Sandy Herring, Both Buyer and Seller in Pittston, PA

I am wondering how much value my property has lost/regained in recent weeks?

Asked by Sandy Herring, Pittston, PA Sun Feb 1, 2009

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Home values don't usually change in a few weeks. It takes several months for property values to change. Property values are based on recently sold homes in your neighborhood/subdivision or within 1 or 2 miles from your home. An appraiser will start within your subdivision looking at recently sold homes (within the past 6 months and up to one year) They will then compare those sold homes to your home to determine the fair market value of your home. Average property values in Warner Robins increased steadily in 2005, 2006, and 2007 between 3 and 4 percent per year. Property value appreciation in 2008 in Warner Robins slowed down to an average of 1 or 2 percent. Some lost some value in 2008 while other gained some value, but not much in 2008. There was no large bubble, so it did not "pop" like in some parts of the country.
0 votes Thank Flag Link Mon Feb 2, 2009
Sandy -

Contact an appraiser, agents tend to be a bit optimistic :)

You're going to get a better reality check with an uninterested party. Of course, your home is only worth what someone is willing to pay at any given time.....

Hank
0 votes Thank Flag Link Sun Feb 1, 2009
You really need to contact a local agent and have them do a Comparable Market Analasis (CMA) for your neighborhood. Most Realtors will do this free. In my area, Middle Georgia, our homes have held their value, but our homes also did not go up 20% to 40% a year like some markets. Since the first of the year the Realtors in my area have seen the market start to pick up. The interest rates are still great. If you are looking to sell your home now is the time to get it ready for the spring time buyers.
0 votes Thank Flag Link Sun Feb 1, 2009
Get a CMA if you want an estimate, and get an appraisal for the actual market-value (this is one that a bank will use).
0 votes Thank Flag Link Sun Feb 1, 2009
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