Price Perception Get Realistic
Regionally, home values showed a growth ranging from 5.53 percent in the Northeast to 9.99 percent growth in appraisal values in the West, indicating an increasing demand for homes in March.
An increasing number of homeowners are becoming more realistic about the value of their homes according to data from the latest Home Price Perception Index (HPPI). In March, the index’s data indicated that appraisal values were 0.36 percent lower than homeowners’ expectations on an average.
Appraisals also had a positive movement in March with the National Home Value Index (HVI) reporting an average growth of 1.84 percent in home values month over month and 7.64 percent increase from the same period last year.
“This month’s HPPI is great news for homeowners who may be thinking of selling their home, or using some of their equity,” said Bill Banfield, “Not only are owners’ and appraisers’ views of the housing market getting closer together when looking at the nation as a whole, but homeowners in many major areas are building equity at a rapid pace.”
“A monthly increase in home values, after a stable report last month, shows that demand for the few available homes for sale ramped up in March,” Banfield said. “The true test will be whether more homeowners decide to take advantage of their higher home value and provide some much-needed inventory for buyers.”
The decision to Sell or buy is a personal one that depends on your financial situation, future plans and lifestyle. If you’re interested on a wealth of information to help you get started visit Precision Realty & Assoc. LL or if you prefer a more personal touch, reach out to a us, CALL 801-809-9866 today. #RealEstateForSale
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