Five years after the housing market peak in 2007, home prices are finally rebounding. New and existing home sales have also increased, even though home prices have generally been rising. In the July 2012 Home Price Index, home values increased 3.7% nationwide.
The S&P Case-Shiller Index, which is another home valuation analyzer, has also reported an increase in Seattle home values. The Case-Shiller index uses data from 20 top cities including Seattle, and most cities have shown an increase across the board. Despite the home valuation increase for most cities, 4 of the 20 have had a decline in home values. These include Chicago, New York, Atlanta, and Las Vegas.
If you’re thinking of purchasing a new home, now may be a good time to sell based on current Seattle home values. Contact the professionals at Sammamish Mortgage for more information, or click to learn more about determining a home’s market value with appraisal.