years now that values have been increasing. With the low interest rates(now going up), home buyers have been sweeping up the home inventory faster than home owners have decided to sell.
As a result, the normal factors of Supply and Demand have responded. Below you will note the lower price ranges in Chespaeake and throughout Hampton Roads and the U.S. have appreciated more than the higher price ranges.
Based on the shortage of Chesapeake homes for sale that has been present for over 2 years, especially in the low to mid ranch pricepoints, it is really no surprise that the values have out paced the highest priced Chesapeake homes by about 3-5 percentage points….which is huge.
Though normally the less expensive home in a given neighborhood can appreciate more, it isn’t normal to see this much variance between price ranges of Chesapeake homes across the city.
Home owners, if your home’s value is under $600,000 in Chesapeake, you can sell that house and move to your dream home or downsize….whatever your need…in 2017.
Call today 757 580-6546
Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 7.1%. CoreLogic, in their most recent Home Price Insights Report, reveals that national home prices have increased by 6.9% year-over-year.
The CoreLogic report broke down appreciation even further into four different price categories:
- Lower Priced Homes: priced at 75% or less of the median
- Low-to-Middle Priced Homes: priced between 75-100% of the median
- Middle-to-Moderate Priced Homes: priced between 100-125% of the median
- High Price Homes: priced greater than 125% of the median
Here is how each category did in 2016:
The lower priced homes (which are more in demand) appreciated at greater rates than the homes at the upper ends of the spectrum.
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