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How Does Your Home’s Value Compare To the “Peak?”
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Welcome back to another edition of GoStGeorgeTV, we have a really exciting episode today. We are going to talk about, and actually show you, where home values are in Utah and across the Country compared to 10 years ago at the “peak” of the real estate bubble.
A lot of crazy things have happened with the economy in the last 10 years - Ponzi shemes, government bailouts, and even a major recovery of home values across the Country.
A lot of crazy things have happened with the economy in the last 10 years - Ponzi shemes, government bailouts, and even a major recovery of home values across the Country.
Before we can even talk about where values are TODAY, understand the following:
- St. George area home values fell an average of 35% from 2006 to 2011. “Average” meaning that in some St. George neighborhoods values fell as much as 50% or more!
- As implied above, 2011 was the absolute “rock bottom” of the market in terms of home values. Yes, you can now consider 2011 the “good old days” of buying.. :)
In the video above, you will see that home values in the states colored dark blue have actually climbed back to peak levels seen 10 years ago. States like Colorado, Wyoming, Texas, and Nebraska all fall into this category.
On the other side, in the States marked by the color orange home values are still 15-20% below their peak. Nevada is 35% below their peak and Arizona is at 27.4% below peak home value ranges.
On the other side, in the States marked by the color orange home values are still 15-20% below their peak. Nevada is 35% below their peak and Arizona is at 27.4% below peak home value ranges.
As for Utah, we are still 9% below our peak values, which is actually a very healthy number. If you want more info on “why” it’s a healthy figure, give us a ring!
An example: If you have owned a home in St. George that was valued at the peak for. Say, $400,000…the home is probably worth more like $360,000 now. If your home was valued at $200,000 in the “peak”, it’s probably closer to $180,000 today. Now these are not EXACT figures, but it’s a good rule of thumb.
However, we are starting to notice a much larger increase in home appreciation as of late. In the last year, homes have appreciated by 5.5%, and they have appreciated by 1.5% in the last month alone.
The most important thing to remember when interpreting this data is this….
An example: If you have owned a home in St. George that was valued at the peak for. Say, $400,000…the home is probably worth more like $360,000 now. If your home was valued at $200,000 in the “peak”, it’s probably closer to $180,000 today. Now these are not EXACT figures, but it’s a good rule of thumb.
However, we are starting to notice a much larger increase in home appreciation as of late. In the last year, homes have appreciated by 5.5%, and they have appreciated by 1.5% in the last month alone.
The most important thing to remember when interpreting this data is this….
All real estate is local!
So local, in fact, that each neighborhood right inside of a single City could be experiencing different home value “symptoms.” Many factors can affect home values on your street so don’t be shy about reaching out for assistance! Trusting Zillow or Google to give you a clear view of your home’s true market value is, well, not reliable. We produced a previous episode about it HERE.
If you've got questions about your home’s value or anything else real-estate related, give us a call or send us an email. We would be happy to offer you a free, no-obligation home value assessment!
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