When it comes to a thing called home, one of the most important thing is home value. Home value is the term to call the worth of a certain home. According to the official website of Zillow, the median home value in the United States is $222,800. The home values in United States have risen up 7.7% over the past year and Zillow predicts they will rise 6.4% within the next year.
Furthermore, the median list price per square foot in the United States is $151. At the moment, the median price of homes listed in the United States is $276,000, while the median price of homes that sold is $225,900. As for the median rest price in the United States, it is $1,637.
A thing called foreclosures will be a main factor impacting home values in the next several years. Apparently, in the United States, 1.2 homes are foreclosed (per 10,000). The fact that the United States home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011 makes a lot of homeowners are now underwater on their mortgages. On the other words, they owe more than their home is worth. For your information, the percent of United States homeowners underwater on their mortgage is 8.2%.
If you want to know your home value, you can just check it out using Zestimate. Zestimate can be described as the estimated market value of Zillow, computed using the proprietary formula. Remember that it is not an appraisal. This one is a starting point in determining the value of a home. It is calculated from public and user submitted data, taking into the account special features, location, and market conditions.
In order to find out how much is your home worth, the first thing that you have to do is to open the official website of Zillow. When you are in the front page, you will be able to see some categories at the center of the page. Those are “Buy”, “Rent”, “Sell”, and “Zestimate”. As you are looking for the one that can help you to know how much is your worth, then you have to select Zestimate instead. After that, you have to enter your address. When it is done, the last thing that you have to do is to click the blue Search button and the result will be shown.
What if you want to know the home values of neighborhood? Fortunately, you are able to do it. The steps that you have to do are similar, except for entering the neighborhood instead of your address. Once you entered the neighborhood that you are looking for and hitting the Search button, you will be able to see all the listings of the neighborhood. Actually, you can also know the neighborhood home values just by entering your address as the result also will show you your worth along with the home values of neighborhood and the maps.