A newly released forecast by a real estate valuation services company has predicted an increased price growth for home prices for the next year. Home prices increase despite higher interest rates.
“Releasing the second-quarter results of its VeroFORECAST, Veros Real Estate Solutions, an enterprise risk management and collateral valuation service company, predicts that home prices will appreciate on average 4.5% over the next 12 months. That was then, but property valuation situations change.
This forecasted number, while still showing signs of strong growth, is down by half from Veros’ 7.1% appreciation rate predicted in the same survey covering the first quarter. The driving force behind this downward revision is primarily due to higher mortgage interest rates and slowing demand as some buyers are beginning to hesitate due to recession fears.” – www.themreport.com/daily-dose/07-11-2022/single-digit-home-price
Zillow.com To The Rescue
Forget what you just read. Instead, go to Zillow.com and get the latest valuations. Despite the roller-coaster volatility in the stock market and fear-mongering of the press, it seems that real estate prices are escalating. Real estate, gold, and silver contain value. It takes a lot of effort and resources to build a home as well as the process for extracting rare metals from the ground.
Many are leaving cities seeking housing in the suburbs or in the country. Despite the fact that most communities have been raising property taxes to cover the increased costs of extravagant spending programs, there is an open avenue for many to reduce their over-assessed property taxes.
Property Real Estate Valuation Tax Appeal Basics
Why? Because municipalities weigh their assessments based on a mass blanket appraisal. That assessment might have been done perhaps 8 years ago or even more than 20 years ago. Experts tell us that 40 to 60 percent of homes in the U.S. are over-assessed.
Here’s an opportunity for property owners to do some homework to see if they have an over-assessment case. Our site provides free tools for anyone to discover if they have a case that warrants further investigation.
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Predicting Housing Prices
Market trends: Analyzing current market trends is crucial for predicting real estate valuation. Look at factors such as property price movements, inventory levels, average days on market, and the overall direction of the market. Monitor market reports and consult with local experts to gain insights into specific market conditions.
Economic indicators: Economic factors like GDP growth, interest rates, inflation, and employment rates can impact real estate valuations. Positive economic indicators generally contribute to increased property values, while negative indicators can have the opposite effect. Stay updated on economic news and reports to understand the broader context.
Local demand and supply considerations are important. Assess the demand and supply dynamics in the local market. Consider factors such as population growth, migration patterns, new construction projects, and housing affordability. A balance between supply and demand typically supports stable or increasing property values.
Other Real Estate Valuation Considerations
Development and infrastructure projects: Upcoming development projects, infrastructure improvements, and planned amenities in the vicinity can influence property values. Monitor announcements and plans for new transportation hubs, commercial centers, schools, parks, and other infrastructure developments that can positively impact property valuations.
Rental income and cash flow analysis: If the property is intended for investment purposes, analyze the potential rental income and cash flow. Consider rental rates, occupancy rates, vacancy rates, maintenance expenses, property management costs, and financing terms to estimate the financial viability and potential returns on investment.
Comparable sales and appraisals: I always review recent comparable sales in the area to assess property values. Look for properties similar in size, location, condition, and amenities to gauge the potential value of the property you are interested in. Consult with appraisers, unless you have our course. There are real estate professionals who can provide comparable sales data.
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Remember that real estate markets are influenced by various factors, and predictions can be subject to change based on evolving circumstances. Seek guidance from local professionals who have firsthand knowledge and experience in the specific market you are interested in to obtain the most accurate predictions and money analysis tailored to your situation.
